Henry Blodget (yes, that Henry Blodget - don't be rude) discusses David Brancaccio's interview with Harvard prof and former IMF economist Ken Rogoff.
This is an important vid because Rogoff talks about the housing market being about 2 years away from a bottom - and he also notes that while '09 is the year of the economy, '10 will be a year of exceptional anger.
His take is that some speeded-up form of bankruptcy that includes a solution to toxic assets will be necessary for dealing with banks (read Citi and B of A).
He also notes that politicians are failing to deal with the problem. His concept is that at least 2 trillion will be needed, while instead politicians want to commit only 1 trillion.
Why is this a mistake? Because the debt-bomb gets bigger as the clock ticks.
See the vid and read Hank's take here.
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