Featured, On Campus, On-Campus Developing - by Ned Resnikoff on Wednesday, September 17, 2008 23:04 - 6 Comments - 55 views

Stern Professor Scores by Predicting our Current Economic Apocalypse

The recent economic slowdown – followed by the even more recent Wall Street implosion – was greeted by cries of “NOBODY COULD HAVE PREDICTED THIS” from the permabull community. But a handful of economists did predict it – including New York Times columnist Paul Krugman and our very own Stern professor Nouriel Roubini.

In mid-August, Roubini was profiled by the New York Times Magazine in a piece that gave him the monicker “Dr. Doom.” The article opens with a description of a talk Roubin gave in 2006, in which he made some startling predictions:

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.

Which is, of course, more or less what happened.

Since that talk, Roubini has risen from relative obscurity to … well, let’s put it this way: a Google News search for “Nouriel Roubini” brings up 1,402 hits, and the good professor is quoted as an expert in pieces on the meltdown from Reuters and Business Week, among others.

Developing, as we try to get in touch with Professor Roubini and ask him a few questions of our own. In the meantime, what questions do you want to hear him answer? Leave them in the comments, and I’ll ask the best ones along with a few of my own.

Photo Credit: Dean Stattman

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6 Comments

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Chris Kennedy
Sep 18, 2008 4:25

Describe the role the Federal Reserve has taken in the years leading up to, and during, the current economic situation. Do you think their influence has been good or bad, and why?

Do you think the Federal Reserve System is a necessary one? What would you change, if anything?

Chris Kennedy
Sep 18, 2008 4:26

I’m so jealous of you Ned

: )

For the economically inclined « Ned Resnikoff
Sep 18, 2008 8:15

[...] Ned Resnikoff What are some good questions for me to ask NYU professor/Cassandra of Wall Street Nouriel Roubini? Leave some in the comments, and I’ll ask my favorites if I manage to get an [...]

Mark Mikhly
Sep 21, 2008 1:47

Ask him whether the cause of this financial disaster was bad lending practices supported by greedy investors doing poor diligence, correctable in the future through a more regulated lending process, or is it a product of a general instability in a US economic system that relies on selling our debt abroad, something more deeply ingrained and harder to correct.

NYU Stern Professor Is A Baller | NYU Local
Oct 15, 2008 15:04

[...] Stern professor Nouriel Roubini was eerily accurate in predicting the economic crisis, earning him the moniker Dr. Doom from [...]

Stern Professor Roubini Chases Op-Eds with Partying | NYU Local
Nov 2, 2009 12:21

[...] Stern Professor Nouriel Roubini is famous for anticipating the current economic crisis and infamous for his wild partying. He did a bit of both on Sunday, [...]

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