Nouriel Roubini is one of the few economists who warned about the housing bubble and predicted the financial collapse before it occurred. His alarms — dismissed as extreme by Wall Street nabobs and most economists — turned out to be right. Now he details the scope — and the limits of the global financial rescue plan announced this week.
And he issues an urgent call for a $300 billion right-now stimulus plan — investing in green energy, retrofitting buildings to make them energy efficient, rebuilding infrastructure etc.
He sees a two year recession as inescapable, but argues that we must act now and boldly to avoid a decade long downturn.
Read the piece. This is the guy who called it right while most were still "dancing" to the music, in the immortal words of former Citibank president Charles Prince.