Roubini vs. Cramer: Who's Right?

The battle of the economic analysts is on!

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So CNBC's Jim Cramer criticized Nouriel "Dr. Doom" Roubini in his blog for being too persistently gloomy in light of the stock market's recent rebound and some bits of positive economic news. Roubini responded by attacking Cramer as a "buffoon." Roubini also thinks the worst is not yet over for the economy.  A few thoughts on this financial commentator flare-up:

1)  While Roubini has been correctly bearish, let's also not forget that one reason he was so bearish originially was that he thought the dollar would collapse, sending interest rates soaring. So he was kinda right for the wrong reason, at least at first.

2) The economy could strengthen and the market could head higher ... while at the same time unemployment continues to worsen. In fact, that is exactly what is likely to happen at some point. It is a familiar economic dynamic.

3) I would be surprised if the same folks who "correctly" called the recession are also able to call the recovery. Could happen. But I doubt it. Luck is often mistaken for skill. And identifying economic inflection points is tricky business, indeed.