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Roubini: Panic may shut markets
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by mtippett | October 23, 2008 at 09:22 am
234 views | 7 Recommendations | 4 comments
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Everyone is starting to listen to Nouriel Roubini. His predictions have been remarkably accurate and his latest is his most stark.
Oct. 23 (Bloomberg) -- Hundreds of hedge funds will fail and policy makers may need to shut financial markets for a week or more as the crisis forces investors to dump assets, New York University Professor Nouriel Roubini said.``We've reached a situation of sheer panic,'' Roubini, who predicted the financial crisis in 2006, told a conference of hedge-fund managers in London today. ``There will be massive dumping of assets'' and ``hundreds of hedge funds are going to go bust,'' he said.
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mtippett
Vancouver, Canada
Most RecentMost Recommended Comments (4)
at 18:27 on October 23rd, 2008
mtippett, I like this story. It's good stuff.
at 00:25 on October 24th, 2008
People stupidly believe the worst is over, when in fact we are still in phase 1. We still have phases 2 and 3 to go, and they are going to be a lot worse. Phase 2 will be mass layoffs, plummetting currencies, government cutbacks across the board, and no new investment. Phase 3, slow, slow, slow recovery,will not just take one year as the Council of Idiots will claim, but will take ten years or more. Get ready for a big, long historical trend.
at 00:55 on October 25th, 2008
mtippett, I like this story. It's good stuff. We are on the highway to hell, and the bankers and the politicians at the steering wheel have no drivers license.
at 18:47 on October 25th, 2008
Things are looking pretty grim indeed.