Wednesday, May 20, 2009

Remember this story?

Nouriel Roubini said this just a few months ago, when he told the world the banks would be nationalized, and be toast in six months in this article in the WSJ:

"Nouriel Roubini is always dressed in black-and-white...

So, will the highest level of government be receptive to the bank-nationalization idea? "I think it will," Mr. Roubini says, unhesitatingly. "People like Graham and Greenspan have already given their explicit blessing. This gives Obama cover." And how long will it be before the administration goes in formally for nationalization? "I think that we're going to see the policy adopted in the next few months . . . in six months or so."

That long? I ask. "Six months from now," he replies, "even firms that today look solvent are going to look insolvent. Most of the major banks -- almost all of them -- are going to look insolvent. In which case, if you take them all over all at once, you cause less damage than if you would if you took over a couple now, and created so much confusion and panic and nervousness."

If successful predictions are any indication of the college girls interest in the good Dr., I would suspect there is going to be a little less vagina's on his "Wall of Doom."

And a little less interest in his work.


Anonymous said...

you realize he is right if not the gov proping them with taxpayer money

Palmoni said...

Well, why didn't he change his viewpoint then?

Anonymous said...

may be because he thinks they are still insolvent even after the help they got? If layoffs continue and defaults spread to higher quality mortgages - banks will be in the same position they were last fall.