Economist who predicted 2008 housing crash issues apocalyptic warning on COVID-19 economic recovery

[marmar]

(Raw Story) Economist Nouriel Roubini, who became famous after correctly predicting that a bursting housing bubble would cause a global financial crisis, has issued a dire warning about what will happen to the economy in the wake of the COVID-19 pandemic.

As New York Magazine’s Eric Levitz reports, Roubini is predicting that the current recession will morph into a full-scale economic depression that will devastate societies across the globe.

“He foresees a slow, lackluster (i.e., ‘U-shaped’) economic rebound in the pandemic’s immediate aftermath,” Levitz writes. “But he insists that this recovery will quickly collapse beneath the weight of the global economy’s accumulated debts. Specifically, Roubini argues that the massive private debts accrued during both the 2008 crash and COVID-19 crisis will durably depress consumption and weaken the short-lived recovery.” ........(more)

https://www.rawstory.com/2020/05/economist-who-predicted-2008-housing-crash-issues-apocalyptic-warning-on-covid-19-economic-recovery/

[uponit7771]

1. MAGA Cultist response: Fake Economist !!!

[redstatebluegirl]

2. Hell they don't even know what an economist is.

[yonder]

4. Many say it's a vehicle built by Ford Motor Company.

I once owned a 1969 Economist van. Red, window van.

[SoonerPride]

3. 38,000,000 unemployed is a depression. We're already there.

[superpatriotman]

5. Time to wipe out some debts

Haircuts for all debt holders. Sorry, folks. This is how it's got to be.

[Kid Berwyn]

7. Jubilee

It’s past due.

https://www.jubileeusa.org/faith/faith-and-worship-resources/debt-cancellation-a-biblical-norm.html

[roamer65]

11. I'd rather have hyperinflation.

I know how to maneuver in that environment.

You will see hyperinflation before there are debt haircuts.

[Magoo48]

6. The national debt will never be paid off. The debt was not designed to be paid off.

It is, and was designed to be, a perpetual leach line emptying into the pockets of the super rich. The best thing then USA could do for itself is hold a national referendum on declaring the debt null and void.

[Hortensis]

8. Unfortunately this attention-seeker isn't an outlier, just leaping

to the spotlight to claim ownership of possibilities deeply concerning to many economists and governments in many nations.

From The Economist:

[Duppers]

9. K & R

[Hermit-The-Prog]

10. Republicanism just keeps on destroying people.