Nouriel Roubini with John Mauldin

Some of these countries are going to enacting structural reforms – China, India, Vietnam, even some of the emerging European ones; and therefore, once they get out of this mess, there is going to be high growth, highopportunities and the asset classes that have been beaten up even more than US equities are going to have a rally. But in my view that might be more like a 2010 story, or even later. This year I just see significant downside risk across the world. People ask where they might invest outside the US. Unfortunately, this is a synchronized global recession. Therefore, I don’t see many places to hide.