Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? by Nouriel Roubini
If in the U.S. we had a news media, rather than a strange cross between a ministry of information and a political entertainment industry, ideas such as these would be front and center amid the bailout discussions. This economist, one of the non-mainstream, heterodox, anti-neoliberal economists who predicted the housing crash and credit crisis well in advance, looks here at a recent IMF study of 42 banking crises around the world. Guess what? The results leave very little support for the current bailout proposal.
But what to expect from politicians who have been receiving advice from the very economists whose paradigm has been proven so clearly wrong over the past 30 years, culminating in a true mega-clusterfuck of falsification in the past year...?