It’s Roubini time.
We went through a long period where Dr. Doom wasn’t much in the media, but with talk of a double dip now regular cocktail party chatter again, the gloomy NYU professor has been all over the place.
But is anyone actually interested? Because, although it’s obligatory to quote him, it’s not obvious that his insights are being taken as particularly important.
Let’s go back to what he said on CNBC the other day. He said the services component of the ISM was weak, that we weren’t creating enough jobs to stabilise unemployment, and that that day’s initial claims report estimated data from 9 states. Ho-hum.
This isn’t earth-moving stuff. All those headlines could be found here and elsewhere pretty easily.
Here’s Fabrice Taylor at The Globe & Mail responding to Roubini’s latest call for a 40% chance of a double dip:
How does he know and why should we care? Because he predicted the financial crisis before it happened. If you ask him, he’ll probably tell you who’ll win the Stanley Cup and whether or not you can wear an orange sweater with argyle socks.
Is it just me or would anyone else rather hear what Lady Gaga thinks about the economy before being treated to more of Dr. Roubini’s predictable bleakness?
The argyle socks part might be a bit much, but… yeah.
If Roubini continues to be the guy who gets trotted out when the market tanks, warning of the latest bearish datapoint per day, interest in him will probably continue to attenuate.