Better to be jarred by overt subprime marketing now than leveled by a stealth subprime financial system later.
Nouriel Roubini
Doing some catch-up reading on vacation this week, and here’s one worth sharing. Mauldin’s June 17 piece was a reprint of Nouriel Roubini’s June 13 case for why the odds of a Eurozone breakup are at least one-third over a five-year time horizon. John Mauldin, expressing his anxiety, thinks “Dr. Doom’s” timeline is optimistic. Roubini
Doing some catch-up reading on vacation this week, and here’s one worth sharing. Mauldin’s June 17 piece was a reprint of Nouriel Roubini’s June 13 case for why the odds of a Eurozone breakup are at least one-third over a five-year time horizon. John Mauldin, expressing his anxiety, thinks “Dr. Doom’s” timeline is optimistic. Roubini
Congrats to the Mavericks who won the NBA championship last night. Too bad the NBA isn’t flying as high. And neither is Greece. Nor are most other countries by Roubini’s outlook. Nor home sellers who are financing buyer loans. It’s all in today’s links. -How NBA owners lost $300m this year (Bill Simmons via ReformedBroker)
A few weeks before the darkest days of the financial crisis in September 2008, economist Nouriel Roubini said: “we have a subprime financial system, not a subprime mortgage market.” Then the wheels came off: Fannie and Freddie overtaken by Treasury, Lehman failed, Merrill overtaken by BofA, WAMU overtaken by Chase, Wachovia overtaken by Wells, AIG
Quick someone call in the NYU groupies. Something. Anything to keep Professor Roubini from seeing his shadow and igniting another economic deep freeze. Then there’s Meredith Whitney, cold as ice. Whether or not she sees that shadow, the call is still a deep dark municipal winter.
Heavyweight economists, politicians, businessmen, and journalists are waterside on Lake Como, Italy this weekend attending the Ambrosetti Forum, an annual conference on world events. So far, economists have espoused doom, especially for the U.S. economy, while the hotel they’re enjoying espouses this on its website: “Experience the splendor, the grandeur, the intrigue and the magic
Heavyweight economists, politicians, businessmen, and journalists are waterside on Lake Como, Italy this weekend attending the Ambrosetti Forum, an annual conference on world events. So far, economists have espoused doom, especially for the U.S. economy, while the hotel they’re enjoying espouses this on its website: “Experience the splendor, the grandeur, the intrigue and the magic
Nouriel Roubini thinks the US economy is dangerously close to a double dip recession, and covers the topic in detail on his website. Below are his introductory notes on the topic of what kind of recovery we’re experiencing, and these topics are covered in detail on his site (which is subscriber based). A slew of
Nouriel Roubini thinks the US economy is dangerously close to a double dip recession, and covers the topic in detail on his website. Below are his introductory notes on the topic of what kind of recovery we’re experiencing, and these topics are covered in detail on his site (which is subscriber based). A slew of
Here’s Nouriel Roubini’s quick take on Obama’s budget. The full report is here (subscription required): The Obama administration released its FY2011 budget, which forecasts fiscal deficits of US$1.55 trillion (10.6% of GDP) and US$1.3 trillion (8.3% of GDP) for FY2010 and FY2011 respectively. To support economic recovery in the near term, the administration plans to
As usual, Nouriel Roubini’s RGE Monitor does a great job of summarizing issues, in this case the Dubai debt crisis: Dubai World’s request for a standstill on interest payments contributed to market corrections November 26-27 as investors worried that it implied a broader default on the debt of Dubai’s government linked institutions. While local markets
RATE UPDATE Rates on conforming loans up to $417k and super-conforming loans up to $625k have been about even for the past four weeks, but it looks like they’ll break downward thanks to new Fed action. Super-conforming loan limits to $729k will be phased in by most lenders in the coming weeks. Rates on Jumbos
NYU economics professor and head of RGE Monitor Nouriel Roubini said today the latest stock rally will be short lived for many reasons and that banks like Citi, BofA and JP Morgan Chase saying they’re profitable is not exactly true—because the fine print is that they are profitable “before provisions for writedowns.” Below is the
In his March Investment Outlook, Bill Gross head of PIMCO, the world’s largest bond manager, does a mock Q&A as though he was testifying before Congress about the financial crisis, its origins, how long it will last, what needs to be done with the banks, and where people should invest their money. Required reading. Below
In our first quarterly report of 2008, we proposed “Ride The Storm” as phrase of the year, and discussed how aggressive Fed rate cuts and higher conforming loan limits might “break the storm clouds” in mortgage and financial markets. As 2008 moved on, 85-year-old investment bank Bear Stearns collapsed, Congress passed two economic and housing
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