Roubini Sees `Very Dismal' U.S. Growth as Summers Rues `Human Recession'

[marmar]

Roubini Sees ‘Dismal’ Growth as Summers Rues ‘Human Recession’
By Simon Kennedy and Erik Schatzker


Feb. 1 (Bloomberg) -- Nouriel Roubini, the New York University professor who anticipated the financial crisis, said the U.S. growth outlook remains “very dismal” and White House economic adviser Lawrence Summers said the economy is still mired in a “human recession.”

Speaking at the World Economic Forum’s annual meeting in Davos, Switzerland, after the U.S. reported the fastest growth in six years, their comments underscored concern that that emergency measures to rescue banks and fight the recession may be withdrawn too soon.

“The headline number will look large and big, but actually when you dissect it, it’s very dismal and poor,” Roubini said in a Jan. 30 Bloomberg Television interview following a U.S. Commerce Department report that showed economic expansion of 5.7 percent in the fourth quarter. “I think we are in trouble.”

Roubini said more than half of the growth was related to a replenishing of depleted inventories and that consumption was reliant on monetary and fiscal stimulus. As these forces ebb, the rate will slow to 1.5 percent in the second half of 2010. ...............(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aeIMLSRIGm1s&pos=3

[lib2DaBone]

1. Nothing has been done to fix the economy.. it's smoke and mirrors..

We can not have a recovery ,until they take steps to fix the economy. Yes, Mr. Obama has proposed $30 Billion (finallly) for a jobs program, but how does that compare to the $700 billion we gave to the banks?

Helicopter Ben Bernake was just re-appointed, we still have NAFTA, offshoring, and nothing has been done to control the Banksters.

It is clear... our leaders support Wall Street, not Main Street.