Open Thread

For general discussion and debate. Possible talking point: Dr. Doom says the worst is yet to come!

[H]undreds of hedge funds will go bust and stock markets may soon have to shut – perhaps for as long as a week – in order to stem the panic selling now sweeping the world...The announcement of the US government’s $700 billion bailout, Gordon Brown’s grand bank rescue plan and the coordinated response of governments around the world has done little to calm the situation. “It’s been a slaughter, day after day after day,” said Roubini... “Even using the nuclear option of guaranteeing everything, providing unlimited liquidity, nationalising the banks, making clear that nobody of importance is going to be allowed to fail, even that has not helped. We are reaching a breaking point, frankly.” He believes governments will have to come up with an even bigger international rescue, and that the US is facing “multi-year economic stagnation”.

If you really want to get scared, you should read the entire piece about Nouriel Roubini, the New York economics professor that accurately predicted the current financial industry collapse, and sees things getting much worse. Is he right?