He's much more believable than others so it's no wonder the market reacted. It's not over and more struggles are ahead but maybe, just maybe, the worst of the worst is behind us.
Roubini still warned that the US may need a second fiscal stimulus package of up to $250 billion by the end of the year to boost the deteriorating labor market, Reuters reported.
The stimulus "cannot be too small, but it cannot be too large," Roubini said, or financial markets will become too worried about the sustainability of the U.S. debt.
Roubini, of RGE Global Monitor, is one of the few economists who foretold much of the current financial turmoil. But until now, he has remained pessimistic even amid signs that the economy was beginning to turn.
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