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"We have a subprime financial system."

money.cnn.com — Even if the Bush administration's $700 billion bailout works, the United States still faces the longest and most severe economic stretch since the Great Depression, according to on-the-spot economist, Nouriel Roubini.

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  • ascguy, on 09/24/2008, -0/+7When this guy speaks, everyone should listen. This bailout, in its current form, is nothing more than a band-aid for a bullet hole.
  • badqat, on 09/24/2008, -0/+5For those that don't know...he's the guy that was getting laughed at a couple of years ago for accurately predicting everything that has come to pass.

    http://www.nytimes.com/2008/08/17/magazine/17pessi ...

    They don't laugh at him anymore.
  • Striker101, on 09/24/2008, -0/+2Yes, pretty sharp, surprised from CNN. Depending on how this $700+billion thing flows thru Congress, or doesn't...
    If they pass anything, adding that to the national debt will push inflation to hyper
    If they don't, watch the Fed in action, either way their manipulation will tighten the collapse knot.
    http://digg.com/world_news/America_is_History_m_th ...
  • BktcyGuru, on 09/24/2008, -0/+3Roubini thinks the next wave will be hedge funds, followed by LBO bankruptcies and then private equity shops. "The next step will be the run on the short term liabilities of hundreds of poor performing and highly leveraged hedge funds and the collapse of highly leveraged LBOs following the recent bust of the private equity bubble."

  • uberAileen, on 09/24/2008, -0/+2as effective as applying aloe on herpes.
    • ascguy, on 09/24/2008, -0/+4wait, that doesn't work? i'm screwed!
  • waggdogg, on 09/24/2008, -0/+1"What this plan can avoid is a Japan-like, L-shaped recession," where the economy sinks and stays sunk, "that could last a decade or more." Something needs to be done. Who has the solution?
    • ascguy, on 09/25/2008, -0/+2I do, which is why I'm going to run for Senate in 2010.
  •  

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