''The main lesson is that financial bailouts and new regulations are not enough if you don't adopt an austerity plan and cut public spending to put your house in order,'' Loser said. "Mexico did it, and the United States will have to do it.''
Thursday, October 9, 2008
Oppenheimer examines the US crisis with the Mexican meltdown in 1995 at the front of his mind. He quotes ex-IMF bigwig Claudio Loser talking about today's and yesterday's crisis: