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Economist who predicted 2008 housing crash issues apocalyptic warning on COVID-19 economic recovery

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Economist Nouriel Roubini, who became famous after correctly predicting that a bursting housing bubble would cause a global financial crisis, has issued a dire warning about what will happen to the economy in the wake of the COVID-19 pandemic.

As New York Magazine’s Eric Levitz reports, Roubini is predicting that the current recession will morph into a full-scale economic depression that will devastate societies across the globe.

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“He foresees a slow, lackluster (i.e., ‘U-shaped’) economic rebound in the pandemic’s immediate aftermath,” Levitz writes. “But he insists that this recovery will quickly collapse beneath the weight of the global economy’s accumulated debts. Specifically, Roubini argues that the massive private debts accrued during both the 2008 crash and COVID-19 crisis will durably depress consumption and weaken the short-lived recovery.”

Economic conditions will worsen even more, he argues, when higher inflation kicks in and trade arrangements between the United States and China break down entirely.

And on top of all that, Roubini tells Levitz that disasters brought on by climate change may hammer the economy even further in the coming years.

“The science says these extreme events are becoming more frequent, are coming farther inland, and are doing more damage,” he says. “And they are doing this now, not 30 years from now.”

Read the entire interview here.

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57 Buffalo cops resign to support suspended officers who pushed down elderly man

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The entire Buffalo Police Department Emergency Response Team -- a total of 57 officers -- has resigned from the team in support of the two officers who pushed 75-year-old Martin Gugino to the ground, seriously injuring him.

They are still employed, but no longer on ERT.

According to Buffalo Police Benevolent Association president John Evans, the cops who pushed Gugino down were just following orders.

“Fifty-seven resigned in disgust because of the treatment of two of their members, who were simply executing orders,” Evans, said in a statement.

This is a developing story. Check WIVB4 for updates.

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GOP official defends post blaming George Soros for ‘staged’ killing of George Floyd: I wanted to ‘get people to think for themselves’

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The chairman of the Harrison County Republican Party in Texas is under fire after he shared a conspiracy theory on his party's Facebook page claiming that the death of George Floyd "staged" by George Soros, CBS19 reports.

The post shared by Lee Lester was also previously shared by Bexar County GOP Chairwoman Cynthia Brehm -- which prompted Texas Gov. Greg Abbott to call for her resignation.

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On the minds of Black Lives Matter protesters: A racist health system

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ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox.

WASHINGTON — On Tuesday, when he decided to protest, William Smith, 27, used a red marker to write a message on the back of a flattened cardboard box: “Kill Racism, Not Me.”

As he stood alone, somber, he thought about George Floyd, a fellow black man whom he’d watched die on video as a Minneapolis cop kneeled on his neck eight days earlier. “Seeing the life leave his body was finally the last straw that broke the camel’s back for me,” he said.

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