Roubini: Don't Fear Double Dip, It's Already Here(Fasten your seat belts)

Money News ^ | 07/22/10 | Julie Crawshaw

[TigerLikesRooster]

Roubini: Don't Fear Double Dip, It's Already Here

Thursday, July 22, 2010 09:40 AM

By: Julie Crawshaw

Economist Nouriel Roubini says the much feared double-dip recession has already arrived.

"Whatever letter of the alphabet U.S. economic performance ultimately resembles, what is coming will feel like a recession," Roubini writes on project-syndicate,org.

"Mediocre job creation and a further rise in unemployment, larger cyclical budget deficits, a fresh fall in home prices, larger losses by banks on mortgages, consumer credit, and other loans, and the risk that Congress will adopt protectionist measures against China will see to that."

At best, Roubini says, “we face a protracted period of anemic, below-trend growth in advanced economies as deleveraging by households, financial institutions, and governments starts to feed through to consumption and investment.”

And at the global level? Well, the countries that spent too much – the United States, the United Kingdom, Spain, Greece, and elsewhere – now need to deleverage and are spending, consuming, and importing less.

[TigerLikesRooster]

P!

[Mr. K]

Good thing they spent $1.4 trillion or it would have been even worse!

[Red Badger]

[P.O.E.]

O

[dangus]

^≈¬…

[nhwingut]

Now if they hadn’t passed the stimulus the double dip would have arrived before the first dip ended. Causing what’s known as a triple dip. Or something. /s

[advance_copy]

Good thing they spent $1.4 trillion or it would have been even worse!

Don't know why, but that made me laugh.

[johnnycap]

Roubini will go down in history for getting one thing incredibly right. He will spend the rest of his career trying to recapture that magic by saying a string of negative things because that seemed to work before. Imagine being that guy?

[Vaduz]

The sad part is democrats think it’s true.

[DoctorBulldog]

“Good thing they spent $1.4 trillion or it would have been even worse!”

LOL! Good one!

Cheers

P.S. - Reuters is reporting that we’ve spent 3.7 Trillion dollars, so far:

http://www.reuters.com/article/idUSN2010140720100721

[RexBeach]

Wall Street is littered with one-call wizards. Roubini is one of them.

Forget him. Keep your eyes on the horizon, and have no fear.

All will be well.

[Lazamataz]

Roubini will go down in history for getting one thing incredibly right. He will spend the rest of his career trying to recapture that magic by saying a string of negative things because that seemed to work before. Imagine being that guy?

Yeah.

Imagine being that guy.

That would SUCK.

[ex-Texan]

Gerald Celente on The Alex Jones Show 02 July 2010

What is happening in Spain is exactly like what happened in Greece and will soon happen here as well. Chaos emerges as the driving economic force.

[chuckee]

Roubini is the same guy calling for more governement spending as the solution.Roubini=Right on the facts, wrong on the solution

[mikrofon]

The pResident says to sit back, relax, and enjoy the double-dip...

[TopQuark]

"Wall Street is littered with one-call wizards. Roubini is one of them."

Rubini has nothing to do will Wall Street (other than being interviewed on CNBC that serves the financial community).

[RexBeach]

That’s what you think. :)

[RightOnTheLeftCoast]

""Whatever letter of the alphabet U.S. economic performance ultimately resembles, what is coming will feel like a recession," Roubini writes on project-syndicate.org."

Might be an M.

Here's the Baltic Dry Index, a global measure of shipping activity-- you can see little spikes that correspond with boluses of stimulus spending here and elsewhere... and, lately, another plummet to near historic lows that almost already match the low-point seen when everything stopped back in 2008/2009:



Very truly scary stuff. Pray for the American and global economy. Pray for your job. Pray for America, because the socialists' attacks on our way of life is working.

[TopQuark]

Yep, wink, wink. We, conspiracy theorists, are in the know.