Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, c… - Nouriel Roubini

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Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.

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About Nouriel Roubini

Nouriel Roubini (born March 29, 1958) is a Turkish-American professor of economics at New York University and chairman of the economic website Roubini Global Economics. He was a Treasury official during the Clinton administration and has taught at Yale University.

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We cannot achieve price stability, maintain economic growth and have financial stability at the same time. So in the end we will have an economic and financial collapse.
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It’s not as if there’s infinite wealth. There are thousands of new luxury units coming on the market, and the question is, who will buy them? If people start losing jobs, who can afford to pay 2, 3, 4, 5 million dollars? Do you know 10,000 new investment bankers on Wall Street?
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