Who is Nouriel Roubini, Wall Street's 'Dr. Doom' economist who has warned of catastrophe for 2 decades?
But when the Great Financial Crisis struck, Roubini was lauded among a handful of market luminaries who called the crash when other experts had brushed off any concerns that the economy was on weak footing.
"He sounded like a madman in 2006," IMF economist Prakash Loungani told the Times, after inviting Roubini to the IMF conference that year."He was a prophet when he returned in 2007."that will ravage the economy. It'll be like Frankenstein's monster, combining the worst aspects of 1970s stagflation and the 2008 debt crisis.
Nouriel Roubini economics professor at New York University attends 48th edition of Economic Forum of Cernobbio on September 02, 2022 in Cernobbio, Italy.Born in Istanbul to an Orthodox Jewish family, he studied economics in Italy, though it went against his parents' expectations for him to enter the rug dealing business like his father.
Roubini has been known for his unusual approach to economics. When asked for his methodology for predicting a recession at the 2006 IMF conference, Roubini said his predictions were based on intuition, referring to his economic model as a"smell test" or a"duck test." "If it looks like a recession and talks like a recession and quacks like a recession, it should be a recession," he said, per theEconomist Jeffrey Sachs, who served as Roubini's doctoral advisor at Harvard, has praised Roubini for his unique"mix of skills" as an economist. Still, despite his 2008 success, he's also faced criticism over the years for his relentless and often incorrect calls for disaster to strike.
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