According to "Dr. Doom," Nouriel Roubini, nationalization is exactly what our economy needs. Based on the Swedish model, he proposes a temporary nationalization of the financial system. He discusses it in the Wall Street Journal with Tunku Varadarajan.
Having been right in calling the crash of 2008, and having successfully predicted many of the specific ripples that have played out in the last two years, Dr. Roubini has plenty of credibility with the general public and with politicians. Even Lindsay Graham and Alan Greenspan agree with him to some degree.
Nonetheless, I can't help but think of the Gawker article that describes Roubini as something of a Facebook stalker. Creepy though he may seem in that article, something does have to be done about our financial system. With comparisons ranging from the Depression to Japan's Lost Decade and to Sweden's crisis, one thing is certain: we must act. That comes with a caveat, though. We cannot simply act. We must act with sound judgment.
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