Friday, February 12, 2010

Nouriel Roubini : The difference between Greece Debt and The US Debt is The Printing Press

Roubini on Greece and California Debt Similarities and Differences

Nouriel Roubini explains the differences and similarities between the debt crisis of California and New York and that of Greece , Roubini points out the California is a much bigger to the US economy than is Greece to the European Union , in fact California is one seventh of the American economy while Greece is only three per cent of the European economy but unlike the US Greece does not have control over the printing press of the Euro so it cannot monetize its debt as did the United States a while back........Insight on the rolling debt crisis, with David Malpass, Encima Global; Nouriel Roubini,; and Andrew Ross Sorkin, The New York Times.

1 comment:

Anonymous said...

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."

The Center for Responsible Lending says YSP "steals equity from struggling families."
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.

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