No relation of course...
Posted on 09/20/2008 2:56:30 PM PDT by Lorianne
"Gains privatised and losses socialised" was the more pointed comment by Nouriel Roubini, professor of economics at the Stern School in New York University. He is known in the economics trade as a "permabear" because of his repeated claims over the last six years that a financial system based on self-regulation, non-deposits, highly leveraged subprime housing debts and globalised derivatives trading was unsustainable and would collapse.
Now that he has been proved correct he has suddenly become known to wider circles of people desperate to get some expert perspective on these events. How does this crisis compare to previous ones? Is it a systemic failure or a conjunctural one arising from the Bush administration's deregulation policies (which continued those of the later Clinton administration)? Could it lead to another depression like the 1930s? What alternatives are there to the policies followed this week?
Roubini is unusual among economists in combining comparative, historical and mathematical analysis, giving him a broader appeal to policymakers and the mass public. In an interview with the New York Times magazine on August 18th, he described himself as more a realist than a pessimist. He argues that the AIG should have been bankrupted rather than nationalised, and the $85 billion of taxpayers' money loaned to the firm could have been used instead for debtor-in-possession financing. This would have allowed for a more fair process for allocating losses between shareholders and short-term and long-term creditors of the firm. Nationalisations like this are prejudiced in favour of those responsible for the trouble in the first place.
He is scathing about the Bush administration's actions. In his column for the online RGE Monitor, he wrote: "Fanatic zealots of any religion are always pests that cause havoc and destruction with their inflexible fanaticism; but they usually don't run the biggest economy in the world. But these laissez-faire voodoo-economics zealots in charge of the USA have now caused the biggest financial crisis since the Great Depression and the nastiest economic crisis in decades.
Dems are winning the spin war. Dodd, Pelosi et all skipped town but not before washing their hands of the matter.
There is plenty of evidence to the contrary including direct quotes from Democrats in Congress oppossed to regulation of the financial markets.
All we need to do is organize it and get the word out.
.... oops forgot to check the this is an excerpt box.
The Community Reinvestment Act was not self-regulation. Nor was any part of Annie or Freddie, which were government backed enterprises that were looted by Democrats.
And he was correct!!!
He was born in Istanbul, the child of Iranian Jews, and his family moved to Tehran when he was two, then to Tel Aviv and finally to Italy, where he grew up and attended college. He moved to the United States to pursue his doctorate in international economics at Harvard."[2] Roubini resided in Italy from 1962-1983, and is currently a U.S. citizen[1]. He speaks English, Italian, Hebrew, and Persian.[1]
Maybe you just don't like Jews.
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