posted
Jun 5, 2010 by News Gatherer
New York University, Nouriel Roubini, an economist and author, most recently, "Depression: A crash course in the future of finance." It is considered one of the largest and most respected economists around the world. In 2007, he began to laugh at the financial elite, but Roubini was confirmed by the 2008 crisis. When the two Wall Street bankers and policymakers in the Bush administration insist that all was well, Roubini provides warnings of more serious financial crisis since the Great Depression. Alternet economics editor Zach Carter recently spoke with Roubini on the bailout of the financial crisis after financial reform bill in Congress, and the global economic outlook.
My opinion is that if banks are too big to fail, using high capital requirements and an insolvency regime does not work. Nouriel Roubini: I think the bill to reform the financial system in the right direction in terms of what to do, but do not go far enough in a number of dimensions. If they are too big to fail, are simply too large and must be broken.
We wanted more, but only on weekends, we had all the finance ministers of the EU to meet a rescue plan before the markets open on Monday morning. Roubini: First of all, we are not out of danger. By this standard, we had this crisis, Bear Stearns, AIG, TARP, and so on. The definition of crisis is when you have a group of politicians who need to spend all day Saturday and Sunday to make some last-minute rescue in the morning before market opening on Monday.
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