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As markets rally and positive second-quarter earnings continue to roll in, it looks like North America’s best-known bears are starting to crack -- whether they care to admit it or not.
Thursday, Nouriel Roubini, the New York University economics professor best known for predicting the global financial crisis back in 2006, said the U.S. recession could end later this year.
"The freefall of the economy has stopped," Mr. Roubini said in a speech at a conference in New York. "In many ways the worst is behind us in terms of economic and financial conditions. We might be at the bottom or close to the bottom."
While Mr. Roubini insisted he has been singing the same tune for a while, markets interpreted his comments as a signal "Dr. Doom" has finally thrown in the towel on his ultra-pessimistic views, and vaulted higher near the end of the day.
However, Mr. Roubini made clear he still thinks the recovery would be shallow, below-par and below-trend.
Read the full article here.
Thursday, Nouriel Roubini, the New York University economics professor best known for predicting the global financial crisis back in 2006, said the U.S. recession could end later this year.
"The freefall of the economy has stopped," Mr. Roubini said in a speech at a conference in New York. "In many ways the worst is behind us in terms of economic and financial conditions. We might be at the bottom or close to the bottom."
While Mr. Roubini insisted he has been singing the same tune for a while, markets interpreted his comments as a signal "Dr. Doom" has finally thrown in the towel on his ultra-pessimistic views, and vaulted higher near the end of the day.
However, Mr. Roubini made clear he still thinks the recovery would be shallow, below-par and below-trend.
Read the full article here.