In this very short interview Roubini describes well what we've seen before; that human nature and not reasoning and intellect ultimately drives the financial system. Greed, for instance, drove the financial markets rather than reason.

"What allowed some people to see the financial crash coming while so many others missed its gathering force? I put that question recently to Nouriel Roubini, who has come to be known as "Dr. Doom" because of his insistent warnings starting in 2006 that we were heading into a global firestorm."

"Roubini decided to discard the assumption of market rationality that underlies most economics and to embrace the psychological insights of what's known as "behavioral economics."