Brilliant interview with Nouriel Roubini. You have to take your hat off to this guy, he said months ago that the independent broker dealers were ultimately doomed.
Amongst other things he discusses:
- The nonsense that short sellers and mark to market accounting are to blame.
- the reasons why broker dealers business models are broken and cannot survive as independent entities.
- The ridiculous asymetric approach to monetary policy that leads to asset bubbles on the way up and trying to prevent them on the way down.
- The overblown fears of inflation.
I wholeheartedly agree, excellent stuff!
Credit Market Pressure