Nouriel Roubini is back on the air, scaring the bejesus out of everybody. In an appearance this morning on CNBC, he was especially concerned about the possible collapse of hundreds of hedge funds that are too heavily tied into credit default swaps and must sell off equities. That, of course, will bring down the stock market (he's talking about a drop of another 20 percent). Roubini expects two full years of negative growth, and an unemployment rate of 8˝ to 9 percent. Housing, he says, is still a disaster. Even after the recovery, the economy will feel like we're still in a recession. Henry Blodget at Clusterstock calls it “perhaps the most frighteningly pithy picture of his Armageddon vision we've ever heard.” Here's the clip. Enjoy.
More by Mark Lacter:
Barry Diller's many paychecksSay hello to the marijuana vending machine - and it's made in California
Good tip for job candidates: Always ask questions
Former Calpers CEO charged with fraud*
The Walmart story that everyone is talking about
Recent stories on LA Observed:
Barry Diller's many paychecksSay hello to the marijuana vending machine - and it's made in California
Good tip for job candidates: Always ask questions
Former Calpers CEO charged with fraud*
The Walmart story that everyone is talking about
New at LA Observed
Follow us on Twitter
On the Media Page
Go to Media
On the Politics Page
Go to Politics
LA Biz Observed
Go to LA Biz Observed
Sign up for daily email from LA Observed
KPCC moving shows, adding others