Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Your introduction says it all: "by perma-bear Nouriel Roubini". The average annual return of the S&P 500 Index has been 10.83%, since its inception in 1957.  Like a broken clock which is right twice a day, Roubini and his ilk have got to be right sometime,,,and they make their living with the MSM, and now a website in his case, based on occassionally being right.  Dean Baker makes a good point that many were caught in the euphoria of the tech boom, but that was the end of a 10 year market run, and if you went with a permabear, you missed the whole thing.  You're far, far better off just putting your money in the S&P 500 and the MSCI EFA and let it ride than listening to this yoyo.
by wchurchill on Wed Feb 28th, 2007 at 02:02:55 PM EST
He is indeed right on this one, though. This isn't the first time that a large portion of the economy has devolved into a pyramid scheme in order to extract greater profit margins when there is no other avenue remaining to increase said profits. The tech bubble, S&L crisis, etc, etc.

you are the media you consume.

by MillMan (millguy at gmail) on Wed Feb 28th, 2007 at 05:25:55 PM EST
[ Parent ]
I acknowledge this of course since I put "perma bear" tag, but that's not the point of this article which is about MSM spinning a number with a quite dishonnest real definition (and of course no way to their reader/listener to know this except by reading perma-bear blogs).

To be noted, Barry and others just got a peak in hits following the stock downside.

by Laurent GUERBY on Thu Mar 1st, 2007 at 04:22:43 AM EST
[ Parent ]


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