Message: 1 step away from a Financial Meltdown - Roubini
Financial Sage Roubini Warns of "Slow-Motion Run on US Retail Banks"
Nouriel Roubini, Chairman of Roubini Global Economics and professor of economics and international business at New York University's Stern School of Business has been the most insightful and perceptive writer on the current financial crisis and one of the very few to predict what is transpiring. He has been a voice in the wilderness ignored by much of the financial press despite accurately warning of the real risks facing the US financial system for many years.
Roubini said yesterday that "it's clear we're one step away from a financial meltdown."
He said the current problems could even spread to other big investment banks, Morgan Stanley and Goldman Sachs.
Americans are justified to be worried who notes there is already a "slow-motion run on retail banks" occurring nationwide. That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.
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