Nouriel Roubini: Economic recovery "very ugly, going to feel like a recession even when it ends"

[Better Believe It]

CNBC Roubini Interview
July 21, 2009

Nouriel Roubini, the economist whose dire forecasts earned him the nickname "Doctor Doom", told CNBC Monday that the economic recovery is going to be "very ugly."

"The recovery is going to be subpar," Roubini said. "I see a one percent growth in the economy in the next few years. There will also be 11 percent unemployment next year and the recovery is going to be slow. It's going to feel like a recession even when it ends."

When asked about the economy Monday, Roubini said, "We may be out of a freefall for the financial system," said Roubini. "We have seen the worst in that sense. But in my view there is a sluggish U shaped recovery that might go into a W double dip if we don't fix the problems in the economy."

On a second stimulus: "I think there will be another one toward the end of the year. We need to have more shovel ready labor intensive infrastructure projects. We'll need it."

You can see the video of the TV interview with Roubini at:

http://www.cnbc.com/id/32012679/site/14081545

http://www.rgemonitor.com/blog/roubini/257328/recent_cnbc_roubini_interview

[uponit7771]

1. We'll have a second stimulus if health care passes, reThugs will fight it and lose

...and then be demonized for fighting against the little guy but passing bills for the banks.

[Better Believe It]

3. We will need one devoted to creating a few million useful public works jobs like the ....

recovery plan submitted by the U.S. Conference of Mayors at the beginning of this year.

I hope the mayors are not ignored again.

They know what projects need to be funded in their communities.

[Doctor_J]

16. I don't see how the ReThugs will be blamed

Steele actually said something coherent this week - the Dems have the numbers to pass or defeat anything. So whatever happens, it will be the our doing. That's why they need to pass the right things, because if the wrong things happen, they'll take the blame.

[zbdent]

2. thanks to Bush ... the operation may be a success ...

even if the patient dies during the operation ...

[glitch]

4. What reasons could anyone have to unrec an informative post like this?

Even if you disagree, killing the message is pretty weak.

[Better Believe It]

5. Because Roubini didn't say the economy is just fine and things will keep getting better and better

Think happy thoughts!

[glitch]

9. Looks like we've got a few "create your own reality" types here too.

Not reading opinions won't keep them from realizing if they are true. Diversity of opinion, aka so-called "team of rivals" is a good thing, a sign of intellectual motility.
Shouting down or shutting out reasonable opponents is a big sign of vulnerability. Not impressive. Hang in there BBI.

[TheWatcher]

14. BBI, you need to get used to the fact that most Americans and a frightening number of Posters at DU

HAVE NO INTEREST IN THE TRUTH.

They are only interested in having their PERCEPTION of it managed, and they want to hear what makes them feel good, and cocoons them safely in their false paradigms, so they are protected from reality.

It is a growing Mental illness, and it appears to be terminal.

Those brave enough to give reasoned, objective debate, discussion, or analysis of ACTUAL reality that falls outside these parameters, or Propaganda that has been accepted as reality, or ANY attempt to give helpful suggestions, tips or engage in discussion about how to actually survive the reality that lays before us, will be met with mocking, hostility, insults, giggling, snickering, and unreccing.

By the time all this is said and done, and we reach whatever hellish destination we are headed for in this country, I am becoming more and more convinced that Modern Day America is going to make the Superior Indifference of the German People in the 1930's look like Radical Extremism, and the Last Days Of Rome look SANE and ORDERLY.

The Reason The Criminals Who Run This Country Can Get Away With ANYTHING THEY WANT is because We The People can no longer be bothered, and We just say it doesn't exist.

Welcome To Hell.

Hope You Brought Your Sunblock. :hi:

Enjoy being able to post these things while you can.

[masuki bance]

6. Wow, if true, this will dramatically affect the budget numbers going forward. nt

[jannyk]

7. UnRec!! Are you fucking nuts???!!

What is it with you morons?? Most of us come here to read the truth, not to bury it like the Bush administration did.

Roubini is one of the few who tells it like he sees it, and he's been right more than wrong.

I Rec'd this thread!!

[masuki bance]

11. Many people just unrec based on who the OP is written by. nt

[earth mom]

12. Can't have Obama looking bad-that's what UnREC is ALL about.

It sucks. :thumbsdown:

[ProSense]

8. Roubini says the same thing every week, with a new twist:

"We may be out of a freefall for the financial system," said Roubini. "We have seen the worst in that sense. But in my view there is a sluggish U shaped recovery that might go into a W double dip if we don't fix the problems in the economy."

On a second stimulus: "I think there will be another one toward the end of the year. We need to have more shovel ready labor intensive infrastructure projects. We'll need it."

Doesn't sound like the same predictions of catastrophy and doom that were characteristic of his earlier statements.

We'll see.

[camera obscura]

10. Recced. I hope Roubini isn't right, but I don't doubt he's onto something.

[Wednesdays]

13. K&R

:kick:

[Catshrink]

15. K&R