Roubini vs. El-Erian: How Bad Off Is the Economy?

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Nov. 8 (Bloomberg) -- Bloomberg Television's "Lunch Money" Host Matt Miller reports on the global economy. (Source: Bloomberg)

Economic activity is moving very dynamically.

That's the reason why we have zero policy rates.

Nouriel roubini did not sound quite as bearish enough for us, so we pushed him to give us his worst-case scenario and blame the fed.

Bonus points for any other central bank you can implicate.

The fed is doing it, the ecb is doing it, the bank of england, the bank of japan, but the reality is all of this excess liquidity is going into an agile transactions.

We are not yet in bubble territory for the u.s. stock market, but if you are looking, for an example, at housing around the world -- switzerland, sweden, norway, france, germany, israel, brazil, hong kong, singapore, china -- you have nearly out right bubbles in many parts of the world because interest is so low all over the world.

Nice job.

Full disclosure, dr.

Rabin he spoke to us yesterday on "street smart" before this morning's jobs report -- dr.


We did talk to someone else who is not exactly cheering the economy on right after the numbers came out.

It's a messy report, not only in terms of what it is trying to cover, but very different methodology this time around or the household survey and the establishment survey.

Having said that, two things that i would note in particular -- one is the revisions to the prior months are encouraging.

The other thing is keep an eye on the employment to population ratio and the participation number.

Both of them came down by .3% to .4%, and that's not good news.

Overall, better than expected, but with a huge asterisk because of all the distortions that are in those measures.

Pimco coined the term "the

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