Aug 21, 2012

The Underlying Economic Forces Are Partially Independent Of Policy Choices

The underlying economic forces are partially independent of policy choices. I don’t think that if [John] McCain had been elected, the economy would be any better than it is today. Maybe even worse. And therefore, I think that once you have a crisis, once you have too much debt or once you have painful deleveraging, that cost of deleveraging has to occur over a period of many years, and economic policy is not going to make much of a difference. - in CRF Blog 

Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.