Dr. Doom - Roubini Profile in New York Times

The New York Times has a biography on Nouriel Roubini.

Roubini is one of the Cassandras of the financial and housing crisis from 2006, when no one would listen.

According to the article, after Roubini gave a talk on the housing bubble the response was:

The audience seemed skeptical, even dismissive. As Roubini stepped down from the lectern after his talk, the moderator of the event quipped, “I think perhaps we will need a stiff drink after that.” People laughed

What explains Dr. Doom's perceptions is his international economics background and the particular study of domestic economies financial collapses:

Throughout the decade, one emerging economy after another was beset by crisis, beginning with Mexico’s in 1994. Panics swept Asia, including Thailand, Indonesia and Korea, in 1997 and 1998. The economies of Brazil and Russia imploded in 1998. Argentina’s followed in 2000. Roubini began studying these countries and soon identified what he saw as their common weaknesses. On the eve of the crises that befell them, he noticed, most had huge current-account deficits (meaning, basically, that they spent far more than they made), and they typically financed these deficits by borrowing from abroad in ways that exposed them to the national equivalent of bank runs. Most of these countries also had poorly regulated banking systems plagued by excessive borrowing and reckless lending. Corporate governance was often weak, with cronyism in abundance.

Interesting read. But, why is it the truth tellers only get heard after the fact when it is too late?

Roubini's blog.

Looks like I should add his blog to the middle column. We enjoy Dr. Dooms and even Dr. Deaths when it comes to the United States oh so lacking economic policies.

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