September 15th, 2008

Will you look at that! Prof. Roubini nailed it yesterday.

Last night, Prof. Nouriel Roubini--who seems to be the go-to guy for the financial press when they want a particularly juicy gloom and doom quote--predicted on Bloomberg that the market would be down 4% today. Others disagreed strongly, with one saying the market might even pop up after the news was digested.

Well, Prof. Roubini was right on that call:

Dow Jones Industrials down 504.48 to 10,917.51 (-4.42%)
S&P 500 down 57.98 to 1,192.72 (-4.63%)
NASDAQ Composite down 81.36 to 2,179.91 (-3.60%)
Russell 2000 down 30.50 to 689.76 (-4.23%)

Most commentators claim that, where Prof. Roubini's opinions are concerned, even a stopped clock is right twice a day...but time seems to have been stopped at his time of day for quite a while now.