Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Sunday, November 2, 2008

The New Economic Jesus

On Nouriel Roubini's Global EconoMonitor, Nouriel Roubini warns that the worst in markets and economies is yet to come. On October 23rd, Nouriel predicted the potential shutdown of financial markets. A day later U.S. stock futures suspended trading after declines of more than 6% at opening tripped the circuit breakers. Nonetheless, Nouriel does not expect another Great Depression, but states that policymakers must act quickly and wisely.

last week, I noted the hubris of Roubini, and again this post shows the same thing, as the RGE monitor tries to convince itself, and it's "Believers" that the new Economic Jesus was actually correct, and that Hitting the limit down on the futures somehow Redeems his prediction of "THE SHUTDOWN OF FINANCIAL MARKETS" even though, the prediction was for, 'a couple weeks'. I'll also note that; we did not hit the Circuit Breakers, as this reports. Just to make sure we are parsing language properly, the Word However is an adverb, and refers to the Prediction. Therefore clearly interpreted "we were correct in the shutdown of the markets, however He does not expect another Great Depression. and would not be interpreted as "We were wrong about our prediction, however our other prediction will be true."nourielgenericsmall_250_01.jpg


That is the smug smirk of hubris.
http://www.phrases.org.uk/images/jump-the-shark.jpg

Again... he does have some very important accurate analysis.

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