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charlizecourriers 05/13/2010 03:04 PM Report
The Orwellian language is amazing! "Transfer private liabilities" and "backstop" and "written down" and "why didn't the government do that?" The government is the Obama Democratic Party. An oligopoly is much more than a government, dear fellow viewers! When we understand that, we understand the Charlie Rose Show's place in the oligolopy. It's too bad that Roubini didn't study an important ancient Greek practice called seisachtheia. Solon instituted this for the poor, unlike Obama who did it for the rich. P.S. Blankfein's company did NOT "make" markets, any more than a counterfitter "makes" money.
IRISH 05/12/2010 08:19 PM Report
Roubini is de man !! No person can touch his expertise irrespective of economic theory or practice to see the reality of our economic crisis.
robdverity 05/12/2010 04:46 PM Report
Opto - Exposes Hank Paulson (yet again) as an ex GS good-ole-boy, as taking care of his own ilk at our expense. His virtually one-man, three-page heist of the US Treas. the biggest ever with or without a gun. But he bought himself an island. An escape(?) of sorts.
slightly_optimistic 05/12/2010 04:36 PM Report
Some time was spent in the interview on the public cost of the bail-out of AIG. Did stewards in Washington pay too much on the bailouts in general? An independent audit might tell us.
Reports tell us instead that Washington is very concerned about the behaviour of stewards in other parts of the world. The US president became active in European monetary affairs by pleading with the German Chancellor for a bail-out package to be set up for the eurozone, and yesterday asked Spain to cut its deficit.
All of this simply confirms the woeful lack of financial control around the world in the global economy. Incidentally the MD of the UN economic agency - the IMF - complained about the international monetary system at a big conference this week in Switzerland.
robdverity 05/12/2010 03:29 PM Report
ROUBINI FOR SECRETARY OF TREASURY!
Too logical for this planet. For this country for damn sure:
Restore effects of Glass-Steagall.
Greece will ultimately default.
Make derivatives trading transparent on an open exchange.
Interest rates too low. Which will foment next (undefined) bubble.
Need revenue along with spending cuts. (TEA party be damned - my words.)
Helluva guy. Too unsophisticated to think otherwise. Besides Geithner comes off as a smart-ass.
doodah 05/12/2010 01:50 PM Report
Mant, I agree with everything you say that I can understand; which is about 12-18 percent :).
Now, this 'Nouriel Roubini' is a smart dude. And is a straight forward (tell it like it is) communicator. The politicians need to STOP listening to the financial-gestapo lobbyists and listen to guys like this guy (REALISTIC!!). Kick the Lobbyists out of Congress (THE BUILDING)! NOW!
I COMMAND!
REMant 05/12/2010 01:25 PM Report
Roubini has been considered by some to be close to the Austrian view, but he clearly retains many Keynesianisms, and associated liberal prejudices. The main difference between my view and his is that I don't believe there really is any such thing as financial panic or contagion, rather there is deflationary pressure brought about by productivity increases of one kind or another, such as the emergence of the Far East, which are resisted by others, esp by those who have tried to take advantage of the situation, or speculated in them. Central banks and govts, who support the latter, are either still trying to take advantage of the situation, or giving in to what is essentially blackmail. Like blackmail, no amount of it will ever suffice, and it is at best silly because the damage has already been done by the time the so-called panic sets in, and it never gets any worse, so these efforts only pass the pain on to a wider, and usually less deserving circle through inflation, etc. It makes far more sense and is eminently fairer to just let the speculators go as the Republicans have frequently said. The Tea Party ppl esp, I believe, are opposed to the bailouts because they are blatantly unfair, not because they are taxes. I suspect the European socialists to have the same view. Roubini's oft-stated view then that interest rates set too low, for too long was the cause of this is IMHO, only partly correct, and Bernanke's and Greenspan's point about trade imbalances is valid. While I agree with his points about the Volcker rule and derivatives transparency, the most important requirement is to reduce leverage as much as possible, zero being ideal, because that is the only real way to cure the underlying problem, which is the moral hazard of being able benefit without reciprocating, running up debts that ultimately must be paid. There is no such thing as a free lunch. The notion of all modern-day economists, Keynesians and monetarists alike, that somehow, some sort of financial finagling can prevent problems of this sort is chimerical. What we need is not financial engineering, but some real engineering.