{"id":192615,"date":"2009-03-12T17:30:00","date_gmt":"2009-03-12T22:30:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/12\/nouriel-roubini-gives-good-rant\/"},"modified":"2009-03-12T17:30:00","modified_gmt":"2009-03-12T22:30:00","slug":"nouriel-roubini-gives-good-rant","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/03\/12\/nouriel-roubini-gives-good-rant\/","title":{"rendered":"Nouriel Roubini Gives Good Rant"},"content":{"rendered":"<p>Hoocoodanode?  Normally, he is calm and analytical, but when asked about Madoff, he <a href=\"http:\/\/www.rgemonitor.com\/roubini-monitor\/255955\/bernie_madoff_is_the_mirror_of_a_made-off_ponzi_economy\">really gives what for<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Here is my answer fleshed out in full:<\/p>\n<p>Americans lived in a Made-off and Ponzi bubble economy for a decade or even longer. Madoff is the mirror of the American economy and of its overleveraged agents: a house of cards of leverage over leverage by households, financial firms and corporations that has now gone bust.<\/p>\n<p>When you put zero down on your home and you thus have no equity in your home your leverage is literally infinite and you are playing a Ponzi game.<\/p>\n<p>And the bank that lent you with zero down, a NINJA  (no income, no jobs and assets) liar loan that was interest only for a while with negative amortization and an initial teaser rate was also playing a Ponzi game.<\/p>\n<p>&#8230;.<\/p><\/blockquote>\n<p>Go read the rest.<\/p>\n<p>It&#8217;s one answer to how the economy is different from the machinations of Bernie Madoff: it isn&#8217;t.<\/p>\n<p>It&#8217;s thought provoking.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hoocoodanode? Normally, he is calm and analytical, but when asked about Madoff, he really gives what for: Here is my answer fleshed out in full: Americans lived in a Made-off and Ponzi bubble economy for a decade or even longer. Madoff is the mirror of the American economy and of its overleveraged agents: a house &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1002],"tags":[],"class_list":["post-192615","post","type-post","status-publish","format-standard","hentry","category-economy","category-good-writing"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192615"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192615"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192615\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}