Dr. Doom: Nouriel Roubini

Discussion in 'Economy' started by Epsilon Delta, Nov 8, 2008.

  1. Epsilon Delta
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    Epsilon Delta Jedi Master

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    This guy's been getting quite a buzz for having 'predicted' the financial crisis two years ago, and some of the stuff he's saying now is pretty interesting. Thought others would be interested as well.

    http://www.nytimes.com/2008/08/17/magazine/17pessimist-t.html?pagewanted=1&_r=1

    And here's the latest Charlie Rose interview. It's only about 9 minutes long and worth checking out:

    A conversation with Nouriel Roubini - Charlie Rose
     
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  2. editec
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    editec Mr. Forgot-it-All

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    Fascinating.

    Made perfect sense to me.

    He outlineed: that the mortgage crises was only part of the real problem, that truly insolvent banks need to go out of business; that the FED screwed up; that the free for all lending wasn't just to homebuyers, but to credit cards, corporate debts., prime, subprime credit alike.

    However, one minor point.

    No economic stimulus package which does not put millions of people to work in jobs that pay a living wage is going to have a long term effect, either.

    How on earth do most economists not get this?

    Americans need to MAKE STUFF, not just consume stuff.

    The people need industries to work in that pay decent wages. Service industries generally don't pay decent wages.

    We shipped so many of those physical universe industries off shore we can't truly employ enough people at gainful employment.

    We can't all sell each other handburgers and real estate, folks. 30% of the economy that is doing well, or even very well, cannot a healthy economy make.

    This globalized economy is a tragic mistake for most Americans. The only truly thing globaized from it is misery for working classes worldwide. Well. that and a propenisty to have, not just localized depressions, but world wide depressions.

    If most American workers are economically disadvantaged, how on earth can we expect our economy to ever thrive?

    American economy will be one economic bubble after the other until we put the majority of people to work at living wages.

    The top tier income earners have money to invest, (because they make so much, they cannot consume) but so much investment money chasing so few profits (because the workers don't make enough to buy enough) that their investments create economic bubbles.

    This is about the tenth recession America has had just in my lifetime.

    And this one is by far worse than the one in the lates 70's early 80's, folks. I know some of you disagree, but I was there. It wasn't this bad, except int he Mid West.

    The real unemployment is about 11% right now, and rising.

    The solution is out there for the USA. Stop the insane trade wars we have been doing against our own American industries.

    I'm a broken record on this issue, I know, and I apologise for it, too.

    But it really is the root problem facing our economy. Not credit, that's a symptom. Salaries are too damned low..because of FREE TRADE.

    Until we all know that, and understand it, and agree to do something about it, it will never get better.

    The 1950's republicans got it, folks. They were against most of the trade concesssions we gave away post 1934 util the laste 1960.

    That's because they were nationalists.

    Today's neoc0ns are internationalists. They want to "starve the beast".

    And the beast isn't just the American governement...it's the AMERICAN PEOPLE.
     
    Last edited: Nov 8, 2008
  3. Paulie
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    Paulie Platinum Member

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    Getting buzz for predicting it 2 years ago? 2 years ago it was EASY to predict. What about the Austrian Economists who were predicting it in the 90's?

    And Editec, it looks like Obama wants to spend money on new infrastructure projects in the country, which will definitely add more jobs.

    The problem with it, is that it could be lead to another bubble.
     

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