Thursday, December 23, 2010

Rachel Maddow Interviews Paul Krugman

Rachel interviews Nobel Prize winning economist and columnist for the New York Times, Paul Krugman.

Dr. Doom

 The following is from the New York Times, published August 15, 2008 by Stephen MIHM:
On Sept. 7, 2006, Nouriel Roubini, an economics professor at New York University, stood before an 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.

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