You either nationalize the banks or you nationalize the mortgages.  Otherwise, they're all toast.

 - Nouriel Roubini

Somehow I missed that statement in the NYT profile.  Scary stuff from the guy who's been pretty much dead-on the whole time.

I was listening to the morning talk show on the radio on my way to work today in the car, and I was amazed to find the host discussing the recent prediction that one of the big banks was about to collapse.  Citi, Wachovia, Bank of America -- who would it be?  A lot of callers wondering if they should get their money out.  Many others simply saying, "Fuck it, we're screwed anyway."

Odd topic, since the talk show usually involves goofy discussions of sports, booze, music, etc.

It reminded me of the story of a stock broker who overheard a janitor discussing his portfolio in 1929, and knew at that moment that a feverish boom had created an amazing bubble, and that a once-in-a-lifetime crash was coming.  The stock broker sells off the next morning.  The market goes through the floor.

"Dow 9,000" may yet prove too optimistic for even Dr Doom.

WHEEEEEEEEEEEEEEEEEEEEE!