Roubini : 1.5% GDP growth is going to feel like a Recession

Friday, August 13, 2010

Roubini : 1.5% GDP growth is going to feel like a Recession

Nouriel Roubini : in my view what has been passed by the congress recently in the US is too little too late , it's going in the right direction but it is not do enough to prevent the next financial crisis , I think that the limits of it are too big to fail problem has not been resolved it's gonna have an insolvency regime , it is gonna shut them down , it is not gonna work in my view if that too big to fail are just too big , I think the whole issue of compensation of bankers and traders a key , because the regulation can do this much in order to make sure to incentive people do not lead them to take too many risk in leverage that reform of essential compensation has now been done the problems of Fannie and Freddie has been postponed , the whole issue of derivative has been diluted ....etc...
"1.5% growth is not a double-dip recession, but it's damn close to it because potential GDP growth is closer to 3%"

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Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.

NOURIEL ROUBINI BLOG

Friday, August 13, 2010