More from the economic trenches

I feel compelled to contribute additionally to my previous post. The two comments received so far both refer to the general condition of our economy, with specific mention relating to the mortgage crisis. My intention was to highlight the potential change in policy of the mark-to-market rule. But as long as we have dragged the larger picture into this, as luck would have it, I learned of an additional post by Nouriel Roubini recently that I think is relevant to our discussion.

In his post, as you will see, he received an inquiry regarding Bernie Madoff, the (illusory) millionaire criminal. Mr. Roubini talks of our current economic structure as one giant ponzi scheme. I find it difficult to disagree with his assessment.

Mr. Roubini's comments on the nature of our current situation are disagreed with by many (as indicated in the comments following this blog post (which is from a Dallas News blog, not Mr. Roubini's own)). I will talk about that further in a future post on my own blog.

With that, here is a link to Mr. Roubini's comments.