Mass Media Hype Vs. Reality

YESTERDAY'S NEWS HEADLINES:

Roubini to The Street: Chill Out
Even Dr. Doom seemed to be all sunshine and lollipops yesterday. Nouriel Roubini, one of the few economists to accurately predict the magnitude of the economic crisis, told a Chilean investors’ conference in New York that "the freefall of the economy” is over. “There is light at the end of the tunnel," he said. "And the light at the end of the tunnel for once is not the one of an incoming train.”
U.S. Stocks Rise as Roubini Reiterates That Recession Is Ending
July 16 (Bloomberg) -- U.S. stocks rose for a fourth day, the longest streak in six weeks, as economist Nouriel Roubini said the worst of the financial crisis is over and reiterated that the recession may end this year, while takeover speculation lifted commodity shares.
Worst behind us but more stimulus needed: Roubini
Reuters - Nouriel Roubini, RGE Global Monitor Chairman, attends a luncheon in New York July
NEW YORK (Reuters) - Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.

TODAY:

It has been widely reported today that I have stated that the recession will be over "this year" and that I have "improved" my economic outlook. Despite those reports - however - my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context.
I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19months into that recession. If as I predicted the recession is over by year end, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year's end.

Trade well,
Trader D