Economy guru and professor at NYU, Nouriel Roubini gave a presentation in London, and basically said the worst is yet to come. Roubini, back in 2006, accurately predicted that the US will fall into a recession. Back in February, he predicted the financial market meltdown. Some quotes from the conference:
- We’ve reached a situation of sheer panic
- hundreds of hedge funds are going to go bust
- We’re seeing the beginning of a run on a big chunk of the hedge funds
- don’t be surprised if policy makers need to close down markets for a week or two in coming days
- This is the worst financial crisis in the U.S., Europe and now emerging markets that we’ve seen in a long time
- Things will get much worse before they get better. I fear the worst is ahead of us.
Read more from the RGE Monitor.