Financial doom is coming, and it’s coming soon.
So says economist Nouriel Roubini, who earned the nickname “Dr. Doom” after accurately predicting the 2008 financial implosion.
Roubini says if you thought 2008 was bad, wait until you see what’s coming in 2008. The New York Universitys Stern School of Business professor says that the global economy will grind to a screeching halt.
Yes, tax increases and spending cuts will force the U.S. into yet another recession, not to mention the effect that the European financial crisis will have on the rest of the world.
“There might be a weak rally because people are being cheered by more quantitative easing by (Chairman Ben) Bernanke and the Fed, but if the economy is weakening, that is going to put downward pressure on earnings growth,” Roubini says.
Care to hear more doom and gloom? Just check out the video below.
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