Economist Who Called 2008 Crash Sees Depression Ahead

Two years before the 2008 financial collapse, economist Nouriel Roubini “warned that the U.S. housing market would soon collapse — and, quite possibly, bring the global financial system down with it,” New York magazine reports.

“A decade later, ‘Dr. Doom’ is a bear once again. While many investors bet on a ‘V-shaped recovery,’ Roubini is staking his reputation on an L-shaped depression. The economist (and host of a biweekly economic news broadcast) does expect things to get better before they get worse: He foresees a slow, lackluster (i.e., ‘U-shaped’) economic rebound in the pandemic’s immediate aftermath. But he insists that this recovery will quickly collapse beneath the weight of the global economy’s accumulated debts.”