Thursday, January 15, 2009

 

Warning: More Doom Ahead

Mr. Sunshine and Joy has a little cold water for all of us who are just slightly less than prepared for Armageddon.

Last year's worst-case scenarios came true. The global financial pandemic that I and others had warned about is now upon us. But we are still only in the early stages of this crisis. My predictions for the coming year, unfortunately, are even more dire: The bubbles, and there were many, have only begun to burst.


Have you bought your guns and ammo yet? Me neither. I have been a pessimist for awhile but not this pessimistic but it is important that you hear this because I know that we are in the early innings of this financial crisis and the biggest danger is premature optimism. That is why I have been emphasizing time targets for the end of the financial crisis rather than price targets. We need time to ring out the excesses of the bubble years. So go ahead and built that moat around your castle, just don't stock it with crocs just yet.

Also, Roubini is worth reading because he has been right and has not sugar coated his forecasts. For an economist he has been remarkable acute.

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