Gordon Gekko Reborn: 1987-2010

The Following is a
contribution by Nouriel Roubini to
the book “Wall Street: The Collector’s Edition” that was published by Newmarket Press following
the debut of the Oliver Stone movie “Wall Street: Money Never Sleeps”

In 1987 Gordon Gekko declared that “greed is good”, the
creed of a decade of corporate and financial sector excesses – the rise of junk
bonds and the real estate bubble – that ended up in a bust by 1988-89 with the
collapse of the junk bond market and the S&L crisis following the real estate
bust of the late 1980s and triggered a banking crisis and a painful recession
in 1990.

Nouriel Roubini’s EconoMonitor