Money on Nouriel Roubini, if I were a betting man …
August 21, 2008
Damn, that’s foresight in the Dr Doom article in the NYTimes:
announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession. He laid out a bleak sequence of events: homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt. These developments, he went on, could cripple or destroy hedge funds, investment banks and other major financial institutions like Fannie Mae and Freddie Mac.
Furthermore, I’ve heard that the Fed admitted to JP Morgan that if they didn’t buy Bear Stearns, then we’d suffer the Depression, just worse than the Grapes-of-Wrath!
If federal press releases — from the Federal Reserve, Dept of Labor, Commerce or the White House and COngress — on economic statistics and indicators do not reflect the world and reality that you and your family are living with, there’s a good reason why: its called politics influencing economics.
Since the Consumer Price Index (CPI) is not capturing the crazy inflation in prices of gas, milk, bread, coffee, clothes and credit card fees, its because there’s ‘fuzzy math’ being done by the folks who brought us the CPI. FOr more accurate economic numbers, check out Shadow Stats.
Tired of giving your email address to the newsites … that sell your email to … who give it to spammers? Try bugmenot.com, an online resource where you can get legit username and password combinations to use on the washingtonpost.com, latimes and any other sites that ‘require’ user registration.
