Thursday, August 7, 2008


From ... Noted financial guru Nouriel Roubini is predicting that hundreds of banks will end up closing their doors and says $1 trillion in banking losses "isn't a ceiling, it's a floor."

He points out that so far we have only seen the results of the subprime loan mess. Next up are consumer-credit losses, to be followed by home-equity loan losses. According to Roubini, "The banks are playing all sorts of accounting gimmicks not to recognize them."

And helping to put lipstick on this financial pig are the Federal Reserve and government regulators who Roubini believes should be investigating themselves for their irresponsible actions.

I'll discuss this in more detail on Saturday.

- Mark

UPDATE: I found this after I posted. It fits.

Click on the cartoon if the letters appear too small.

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