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Letter
Submitted on 2009/11/10 at 10:47am
Damien,
Yes, you are right. Nouriel Roubini has been wrong about the short term effectiveness of Geithner’s plan to rob the average taxpayer buy bailing out the big banks instead and allowing the same corrupt heads of these institutions to continue with the same rules for so long.
So his calls have been off and considerably since the March lows. He is an economist not an investment adviser. I am sure if you want investment advise you can go to all the major banks and it will be the same…buy…buy..buy…the same call all the time..straight to the Dot Com Bubble and right up to the Credit Crisis that wiped out a decade of gains.
So think for a moment, if he said stop investing in equities in 2005 he would have saved you money as they are below their 2005 level. So yes bubbles are very bubbly, causing huge spikes. But to dismiss a guy who’s macro view was so dead on about the banks, their exposure and how it would unfold and did unfold is a very bad call on your part.
Your point: If we are at the start of a new bull market that will take us to new highs, Roubini has missed the train. But that jury is still out and most of the respected economists in the world would say we have some serious risks ahead.
PhilBen
Response
Phil,
Thank you for your thoughtful comment. Unfortunately, Roubini has been wrong about A TON of things:
I spent over two months collaborating with top financial pros all over the world who contributed to the very comprehensive bibliography which accompanies that video. There is also a link to all Roubini’s works. Read them. He is not worthy of ANY praise. In fact, you will blush. I’ve read them all.
Second, many people who want to stick up for Roubini (God only knows why when you read his papers) keep saying he is an economist and not an investment advisor. Well, if that were true, he should not be in the financial media giving outlooks about where he thinks the market is headed. He should stick to talking about the economy (which, again, his thoughts on the economy have been terribly wrong. Read his works.).
Lastly, to say that we should accept Roubini’s errors because others were saying “Buy, Buy, Buy” makes no sense. Here are two gentlemen who should have taken Roubini’s place in the main stream media:
Josh Rosner
Chris Whalen
If a mediocre NFL player was on ESPN every week talking about his outlook for the teams and season, people would change the channel. This is the exact analogy for Roubini getting face time in the mainstream media. I want to see Ray Lewis talk about defense and Tom Brady talk about offense. Not someone whose record clearly indicates they don’t deserve to be on the field.
All the best,
Damien
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