"As long ago as February 2007, Roubini was writing on his
blog that “the party will soon be over,” and warning of
“painful consequences for the U.S. and the global economy.” By
last February, his tone had become apocalyptic, raising the
specter of a “catastrophic” meltdown that central banks would
fail to prevent, triggering the bankruptcy of large banks with
mortgage holdings and a “sharp drop” in equities.
"The IMF forecasts global
growth of 0.5 percent this year and bank losses from toxic U.S.-
originated assets of $2.2 trillion. By contrast, Roubini sees
the global economy shrinking this year, and banks writing down
at least $3.6 trillion — compared to the $1.1 trillion
disclosed so far."