AP - The economist widely acknowledged to have predicted the financial crash of 2008 holds little hope that global economic troubles will be fixed anytime soon and warns that without major policy changes things can still get much worse.
DAVOS, Switzerland (AP) -- The economist widely acknowledged to have predicted the financial crash of 2008 holds little hope that global economic troubles will be fixed anytime soon and warns that without major policy changes things can still get much worse....
In the aftermath of the stock market crash of 1987, reformers moved to remake America’s regulatory structure. Some experts proposed tinkering with the oversight agencies, merging the Securities and Exchange Commission with the Commodity Futures Trading Commission, for instance. Others recommended regulating derivatives, which were in their infancy.
Nouriel Roubini, dubbed Dr. Doom for predicting hard times before the financial crisis began in 2008, said the euro area is better off than in the middle of last year, even though political risks remain.
Things are “less worse than they were last summer in the euro zone,” Roubini, a professor at New York University, said in a Bloomberg Television interview with Tom Keene in Davos, Switzerland. “The politics of Europe could worsen” as elections loom in countries including Italy and Germany.
The Worst is yet to Come: Unemployed Americans Should Hunker Down for More Job Losses by Nouriel Roubini
Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.
The Anglo-Saxon model of financial supervision and regulation has failed, according to Nouriel Roubini, the New York University economist who is widely credited with having predicted the current financial crisis