Death Watch: Banking System

Or at least according to Nouriel Roubini. The NYU professor and longtime pessimist fired the latest shot across the bow of the financial house of cards. His claim: financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is "effectively insolvent."

"The problems of Citi, Banc of America and others suggest the system is bankrupt. In Europe it's the same thing." He also thinks that oil will trade between $30 and $40 a barrel throughout 2009.

We love this guy.