Posted on 02/14/2009 8:14:10 AM PST by NRG1973
In a freewheeling discussion about The Great Recession and energy, top economists painted dark scenarios that could be ranked as bad, worse and horrendous.
2009 is basically a write-off, Harvard University economics professor Kenneth Rogoff told a packed audience at CERAWeek, the annual Houston conference that has come to be known as the Davos of the energy world. The other economists agreed.
The good news: All economic crises end, he said.
The bad news: Rogoffs forecast was the most optimistic .
Nouriel Roubini, an economist with New York Universitys Stern School of Business, predicted an L-shaped stagnation similar to what Japan suffered in the 1990s when that country lost a decade of economic growth.
Roubini offered a caveat, though when the financial crisis hit Japan it was a nation of savers with a current-account surplus. The U.S. has neither of those advantages.
(Excerpt) Read more at chron.com ...
Roubini, whos been labeled Dr. Doom by some, said the stimulus package and bailout plan is needed but comes at a huge price. "Its not a free lunch. We have to finance it. Lets not kid each other, he said. We need a stimulus, but the cost of it will be massive down the line. But Rogoff said the stimulus plan could turn out to be worse than doing nothing if President Barack Obamas administration doesnt get its act together and fix the banking system. He likened the trillion dollars as giving a blood transfusion to someone whos bleeding to death without fixing the reason theyre bleeding to death.
How long did it take the Roman recession circa 600AD to end?
Nouriel proposes nationalizing the banks like Sweden did in the 90’s.
Though it would solve a lot of problems, it would give unprecedented power to the government and look how they have bungled the stimulus. Nationalizing the banks would only give an irresponsible democratic party permanent control over this country.
Are these the very same "economists" that twelve months ago were telling all who would listen how wonderful the economic news was?
Peee on these - and all - economists! (and just for fun, peeee on pee-low-see too!)
Shouldn't they be strung up with the bankers and politicians?
And anyone who has been shown to screw America?
IF America, Britain, and possibly the rest of Europe has any chance, there is only 1.
Revolution.
And one of the 2009 nominations for Best Drama Post is . . . .
Keep smiling,
Philip
You know the reason they didn’t see it was coming is because something happened that started this house of cards to tumble in just a few months before an election
no one saw this coming because it wasn’t.
It didn't end until January 20, 1981.
I WISH That were true... but, no. Nouriel Roubini is the guy, who TWO YEARS AGO, said we were doomed... He's been predicting this collapse since at least 2007.
No, those economists were people like me who lived in cities hit hard by the Great Mortage Boom. We didn't submit papers to journals or attend conferences in quaint European towns. No, we just said stuff like, "This s**t is gonna roll over and blow itself real quick."
"How come the psychic has to ask you your name?"
My neighbor has finally given up the belief that the turn-around would be complete by the end of 2009.
He's hoarding food now.
What's he going to cook it with?
America’s problems go far beyond the worldwide crash in assets that followed the Bubble and excess credit. As an employer I see the systemic problems as people apply for jobs: High rates of illiteracy, poor science/math skills, immorality (stealing, promiscuity, irresponsibility, laziness, and substance abuse), inability to connect behavior with consequences, ad nauseum. Foolish Americans need to experience economic PAIN because that’s the only way that most people learn. My immigrant employees have far better value to the company than the lazy native-born even though they too are mostly illiterate. But my immigrants grew up the hard way in the old country and at least WANT to work and save.
The one thing that they do not address is the fact that no matter what our politicians in Washington do, like the stimulus bill, it has no adverse effect on them personally. So....whatever they do, win or loose, they really don’t worry about it. Put this back on them personally, and you will see a whole new Bill and the country would look a lot different.
Bring on the Great Depression I will kick its a$$!!!
Q: What do you get when you pack 100 retards in a room?
A: The United States Senate
“He’s hoarding food now.”
....last month my neighbor bought 4000 rounds of .223 ammo for his black rifle...at the time I thought he was nuts....now I’m not so sure.
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