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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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WATCH: Minneapolis police station burns after protesters reportedly seize the building

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On Thursday night, the Minneapolis Police Department's third precinct was destroyed.

Here are some of the images from the scene.

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WATCH: Don Lemon blasts Trump — and explains why nobody wants to hear from him on George Floyd’s murder

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CNN anchor Don Lemon slammed U.S. Attorney Erica MacDonald for invoking President Donald Trump on Thursday.

“I know she has a tough job, but guess what, as long as we are being honest right now, nobody wants to hear from the White House or the attorney general right now,” Lemon said. “No one wants to hear from the man who wanted the death penalty to come back for the Central Park Five.”

“No one wants to hear from the man who says that the former president was not born in this country. No one wants to hear from the man who said there are ‘very fine people on both sides.’ Do you understand what I am saying?” he asked.

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Shocking videos as Minneapolis burns — after authorities refuse to arrest George Floyd’s killer

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Minnesota is experiencing another evening of devastating protests on Thursday after Hennepin County Attorney Mike Freeman and US Attorney Erica MacDonald held a press conference where they announced the investigations of George Floyd's killing were continuing, but no arrests had been made.

Here are some of the images from the scene:

https://twitter.com/AndrewMannix/status/1266191109891469313

https://twitter.com/NFerraroPiPress/status/1266191727129477120

https://twitter.com/EChalouxKSTP/status/1266196683957964801

https://twitter.com/WCCO/status/1266192653978304512

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