Most Prescient Economist Raises Cost of Bailouts

From Nouriel Roubini:

The US banking system is borderline insolvent in the aggregate and it will take a huge amount of public financial resources and complex and time-consuming work-out of insolvent institutions to restore its financial health and allow it to lend again in ways that support sustained economic growth.

Roubini predicts that the total cost of the debt crisis will be $3.6 trillion. He says it could be as high as $5 trillion.