More than 400 US Banks Will Fail: Roubini

Patrick Allen
CNBC
September 3, 2010

• A d v e r t i s e m e n t

Even if the US and European economies manage to avoid a double dip, it will still feel like a recession, while more than half of the 800-plus US banks on the “critical list” are likely to go bust, according to renowned economist Nouriel Roubini of Roubini Global Economics.

The second half of the year will remain weak as tailwinds become headwinds, Roubini told CNBC on the shores of Lake Como, Italy at the Ambrosetti Forum economics conference.

“In the second half, fiscal policy becomes a headwind, no more cash for clunkers,” Roubini said. “The positive scenario is that growth will be below par.”

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Roubini recently said the chance of a double-dip recession in the US was now more than 40 percent.

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