‘Dr. Doom’ economist Nouriel Roubini blasts get-rich-quick schemes – and says it’s obvious that current market mania ‘will end in tears’

‘Dr. Doom’ economist Nouriel Roubini blasts get-rich-quick schemes – and says it’s obvious that current market mania ‘will end in tears’

Nouriel Roubini, the economist nicknamed "Dr. Doom" for his pessimistic predictions, warned against get-rich-quick schemes in a scathing op-ed published this week.

Dangers of rising income and wealth inequality mean the bottom 50% of people that make up wealth distribution hold less than 1% of total equity assets, he said, citing a CNBC report. The top 10%, meanwhile, command about 88%, and the top 1% hold 51.8%.

"With equity markets reaching new heights at a time of rising income and wealth inequality, it should be obvious that today's market mania will end in tears, reproducing the economic injustices of the 2008 crash," Roubini said.

Millions of people ended up losing their jobs, homes, and savings during the 2008 financial crisis that led to the bursting of the US housing bubble. And now, Roubini says economic stresses for the same cohort are intensifying yet again in the form of what he says are investing traps like trading app Robinhood.

"Workers who rely on gig, part-time, or freelance 'employment' are being offered a new rope with which to hang themselves in the name of 'financial democratization,'" he said. "Millions have opened accounts on Robinhood and other investment apps, where they can leverage their scant savings and