Renown Economist "Dr. Doom" Forecasts U.S. Recession Is Going to Be "Long" and "Severe"

Those of you who think that this is impossible because there is low unemployment should reflect that low unemployment can turn on a dime. Remember 2008 and remember 2020.
Think before you leap and start looking for a safe landing or a good escape route from the financial distress that is sure to come.

Nouriel Roubini, also referred to as "Dr. Doom," said Monday that a recession could bring financial distress "across the board."

"We are in a sharp slowdown, we've had two negative quarters of growth in the first half [of 2022]," Roubini, an Iranian American economist who accurately predicted the housing bubble burst in 2008, told Bloomberg on Monday. "The recession is going to be long, protracted, severe, and associated with financial distress across the board."

https://www.msn.com/en-us/money/mar...sedgntp&cvid=768180c1e8b14ff386bdf88788a56a00

 

Thanks for the encouragement.

 

I hope he’s wrong but I have no faith whatsoever in let’s go Brandon not to freak things up enough to allow for a worst case scenario.

 

Thanks Biden.

 

We need to remember that the employment rate is a lagging indicator, that unemployment soars only after the recession has already be w/ us for a while. Key leading indicators are the stock prices, and we've just had the worst 6 months in 50 years.

The bottom line here tho is that predictions are hard, and right now the stock market's rebounding. Does that mean anything to the economy? We'll see what this new "climate" tax hit brings...

 

There is no way to know whether an economist is right or wrong since they never agree on things and fall back on their political partisanship. Economics is an analysis on human behavior and human behavior is nearly impossible to predict. I recommend taking their pronouncements with a grain of salt and ignoring their predictions entirely.