Back in 2005, Nouriel Roubini, a professor of economics at New York University, warned that housing prices in the U.S. were riding a speculative wave that would harm the economy.
Roubini was mocked and ignored, and his ideas were dismissed. Not any more. Now he’s considered an economic clairvoyant.
He was a recent guest on Bill Maher’s HBO show, “Real Time with Bill Maher.” He shocked the host and liberal audience with his apparent no-confidence statement on the Obama administration’s fiscal policies.
Maher noted that television these days is filled with ads extolling the virtues of investing in gold and asked the economist his opinion on the subject.
“Gold has no intrinsic value,” Roubini said. “If you're really worried about say inflation rising, I would buy Spam.”
“You know, you can eat Spam; you cannot eat gold,” he explained.
Guess if JFK’s White House years are fondly looked back upon as “Camelot,” Obama’s will regrettably be remembered as “Spamalot.”
James Hirsen, J.D., M.A. in media psychology, is a New York Times best-selling author, commentator, media analyst, and law professor. He is admitted to practice in the U.S. Supreme Court. Hirsen is the co-founder and chief legal counsel for InternationalEsq.com. Visit Newsmax TV Hollywood.
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