Nouriel Roubini Discusses the US Downgrade | NOURIEL ROUBINI BLOG

Saturday, August 6, 2011

Nouriel Roubini Discusses the US Downgrade

Roubini, Rosner, Bianco and Romer Discuss US Downgrade .
Nouriel Roubini : they went ahead now for a number of reasons first of all they downgraded a bunch of European countries , and the Europeans were bashing the rating agencies 'why are you downgrading us and not downgrading the United States' , then they cornered themselves at the time of the debt ceiling debate by saying that unless there is a 4 trillion deficit reduction we are going to downgrade you while the other are saying may be not and at this point giving the market volatility in the last couple of days they can downgrade now and if there is going to be turmoil in the markets Monday they could say , Hey it is not our fault , it is may be because there is market volatility the reality is they contributed to the crisis that cause them leading to the downgrade , there is no fundamental reason at this point compared to few months ago for a downgrade the thing that has changed may be right now , there is a great risk of double dip recession and that's may be the only fundamental difference ....

Nouriel Roubini, chairman of Roubini Global Economics LLC, Joshua Rosner, managing director of Graham Fisher & Co. and Jim Bianco, president of Bianco Research LLC talk with Bloomberg's Michael McKee about Standard & Poor's downgrade of the U.S. credit rating to AA+ from AAA. Bloomberg contributor Christina Romer also speaks with Adam Johnson (Source: Bloomberg)

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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.