I think it's true that the 1 Percent or the elite are living in a world of, maybe, excessive privilege, and they don't fully realize how much pain and suffering, how much anxiety exists out there.
Nouriel RoubiniYou have to eventually nationalize US banks, you have to take the problem by the horns. In my view actually most of the US banking system is insolvent.
Nouriel RoubiniIf you worry about financial Armageddon, it is indeed metaphorically the time to stock your bunker with guns, ammunition, canned food and gold bars.
Nouriel RoubiniThe global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.
Nouriel RoubiniBut in the financial markets, without proper institutional rules, there's the law of the jungle - because there's greed! There's nothing wrong with greed, per se. It's not that people are more greedy now than they were 20 years ago. But greed has to be tempered, first, by fear of losses. So if you bail people out, there's less fear. And second, b prudential regulation and supervision to avoid certain excesses.
Nouriel Roubini