US Financial Crisis:Where are the US Economists?
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Code : ECC0010
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Region : US |
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Introduction: Nouriel Roubini (Roubini), an economics professor at the New York University, in September 2006, addressing the economists at the International Monetary Fund (IMF) declared that a financial crisis was in the offing. His hunches proved to be true in the ensuing years. His economic projections came as a warning, which was unheeded. Though Roubini's predictions have come to be most true relative to the way the events have unfurled in the financial crisis, he is not the only economist to have predicted what has happened. Many economists of the US, including Paul Krugman and Joseph E. Stiglitz, Nobel laureates, sensed and forewarned the impending crisis; sometimes subtly and sometimes explicitly. There were indicators to suggest that a major financial crisis was brewing up. However, the indicators were ignored and the predictions unheeded.... |
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