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01-16-2009, 01:23 PM #1
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Dr. Doom: Bank Bailout $1 Trillion Short
Dr. Doom: Bank Bailout $1 Trillion Short
Thursday, January 15, 2009 2:44 PM
By: Julie Crawshaw
Economist Nouriel Roubini says the taxpayer-funded Wall Street bailout known as TARP falls $1 trillion short.
"Even if you use all of the rest of the TARP money — $350 billion — to recapitalize banks, we're going to need another trillion to bring capital bank to where banks can start lending again," Roubini told CNBC.
Government intervention has reduced the risk of a total systemic financial meltdown, Roubini says.
But since the capital of U.S. banks and brokers is less than $1.5 trillion, the system is still insolvent.
Bank of America is asking Treasury for more money, Citigroup is in trouble, and many regional banks are insolvent, Roubini notes.
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