Dr Doom Gives Advice on the Economy
Source: http://blogs.moneyandmarkets.com/blog/red-hot-energy-and-gold/0/0/dr-doom-gives-advice-on-the-economyPosted on Tuesday, October 28th, 2008 | In Energy Markets, Gold Markets
NYU Economist and former Clinton administration Council on Economic Advisors member Nouriel Roubini has been uncannily correct about the global financial meltdown, earning him the nickname “Dr. Doom.”
Late yesterday, speaking at a Bloomberg Media forum in New York City, Roubini called for an immediate $400-$500 billion U.S. economic stimulus package focused upon projects to improve our country’s infrastructure: “U.S. Should Enact $400 Billion Stimulus, Roubini Says.“
Some excerpts from the Bloomberg story …
Oct. 27 (Bloomberg) –
“The only way to increase aggregate demand is going to be through” government spending on roads, bridges and other infrastructure, Roubini said at a Bloomberg conference in New York. “We need a huge plan, $300 billion is not going to be enough. I think we’re going to need a plan of $400 billion to $500 billion.”
–SNIP–
“If we don’t do that fiscal stimulus today, three months from now, six months from now the collapse of the real economy is going to be so severe that anything we’re doing today to recapitalize the financial system is going to be undone,” Roubini said.
–SNIP–
“Financial markets are becoming totally unhinged,” he said. “Fundamentals don’t matter…”
–SNIP–
“We’re entering literally a vicious circle where economies are spinning down, financial markets are spinning lower, and the policy makers in my view — and that’s my biggest fear — have lost control of what’s going on in financial markets,” Roubini said.
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 About Sean Brodrick (http://blogs.moneyandmarkets.com/blog/red-hot-energy-and-gold)
Sean Brodrick joined Weiss Research in 2000 as an analyst, bringing more than 25 years experience as a journalist and financial analyst to the position. He is Weiss Research’s small-caps specialist, especially in natural resources, and is the editor of the company’s Red-Hot Canadian Small-Caps, as well as a regular contributor to its daily e-letter, Money and Markets. Previously, Mr. Brodrick was the investment director of The Sovereign Society, the world’s leading publisher of offshore asset protection strategies and global investment opportunities. Recognized for his expertise on natural resources and Canadian and Australian investment opportunities, Mr. Brodrick has been featured on many financial talk shows, including CNBC Squawk Box, Fox Business, CNN, The Glenn Beck Show, Your World with Neil Cavuto and Bloomberg Market Line. He is a weekly guest on Market Matters Radio, a contributing columnist to MarketWatch.com and a frequent commentator on one of Canada’s premiere financial websites, HoweStreet.com. His report, “70 Days to Empty,” has garnered acclaim for its analysis of the forces pushing America toward its next oil crisis and was described by The Daily Reckoning as “the most important report you’re likely to read this year,” while his knowledge of uranium has helped investors earn solid gains on the commodity. Mr. Brodrick holds a B.A. degree from the University of Maine. |
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