Nouriel Roubini was interviewed in Paris on June 22, 2009. The famous economist from NYU said that higher oil prices and rising interest rates will basically cause green shoots to turn brown. Roubini also says he sees a " significant market correction coming."
Nouriel Roubini Highlights - 6/22/09
- Roubini sees a W shaped double dipped recession by the end of 2010
- Oil could close out 2009 at near $100, negative shock to the economy
- Unemployment rate could hit 11% in the next several months
- The areas that should be bottoming out aren't yet; unemployment, housing, consumption and sales data, industrial production
- Financial Regulation: Less leverage, less risk, more liquidity
- The recent market rally was because in March people were discounting a near depression....now the market is pricing in a rapid V shaped recovery. There are huge downside surprise risks to come.
- I believe there will be a significant market correction for commodities, credit, and stocks.
The stock market is dropping today because of this news.
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