Home > Uncategorized > Nouriel Roubini: How to Break Up the Banks, Stop Massive Bonuses, and Rein in Wall Street Greed

Nouriel Roubini: How to Break Up the Banks, Stop Massive Bonuses, and Rein in Wall Street Greed

AlterNet / By Zach Carter and Nouriel Roubini

“Roubini: In theory, you could certainly afford more stimulus in the short-run. But the reality is that we’ve already done three rounds of fiscal stimulus, the latest round looks like $138 billion in a job deal. So we’re doing some short-term stimulus, but we’re not taking any action on medium-term fiscal conservation, or controlling spending or raising taxes. Politically, the Democrats are resisting spending cuts, the Republicans are dead set against tax increases, and this gridlock implies that the deficit is going to remain large. This is an election year, so there’s no chance of anything being accomplished until next year, and the parties are so divided, I don’t see any bipartisan agreement to do the right thing. So the deficit is going to stay above $1 trillion for the next three years, and something is going to snap in the bond market during that time.”

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