Monday, July 20, 2009

Roubini eats crow

What happened to Mr. Vagina walls?

On May 24, he said that we would have negative growth for the entire year.

On May 14, he was telling the world the dollar would collapse, and the new reserve currency of the world would be the renmimbi.

On April 30, a rather prescient blog, called out Mr. Roubini for his plaster vaginas plastered on his apartment walls. That writer, said that was Dr. Doom's last crack at fame.

On April 8, he called Cramer a buffoon for being bullish.

On March 9, Roubini said there was a 66% chance that the US would head into a Great Depression.

Today, after the NAZ has rallied 50% from it's lows, and the S&P has tacked on 40+%, Dr. Doom now backpedals on CNBC and says we won't revisit the lows.

Oh that's good to hear. I'm now comforted. Wouldn't it have been better to hear that the lows of the market wouldn't be revisited only a day or two after the bottom?

But where could you find that information?

Oh that's right. It was done. Here!

And wouldn't it be nice to hear that 666 was the bottom when it happened? Oh that's right. It was done. Here! And here. And here. And here.

But wouldn't it be nice to have the bottom, the day after it hit? Oh that's right. It was done here.

But wouldn't it be really nice to have it, at the exact time, and at the exact low, when it happened?

Oh that's right. You had it here. At 9:52 am, at the generational market low. And reasons why, just 26 minutes later. Here.

So let me indulge myself for a moment on Mr. Roubini's about face.

After the market has moved 40-50% in his!

And let me just requote what I said on April 30th:

"Roubini calls these plaster epitaphs the "Vaginas of Doom." Do you think just a wee bit of his bearishness has gone to his head?"

Now that the good Dr. has become less bearish and thinking with his other head, it makes you wonder if he's been having a George Constanza moment!

As advertised!


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