Economist Who Predicted 2008 Financial Crisis: “We Are Totally F*cked”

Well, this is frightening.


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563 points

Nouriel Roubini, the economist nicknamed “Dr. Doom” over his accurate prediction of the 2008 financial crisis, told German news magazine Der Spiegel last week that he expected global stocks to drop by 30 to 40 percent this year. We all want the economy to be healthy, but most of us knew that Donald Trump couldn’t take a free ride on former President Barack Obama’s job trajectory forever. There is literally no policy that Trump has put in place to create jobs.

Roubini predicts that Trump won’t be reelected as the spread of coronavirus will cause the stock market to plummet this year. Trump has, by the way, tied the stock market to his so-called “booming economy.”

“I expect global equities to tank by 30% to 40% this year,” Roubini, a professor at New York University’s Stern School of Business, told the German newspaper, per Business Insider.

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The economist told Der Spiegel that if coronavirus hits New York, “we are totally fucked.”

“He will try to reap benefits from this crisis, that’s for sure. But everything will change when coronavirus reaches the U.S. You can’t build a wall in the sky,” he said. “Look, I live in New York City, and people there are hardly going to restaurants, cinemas or theaters, even though nobody there has been infected by the virus thus far. If it comes, we are totally fucked.”

As it happens, New York City’s first confirmed coronavirus patient was reported yesterday — after Roubini’s prediction.

“He will lose the election, that’s for sure,” Roubini continued.

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He said that the tensions in Iran will drive up oil prices and inevitably lead to Trump’s defeat in the elections.

“This has always been the case in history,” he explained. “Ford lost to Carter after the 1973 oil shock, Carter lost to Reagan due to the second oil crisis in 1979, and Bush lost to Clinton after the Kuwait invasion.”

“The Democratic field is poor, but Trump is dead,” he added. “Quote me on that!”

Trump has touted the stock market repeatedly to brag about his economy, but as CNN notes: “Recession fears sent the S&P 500 careening 11.5% lower last week, plunging the index from record highs into a near-bear market. It was just the 14th time ever that the S&P 500 lost more than 10% of its value in a single week.”

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