Nouriel Roubini, an economist who undeservedly has been given the title of 'Doctor Doom' by the capitalist elites who run the G-7 capitalist countries (USA, Great Britain, France, Germany, Japan, Italy, Canada) has written a good book, (Crisis Economics, Penguin Press, 2010) which is an excellent historical narrative record of the greatest economic and financial meltdown since the Great Depression.
This latest creative “accomplishment” of savage capitalism was a huge scam from beginning to end. It had not been done before. It was not created by socialists or communists. It was brought to the masses by capitalists. The reason for this Mother of All Economic and Financial Crisis is the extreme greed of the financial capitalist elites who govern the G7 countries.
Because of this huge capitalist scam millions lost their jobs and their homes. The global economy collapsed into what is being called The Great Recession, while the banks and Wall Street collected at the same time astronomical fees and profits with their criminal activities. HURRAY FOR CAPITALISM! Gordon Gekko would have been proud.
Roubini's book is an easy to read book. It has language which is easily understood and is devoid of much of the jargon which economists use. An average layman will understand it easily.
One of the faults that I see in the book is that it only devotes two pages to capitalist greed (pages 31-32 and page 269). Greed and their derived scams are the gasoline which moves the engine of global capitalism.
Another area where Roubini fails is in thinking that capitalism can be “reformed.” That is an impossibility since capitalism -- though an improvement over feudalism -- is primarily a criminal and corrupt economic and political enterprise. It will eventually be replaced too by something better.
A third area where Roubini fails is when he devotes considerable space in his book to what he calls “financial innovations.” We all saw what were the results of those innovations implemented by the capitalist bankers and by Wall Street. They were not innovations. They were very well planned and designed criminals scams. Only a civil judicial action has been brought against one of the many architects of this scam, Goldman Sachs. It should have been a criminal indictment. Capitalist crooks belong behind bars. Instead, Goldman Sachs has rewarded the destructive behavior of their “innovators” with huge bonuses. Crime does pay well in capitalist USA.
Roubini lays much of the blame of what happened with the housing bubble on Alan Greenspan, as well he should. The 'destroy regulations' mentality of Reagan and Clinton is also partly to blame. But the main culprit was the U.S. Federal Reserve, with their 'easy money near zero percent' interest rates. The Federal Reserve works to promote the economic interests and agenda of big capitalist banks and Wall Street, who were the two main perpetrators of this huge capitalist scam. The Federal Reserve does not defend the interests of America's working class, who were the main victims of this huge economic catastrophe.
Some areas in Roubuni's book are excellent, like the paragraph were he writes that “It is also necessary to limit the lobbying power of financial firms. That is obviously a tall order. Politicians batten on the financial sector for the simple reason articulated by bank robber Willie Sutton: because “that's where the money is.” ... “Financial firms funnel massive amounts of money toward [capitalist parties] candidates -- $311 million on 2008 alone.” I will go further: The candidates of the Republican and Democratic parties are the whores of the financial establishment and also of the Miami anti-Cuba fascists.
The Federal Reserve, the U.S. Treasury Department and the U.S. Congress bailed out the criminals in the big banks and in Wall Street when the shit hit the fan late in 2008. The so-called “average” American got the shaft and taxpayer money was utilized to bail out the criminals. HOORAY FOR CAPITALISM!
Thank Alan Greenspan, Ben Barnanke and Hank Paulson for our $13 trillion dollars public debt today.
You do not need to be a super-brain to realize that every succeeding 'economic crisis' of capitalism keeps getting bigger and bigger. 1907, 1929, 2007-08. What will they think of next to screw the people?
In this latest economic crisis the motto of the scamers was: “If you build it -- securitized mortgages and credit default swaps -- the suckers will come!
Why are Americans so gullible?
I give Nouriel Roubini's book three point eight stars out of a possible five.
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