Madoff may now spend the rest of his life in prison. U.S. households, financial and non-financial firms, and government may spend the next generation in debtor's prison having to tighten their belts to pay for the losses inflicted by a decade or more of reckless leverage, over-consumption and risk-taking.
Americans, let us look at ourselves in the mirror: Madoff is us and Mr. Ponzi is us!
- Nouriel Roubini
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