Nouriel Roubini: Nationalizing the Banks Can End The Death Spiral We Are In

[Better Believe It]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8194973

[roamer65]

1. Nouriel is right.

Nationalization is the only way to fix the problem. We have to stop them from hiding the bad paper.

[Hawkowl]

5. Indeed

This economic crisis will continue to spiral out of control until the banks are either nationalized or simply allowed to go bankrupt and refund all the money back to the depositors and we start over.

I am beyond alarmed and have become resignedly despondent at the ability of any of the politicians to get a handle on this soon enough to avoid further catastrophe.

[Mike 03]

2. Yup. He and Krugman have it right.

It's incredible to me that nobody seems to be able to comprehend this, not even those brilliant congresspeople on the Congressional Banking Committee.

It's amazing.

[Better Believe It]

4. And a few DU'ers post nothing but "trash talk" against those they attack as being anti-Obama ....

if even the mildest question or criticism of the House/Senate Democratic leadership or President Obama is made!

Usually those who engage in endless trash talk have little or no understanding of what is happening in the economy and the seriousness of the decline.

We standing on the edge of the cliff right now. If exactly the right moves are not made we will fall into a world-wide economic crisis that could be just as bad or even worse than the 1930's depression.

And we have posters gleefully writing that the Republicans are sunk as a political party while the Democratic Party will certainly pick up a lot more seats in Congress in 2010 and 2012! Not if the economy is in the toilet! What are they smoking?

[Hawkowl]

6. Agree 100%

The absolute ignorance by the majority of the electorate is incredible. This stimulus package is simply a finger in the dike. If Obama doesn't start using the power of the imperial presidency to force reform of the banking system, we are all going over the cliff. The BANKING SYSTEM IS INSOLVENT. That is the reason they aren't loaning money--there isn't enough reserves. Because of this fact, plus the fact that more mortgages are going to be under water than last year, we are about to be severely screwed. I believe that it is already too late and we are going to see the Bush Depression extend into 2011.

[Mike 03]

3. Thank christ somebody around here is thinking. NT

[FieldsBlank]

7. dr doom

should have been on O's economic team

[Better Believe It]

8. I agree

Roubini would be totally frank with President Obama. No sugar coating.