Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression - Part 3 of 9

"To what degree did oil prices play a role in the crisis?"
Three of the countrys most respected economists warned of a deepening economic crisis if the banking system is not quickly fixed in a wide-ranging conversation last night with CERA Chairman Daniel Yergin and an audience of nearly 1,000 people who filled the Westin Galleria ballroom at CERAWeek 2009.

On Thursday, February 12, 2009, Daniel Yergin, CERA Chairman and Executive Vice President, IHS, moderated a Special Economic Forum on the Future of the Global Economy with three of the worlds leading economists: Nariman Behravesh, Chief Economist at IHS Global Insight; Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University; and Nouriel Roubini, Professor of Economics and International Business, New York University, and Chairman, RGE Monitor. The group agreed that 2009 is a lost cause economically and warned of a deepening economic crisis if the banking system is not fixed quickly. All three also agreed that the economic stimulus plan is needed, but the plan alone will not fix US economic problems. A pattern of increasing leverage in the financial sector is one major factor that contributed to todays economic slump, the panelists concurred, but the timing of the downturn was nearly impossible to predict.

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• economy
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