Roubini Endorses Glass-Steagall

May 12, 2010 (LPAC)—Der Spiegel runs an interview with Nouriel Roubini, who, they note, has acquired the moniker "Dr. Doom," for predicting the onset of the financial collapse. Roubini declares that his notions of "financial reform" are much more radical than Obama's. "What I am proposing goes back to Glass-Steagall Act types of restrictions between commercial and investment banking, regulations that already existed until about 10 years ago," he says, adding, "They worked well." He says the idea of the "financial supermarket model" has failed, that, "this all has to be broken into pieces."

Earlier in the interview, Roubini says that Greece is "only the tip of the iceberg," pointing to Ireland and the UK, as well as noting the disaster facing state budgets of California, New York, and Florida, in the US. Roubini has recently consulted with director Oliver Stone, who is making a sequel to his movie "Wall Street."