Milan

Nouriel Roubini praises Obama victory

But noted economist warns partisan divide might spawn downgrade

Nouriel Roubini praises Obama victory

Milan, November 7 - Renowned American economist Nouriel Roubini haled the re-election of President Barack Obama as "positive for the United States and the rest of the world". Speaking at the World Business Forum Milan, Roubini said Obama would be able to strike a balance between the public and private sectors, something that is fundamental for "a successful economy, which must anchor itself to private businesses, but having the guarantee of public services from the State is fundamental". Roubini, an Iranian Jew born in Turkey and raised in Italy, is known for accurately predicting the collapse of the American housing market in 2008 and the subsequent global economic slowdown. A professor at New York University's Stern School of Business and chairman of an influential consultancy firm, Roubini said his biggest fear was that the American congress would be gridlocked after Democrats reclaimed the Senate and Republicans held the House in elections Tuesday. The American political system, he said, "marked by Democratic and Republican divisions, may not be able to tackle the key issues of the future. "If the two parties don't find agreement, things could get worse and there could be a downgrade".

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