THE GENIUSES DON’T LIKE IT!
Sanford Pinna, M.D.
By Simon Kennedy and Erik Schatzker
Feb. 1 (Bloomberg) — Nouriel Roubini, the New York University professor who anticipated the financial crisis, said the U.S. growth outlook remains Ã¢â‚¬Å“very dismalÃ¢â‚¬Â and White House economic adviser Lawrence Summers said the economy is still mired in a Ã¢â‚¬Å“human recession.Ã¢â‚¬Â
Speaking at the World Economic ForumÃ¢â‚¬â„¢s annual meeting in Davos, Switzerland, after the U.S. reported the fastest growth in six years, their comments underscored concern that that emergency measures to rescue banks and fight the recession may be withdrawn too soon.
Ã¢â‚¬Å“The headline number will look large and big, but actually when you dissect it, itÃ¢â‚¬â„¢s very dismal and poor,Ã¢â‚¬Â Roubini said in a Jan. 30 Bloomberg Television interview following a U.S. Commerce Department report that showed economic expansion of 5.7 percent in the fourth quarter. Ã¢â‚¬Å“I think we are in trouble.Ã¢â‚¬Â
Roubini said more than half of the growth was related to a replenishing of depleted inventories and that consumption was reliant on monetary and fiscal stimulus. As these forces ebb, the rate will slow to 1.5 percent in the second half of 2010.
Obama and his crew can throw mud in the eyes
of the general public–but not in the brains of men
whose logic he cannot even understand…