Zombie Housing, Zombie Banks, Zombie Governments
Roy Batty | 21.08.2011 15:55 | August Riots | Globalisation | World
Karl Marx
Fortune Magazine: "In 2005 Roubini said home prices were riding a speculative wave that would soon sink the economy. Back then the professor was called a Cassandra. Now he's a sage."
Paul Krugman (2009): "Nouriel Roubini was right. At a time when the likes of Alan Greenspan were dismissing concerns about excessive home prices and declaring that banks were stronger than ever, Roubini warned that there was a monstrous bubble in the housing market and that the bursting of that bubble would cause much of the financial system to collapse. And so it has turned out, with even the most seemingly outlandish of Roubini's predictions matched or even exceeded by reality."
In a fascinating interview with The Wall Street Journal's Simon Constable, Dr. Roubini doesn't have much good to say about the future. In fact, his answer to Mr. Constable's first question, "What can we do to get the economy going?" is "Probably very little."
See full article and video here.
Roy Batty
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