Roubini says Madoff is a mirror of the USA
Nouriel Roubini says that the Bernard Madoff ponzi scheme was a mirror of the way the US economy has been run over the past 25 years.
The bursting od the housing bubble and of the equity bublle and hedge funds bubble and private equity bubble showed that most of the ‘wealth’ that supported the massive leverage and overspending of agents in the economy was a fake bubble driven wealth.
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Americans, let us look at ourselves in the mirror: Madoff is us and Mr. Ponzi is us!
Read the rest here Bernie Madoff is the Mirror of a Made-Off Ponzi Economy