"We have a subprime financial system," he said, "not a subprime mortgage market."
"The United States, Roubini went on, will likely muddle through the crisis but will emerge from it a different nation, with a different place in the world. "Once you run current-account deficits, you depend on the kindness of strangers," he said, pausing to let out a resigned sigh. "This might be the beginning of the end of the American empire."
Nouriel Roubini, economics professor at New York University