Last Updated March 11, 2009
Attack of the Zombie Banks
Nouriel Roubini, founder of RGE Monitor, says it is time to nationalise banks in the US and Europe.
A year ago, I predicted that losses by US financial institutions would be at least US$1tn, and possibly as high as US$2tn. At that time the consensus was that such estimates were grossly exaggerated, as the naïve optimists had in mind about US$200bn of expected subprime mortgage losses.
