Nouriel Roubini : At Roubini Global Economics, we have
been much more cautious than consensus and policymakers about the U.S.
and global recovery. We’re saying year-to-year growth is going to be
barely 1.7, 1.8 percent. And next year, where people expect 3 percent
growth, we said 2.4 percent. Guess what: Consensus at the beginning of
this year was 2.3 percent, 2.4 percent. Now it’s 1.8 percent. So
regarding next year—where three months ago consensus was at 3 percent,
and we were at 2.4 percent —now consensus is down to 2.7 percent, and I
think it’s going to be revised further downwards.We have been, for many reasons, of the view that while the U.S. is recovering, there will be lots of head winds, starting with the fiscal drag and gridlock in Congress and the variety of weaknesses, particularly the household sector. We have been proven right. But in the short run, good news is good for the equity markets. And bad news is also good, because it leads to more and longer QE. - in indexuniverse
