Worst behind us but more stimulus needed-Roubini

[JohnWxy]

http://uk.biz.yahoo.com/16072009/325/worst-behind-stimulus-needed-roubini.html


By Walter Brandimarte

NEW YORK (Reuters) - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.

But Roubini emphasized the United States will still need a second fiscal stimulus, possibly by the end of this year, as the unemployment rate quickly approaches 10 percent.
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"There is light at the end of the tunnel, there is a bottoming out of the U.S. and of the global economy. And the light at the end of the tunnel for once is not an incoming train," Roubini told investors at an event organised by the Chilean government in New York.

"In many ways, the worst is behind us in terms of economic and financial conditions."



During the event, Roubini said U.S. labor markets will continue to deteriorate until the end of the year, forcing the government to deliver a second fiscal stimulus that could be in the range of $200 billion (121.7 billion pounds) to $250 billion.

[Coyote_Bandit]

1. Spoken like

someone who hasn't lost a job, been unable to find a job, been forced to accept a job that pays 50% of the previous job or pays less than a living wage.

Any "stimulus" that does not directly create jobs or encourage the creation and development of small business is a fucking waste. Any other stimulus benefits corporations and governments and folks with jobs. The jobless are left to benefit from whatever crumbs might trickle down to them. Voodoo economics.

For millions recovery cannot be measured in abstract quantative economic terms. TIme for this idiot to come down out of his ivory tower.