So much for the rally: Early in the afternoon word came out that Nouriel “Dr. Doom” Roubini was said to have changed his tune and commented that the economy was improving and would emerge from the recession this year; that sparked a broad rally. Turns out that he had reiterated comments that he’d already made, and he really hadn’t changed his tune at all….
“There is light at the end of the tunnel, there is a bottoming out of the U.S. and of the global economy. And the light at the end of the tunnel for once is not an incoming train,” Roubini told investors at an event organized by the Chilean government in New York.
“In many ways, the worst is behind us in terms of economic and financial conditions.”…..
After the market closed Roubini issued a statement that said: “despite those reports — however — my views expressed today are no different than the views I have expressed previously. If anything, my views were taken out of context.”
“I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If, as I predicted, the recession is over by year end, it will have lasted 24 months, with a recovery only beginning in 2010. Simply put, I am not forecasting economic growth before year’s end,” said Roubini.
Worst behind us but more stimulus needed: Roubini – Reuters
Economist Roubini Says Views Expressed Thursday Aren’t New – Wall Street Journal
Tags: Bears, Economy, Nouriel Roubini, recession
