Roubini: Jim Cramer is a “buffoon” & Recovery “later rather than sooner”
You’ve got to at least listen to what Dr. Doom has to say …
First on the economy in general and recovery, markets, etc:
Nouriel Roubini, a professor at New York University’s Stern School of Business and chairman of economic research firm RGE Monitor, said on Tuesday that he expected more dour macroeconomic data and problems in the banking and housing sectors, as well as pressures on consumers.
Big stimulus packages will eventually slow the rate at which economies contract, but that will take time, he added.
“There will be a light at the end of the tunnel somewhere down the line, later rather than sooner,” he said at a Toronto news conference, which took place ahead of a Sprott Asset Management event entitled “A Night with the Bears.”
Then, on CNBC’s Jim Cramer:
“Cramer is a buffoon,” said Roubini, a New York University economics professor often called Dr. Doom. “He was one of those who called six times in a row for this bear market rally to be a bull market rally and he got it wrong. And after all this mess and Jon Stewart he should just shut up because he has no shame.”
Bearish on Banks – All The Big Ones
From the New York Times Dealbook Blog:
… Mr. Mayo, who recently left his job covering bank stocks for Deutsche Bank to join a unit of Calyon, initiated coverage of 11 large banks in the United States on Monday, and his first report at his new firm assigns all of them “underperform” or “sell” ratings.
The report was full of gloomy predictions, not least of which was this one: Mr. Mayo projects that loan losses in the current financial crisis will eventually exceed the levels experienced during the Great Depression.
In 1934, loan losses as a percentage of total loans outstanding reached a peak of 3.4 percent.
There’s also more here in a story just out from the Times.
