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Saturday, October 6, 2012

Roubini on the Banking System in the U.S.

Nouriel Roubini : "It is worse than before, because there has been massive consolidation of the banking system in the United States, JPMorgan took over Bear Stearns. Bank of America took over Countrywide and Merrill Lynch. We had banks that were too big to fail before the crisis and now they are even bigger to fail than before. There has been mass consolidation. The problem has not gone away. The only solution is to break up too big to fail banks. There is no other alternative. We have to go back to Glass-Steagall." - in Bloomberg

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Nouriel Roubini nicknamed Dr. Doom and lately Dr. Realist by CNBC , is a professor of economics at the Stern School of Business, New York University and chairman of RGE Roubini Global Economics, an economic consultancy firm . Prof. Nouriel Roubini A world-class economist who offers an unflinching look at the global meltdown and distinctive insights into its course going forward. His research on financial crisis in emerging economics has yielded a unique and now vindicated approach to future collapses. Roubini speaks on the global economic outlook and its implications for the financial markets. From his analysis of past collapses of emerging economies, he has identified common factors that support his predictions of crisis in the US and world markets. He has held several high-level advisory positions in the US government and international finance organisations, published numerous policy papers and books on key international macro-economic issues and is regularly cited as an authority in