Nouriel Roubini's Predictions Questioned By Academic Researchers and Financial Journalists

Wall Street Economists published the results of an academic research project on the financial crisis of 2007-2008. The research posed several questions related to the crisis, including who are the experts who predicted the crisis? How do they compare to each other? How accurate are their predictions? And can they be relied on for investment decisions?

Several researchers and financial journalists have questioned the accuracy and investment value of Dr Nouriel Roubini's predictions. Some even questioned whether he predicted the financial crisis or was erroneously promoted by the media as the expert who warned the world about it.

Dr. Nouriel Roubini claims that he warned the public about the crisis in an IMF speech in 2006. Dr. Roubini was challenged by another economist Dr. Anirvan Banerji who participated with Roubini in a panel discussion. He says that a transcript of that event shows that Roubini did not predict a market meltdown or any of the other problems he now claims to have predicted. Banerji contends that Roubini’s justification for his bearish call has evolved over the years...ticking off the different reasons that Roubini has used to justify his predictions of recessions and crises”- (Source: New York Times)

Eric Tyson, a well known financial author, says "major business magazine praises Roubini for his predictions and fails to hold him accountable for numerous poor predictions." (Source: EricTyson.Com)

Charlie Gasparino, a well known financial journalist is "worried about Nouriel Roubini Hype". (Source Deal Breaker)

Nicholas Vardy, another economist and investment adviser, criticizes Roubini's performance with the following statements: "Here’s what’s ironic… Roubini’s public appearances touting doom and gloom are a terrific contrarian indicator that you can use to improve your investment returns." (Source: Nicholas Vardy Blog)

With such drastic differences between mainstream Wall Street media and the emerging critical views about Roubini's forecasts, Wall street Economists conducted an extensive research to verify whether Dr Roubini lives up to his media reputation or these journalists are unjustified in their criticism.

Regardless of the political motivation of Roubini's supporters and critics, academic research and professional journalistic standards call for fact checking and corrections.

The research results along with supporting sources, dates and links are published for public access and comments at:

http://www.economicpredictions.org/nouriel-roubini-predictions/index.htm

The research found at least four other experts who predicted the financial crisis, two of them warned about the crisis before Roubini did. Among the experts who warned about the crisis are Bill Ackman, Dean Baker, Med Jones and Robert Gnaizda. These experts were mostly ignored by the Wall Street media.

The unintended consequence of this research is the questioning of the quality the of financial journalism by Wall Street media. According to the researchers, “Many mainstream media are functioning as a promotion outlet rather than a journalistic platform, where journalists ask the tough questions.”

Detailed information and references are available at:

http://www.wallstreeteconomists.org or http://www.economicpredictions.org

This release was published on openPR.