“We are near total financial and corporate meltdown dude.”
New York University economist Nouriel Roubini to Felix Salmon, October 7th
Roubini has been one of the primary doomsayers leading into the current crisis. Alas, he’s been an accurate sayer too as it turns out.
Here’s what Roubini wrote today. Not for the faint of heart. The lead sentence:
“The US and advanced economies’ financial system is now headed towards a near-term systemic financial meltdown as day after day stock markets are in free fall, money markets have shut down while their spreads are skyrocketing, and credit spreads are surging through the roof.”
“Stock prices are, however, the least of our worries. The money markets are frozen; the TED spread is 4.14%.”
Paul Krugman
Glad to have $ in Tax-Free Munis.
Oh, I almost forgot. I think more corporate execs should get some spa time at tax payer expense to help clear their heads. Surely, that will help Joe 6 Pack and all the hockey moms out there in TV land.
James Howard Kunstler would say the Long Emergency has truly begun.
Of course, he predicted some things about Y2K which simply never happened, but in this case, I have a feeling he’d be correct.
I found <a href=”http://www.npr.org/templates/story/story.php?storyId=95567782″Andrei Codrescu’s take on the bailout to be wryly comic.