Nouriel Roubini, Associate Professor of Economics and International Business, New York University; Brad W. Setser, Fellow for Geoeconomics, Council on Foreign Relations; Benn Steil, Director of International Economics, Council on Foreign Relations
Presider: Mort Zuckerman, Editor in Chief, U.S. News & World Report
(Sep 25, 2008 at the Council on Foreign Relations)
Tags: academic, Banking, Business, cfr, Credit, Crisis, crunch", economics, economy, Finance, Financial, lectures, uchannel
February 6th, 2009 at 9:12 pm
Find a practical job until there is demand for yet another researcher, fresh out of college.
I have an overabundance of grad students applying for benefits from my government agency. We offer many of them simple jobs. However, most insist they are above the type of work we can offer them.
Too many public assistance clients blame their lives on macroeconomic events. There should be no reason a bright grad student cannot find a reasonable job to get through tough times.
February 6th, 2009 at 9:12 pm
true, true… that was a spontaneous reaction of a grad research student who has lost funding and cannot find a job for no fault of his
February 6th, 2009 at 9:12 pm
“f*d us all” — seems like a bit oversimplification by an academic.
February 6th, 2009 at 9:12 pm
yes those who can do, that is the problem they did — fucked us all. in the academia , with a proper scientific training one begins to look at things w/o relying on oversimplification and a complete appreciation of the problem instead of knee jerk reactions…
February 6th, 2009 at 9:12 pm
Ever notice that the ‘acedemic types’ don’t really know much of anything? I guess those who can, do. Those who cannot, teach.
February 6th, 2009 at 9:12 pm
I have no idea what they just said.
February 6th, 2009 at 9:12 pm
i’ve been searchin what john bogle has to say. he’s a good bet on financial analysis
February 6th, 2009 at 9:12 pm
U30823 I would agree only after you have secured basic needs. ie food, water filtration, heat then if you have cash left over buy GOLD. The problem is having cash left over.
February 6th, 2009 at 9:12 pm
this is worse than any of you realise imo. what we’re seeing is that consumers are unwilling/unable to borrow more, and banks unwilling to lend (they’re simply hoarding the money they’re getting from the various bailouts). this means that the fractional reserve system goes into reverse, and we get a massive crash of the entire system. all paper - stocks, bonds, fiat currency - will become worthless. research the venetian banking crash of 1345 for last time we saw anything like this.
February 6th, 2009 at 9:12 pm
buy gold.
February 6th, 2009 at 9:12 pm
I fear you are right :-\
February 6th, 2009 at 9:12 pm
This video should come with a warning. We’re going to see a negative feedback cycle for a few years. Liquidity issues may be possible to address by printing more money, but the trust, risk and leverage models are buried by this mess. It’s literally a world wide hold your breath moment.
February 6th, 2009 at 9:12 pm
Everything in life last forever until it ends. I feel bad for the few nice, honest, hard working Americans. On the other hand, this is an opportunity for the shallow, spoiled brat Americans to adjust their (grandiose, God chosen people) attitude and live within their means just like everyone in the world have done it for years.
February 6th, 2009 at 9:12 pm
The average person doesn’t understand the freight train that is hurtling towards him. Despite what has been happening, people think that housing prices will “recover” to their previous levels. They fail to understand that the highs were bubble prices that won’t be seen again anytime soon.
February 6th, 2009 at 9:12 pm
Well, after watching this, I’m pretty sure we’re all screwed for several years.
I wish someone would have asked what the consumer could do to prepare themselves for the world to come.
February 6th, 2009 at 9:12 pm
In the long term you can classify them into liquidity problem and insolvency problem. But at this time, right now, you have to act and prevent anymore bankruptcy of bank, otherwise the spiral will never end.