BizAims

Nouriel Roubini - Dr. Doom and economist known for his pessimistic predictions. He predicted the global financial crisis. He recently bought an apartment in Manhattan, New York. For apartment paid not less than $ 5.5 million.

Roubini made a $ 2,990,000 mortgage loan to buy the apartment on East First Street, New York. The apartment is a penthouse of 340 square meters built on three levels.

Access to each level is a steel ladder. Each level offers something unique and special. This apartment is described in an ad. The first level is a huge living room (light penetrates through oversized windows), a wood-burning fireplace, heated floors and walls are of brick.

Roubini, who said that there are still risks to reenter the U.S. economy into recession. He said last month that another "disaster" could occur if real estate prices will go down again.

"If house prices will fall by 5% -10%, then the price of other 8 million homes will be overstated,"

Roubini did not want to comment on the recently purchased apartment.

Nouriel Roubini (born 29 March 1959) is an American professor of economics at New York University's Stern School of Business and chairman of Roubini Global Economics, an economic consultancy firm. After receiving a BA in political economics at Bocconi University, Milan, Italy and a doctorate in international economics at Harvard University, Cambridge, Massachusetts, he began academic research and policy making by teaching at Yale while also spending time at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel.

During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who is now Treasury Secretary.

In 2008, Fortune magazine wrote, "In 2005 Roubini said home prices were riding a speculative wave that would soon sink the economy. Back then the professor was called a Cassandra. Now he's a sage". The New York Times notes that he foresaw "homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt".

In September 2006, he warned a skeptical IMF that "the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence, and, ultimately, a deep recession". As Roubini's descriptions of the current economic crisis have proven to be accurate, he is today a major figure in the U.S. and international debate about the economy. Although he is ranked only 512th in terms of lifetime academic citations, he was #4 on Foreign Policy magazine's list of the "top 100 global thinkers."

Nouriel Roubini was born in Istanbul, Turkey, to Iranian Jewish parents. When he was age two, his family moved to Tehran, Iran, and later he lived in Israel. From 1962 to 1983 he resided in Italy where he attended Bocconi University in Milan, and then he moved to the United States to pursue his business doctorate in international economics at Harvard University. He is currently a U.S. citizen and speaks English, Persian, Italian, and Hebrew. He lives in Manhattan, has never married, and is "well-known on the New York club circuit".

Credentials:

    * Professor of Economics & International Business, Stern School of Business, New York University

    * Chairman & Founder, Roubini Global Economics

    * Senior Economist for International Affairs, White House Council of Economic Advisors

    * Senior Advisor to the Under Secretary for International Affairs; Director of the Office of Policy Development & Review, U.S. Dept of Treasury

    * Research Associate, NBER (National Bureau of Economic Research)

    * Research Fellow, CEPR (Center for Economic Policy Research)

    * Former Visiting Economist & Consultant, IMF

    * Former consultant, World Bank

    * Regular contributor, Project Syndicate