Friday, March 27, 2009 EST

I heard in various financial news shows about "Dr. Doom" but to be honest I did not know the reason why there was so much talk about him.

The New York times has a great article that discussed how Nouriel Roubini (Dr. Doom) on September 7, 2006 announced how the USA was facing housing bust, oil shock, and other economic woes.

Here is a snippet of the New York Times Article "Dr Doom"

"On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession. He laid out a bleak sequence of events: homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt."