Rate cut helps, but not enough - Roubini
Bob Morris @ Oct 8th 2008 08:29 - Category: Credit crisis Tags: rate cut
His plan (and he’s been right and early in his predictions of what would happen)
* Guarantee all bank deposits (not just up to $250,000, not just in US)
* Triage the banking system: recapitalize survivors with equity injections, let the rest die
* Dump Bernanke and Paulson, who the public has lost confidence in
* Get ahead of the crisis instead of looking panicky and reactive
* In US, put together $300 billion fiscal spending plan (a new New Deal) to begin to replace the coming collapse in private spending
Roubini is giving free access to his entire site now for a limited time. In Feb., he made twelve predictions about what would happen. Nine have already come true. People laughed at him then. Now they pay attention to what he says.
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