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Live From The International Space Station

Tuesday, February 19, 2008

America’s economy risks mother of all meltdowns

By Martin Wolf

“I would tell audiences that we were facing not a bubble but a froth – lots of small, local bubbles that never grew to a scale that could threaten the health of the overall economy.” Alan Greenspan, The Age of Turbulence.

That used to be Mr Greenspan’s view of the US housing bubble. He was wrong, alas. So how bad might this downturn get? To answer this question we should ask a true bear. My favourite one is Nouriel Roubini of New York University’s Stern School of Business, founder of RGE monitor.

[READ MORE]


More from Martin Wolf

Nationalising Northern Rock was the right move

Why Putin’s rule threatens both Russia and the west

Why a crisis is also an opportunity

Why it is so hard to keep the financial sector caged

Bernanke’s reflation gamble may work too well

The Bank must keep its nerve

Whythe global financial turmoil is like an elephant in a dark room

Regulators should intervene in bankers’ pay

Why sterling is the next dollar

Challenges for the world’s divided economy

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