Monday, August 18, 2008

The Beginning of the end of the American Empire

We are in a recession, and denying it is nonsense” - Nouriel Roubini

The economist who predicted the current economic crisis for the US, has more dire predictions: On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before a skeptical, dismissive audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession.

He laid out a bleak sequence of events: homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt. These developments, he went on, could cripple or destroy hedge funds, investment banks and other major financial institutions like Fannie Mae and Freddie Mac.

Roubini has bad news --- LOTS of it for America. Read all about it.

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