Nouriel Roubini's Global EconoMonitor

Roubini CNBC Interview: Fiscal Train Wreck

CNBC Video — Roubini Predicts “Fiscal Train Wreck” (Click for VIDEO [5:10])


CNBC — With the GOP slated to take over the House, Nouriel Roubini, chairman of Roubini Global Economics, tells CNBC the Congressional gridlock will get even worse, leading to a “fiscal train wreck.” 

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5 Responses to “Roubini CNBC Interview: Fiscal Train Wreck”

economicminorNovember 2nd, 2010 at 10:18 am

Wow!I don’t think the commentator liked what you had to say.All of what you said was great stuff IMHO but it was still only part of the story.Again you are talking about the government fiscal train wreck and really ignoring the underlying damage to the train tracks, the over leveraged, underpaid American workers. Taxes come from the income of the workers production. ALSO as you lower entitlement outlays, that is another hit on consumption. So those who worked all their lives to build the greatest country in the current age, get screwed some more.The other issue is justice. When a country loses its sense of justice and fairness, there is little fiscally that can be done to make the economy actually work. You know many examples of what I am writing about.The myth about trickle down economics and the sales pitch lottery chance that the common person’s ability to achieve and participate has been blown away by the reality of how that system achieved such a great income inequity gap. Those who actually own and controls the majority of wealth in this country are not “We the People” but a very small percentage of the population. This more reflects many South American countries than what used to be the USA.So fraud, debt, income inequity along with over regulation of the entrepreneur has driven the US down and appears soon to be on its knees. I would love to hear proposals to fix all of this rather than kicking the can.. But at least you told them what kicking the can means.Thanks.

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