With Lehman (NYSE:LEH) facing bankruptcy, Merrill Lynch (NYSE:MER) looking to be acquired by Bank of America (NYSE:BAC) and new rumours of AIG (NYSE:AIG) looking for a bailout, there’s no better time than now to share the next blog in my Ten Best Financial Blogs list.
Economist Nouriel Roubini has frequently been called Dr. Doom for his bearish prognostications. There are many bears today, but Nouriel earned that moniker by correctly calling the housing bubble back in 2006, long before words like subprime or Alt-A entered most of our vocabularies. His speech to the IMF at the time was largely derided by his peers but has since proved prescient.
Roubini, who currently teaches at NYU, held various roles at the US Treasury and served on the President’s Council of Economic Advisors during the Clinton administration. RGE Monitor, Roubini’s economic research firm, provides a series of blogs, led by Nouriel Roubini’s Global EconoMonitor.
Nouriel doesn’t pull punches. The current headline on the Global EconoMonitor blog is “If Lehman collapses expect a run on all the other broker dealers and the collapse of the shadow banking system”. He often comes across as over the top; then again, the collapse of Bear, Stearns and a federal takeover of Fannie and Freddie would have seemed over the top less than a year ago.
Nouriel Roubini is not always correct. I’m hopeful that his current view never becomes reality. But, in a fragile market, where today’s rumors and loss of confidence lead to tomorrow’s failures, I’d be a fool not to read him. And so would you.
Note: While much of RGE is available only on a subscription basis, the Global EconoMonitor and other RGE blogs are available free to registered users.
The Ten Best Financial Blogs: (we've reached the halfway point)
10. 24/7 Wall Street
9. The Big Picture
8. Dealbreaker
7. Footnoted.org
6. Nouriel Roubini’s Global EconoMonitor
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