As a result of Nouriel Roubini's comment that the U.S. is no longer in "free fall" and is likely to recover by the end of the year, U.S. stocks jumped yesterday. But Roubini immediately clarified that he was misunderstood and issued a statement.
"I have said on numerous occasions that the recession would last roughly 24 months," Mr. Roubini said. "Therefore, we are 19 months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year's end."[Source]
Who is Nouriel Roubini?
Here are some information bout Nouriel Roubini from Wikipedia:
Nouriel Roubini (born on March 29, 1959) is a professor of economics at the Stern School of Business, New York University and chairman of RGE Monitor, an economic consultancy firm. After receiving his B.A. in Political Economics from Bocconi University and his doctorate in international economics from Harvard University, he began academic research and policy-making by teaching at Yale while also spending time at the International Monetary Fund (IMF), the Federal Reserve, World Bank and Bank of Israel. Much of his early studies were focused on emerging-market countries. During President Bill Clinton’s administration he was a senior economist for the Council of Economic Advisers later moving to the United States Treasury Department as a senior adviser to Timothy Geithner who is now Treasury Secretary.
Nouriel Roubini is also referred to as Dr. Doom because of his economic predictions. Roubini is one of the few economists who predicted the current global financial turmoil.