Nouriel Roubini says comments taken out of context

[Zenlitened]

Source: MarketWatch

Economist Nouriel Roubini on Thursday refuted reports that he had improved his economic outlook, saying his comments at an investors conference earlier in the day were taken out of context. "I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010," Roubini said in a statement.

Read more: http://www.marketwatch.com/story/nouriel-roubini-says-comments-taken-out-of-context

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Read his full statement at:
http://www.rgemonitor.com/roubini-monitor/257299/roubini_statement_on_the_us_economic_outlook

“...Indeed, last year I argued that this will be a long and deep and protracted U-shaped recession that would last 24 months. Meanwhile, the consensus argued that this would be a short and shallow V-shaped 8 months long recession (like those in 1990-91 and 2001). That debate is over today as we are in the 19th month of a severe recession; so the V is out the window and we are in a deep U-shaped recession. If that recession were to be over by year end – as I have consistently predicted – it would have lasted 24 months and thus been three times longer than the previous two and five times deeper – in terms of cumulative GDP contraction – than the previous two. So, there is nothing new in my remarks today about the recession being over at the end of this year.

“I have also consistently argued – including in my remarks today - that while the consensus is that the US economy will go back close to potential growth by next year, I see instead a shallow, below-par and below-trend recovery where growth will average about 1% in the next couple of years when potential is probably closer to 2.75%.

“I have also consistently argued that there is a risk of a double-dip W-shaped recession toward the end of 2010, as a tough policy dilemma will emerge next year...."

[Bigmack]

1. Well, Duh....

Tough policy dilemmas like peak oil.....climate change....over-crowding..... Ms Bigmack

[GReedDiamond]

2. Shouldn't that be "Dubya-dip Dubya-shaped recession"...nt

[DavidDvorkin]

3. Unfortunately, Dubya won't get the blame

Obama will, and the Democrats will be punished at the polls.

If the recession has a W shape, that is.

[babylonsister]

4. Well, now he's covered either way. Brilliant. nt

[Odin2005]

5. W-shaped recession? What kind of sick, cosmic joke is THAT?

A W-Recession after 8 years of W. :crazy:

[Hissyspit]

6. Well, Duh. (To borrow a phrase from another DUer)