Roubini: “new stage in the crisis”

Here is an interview with Nouriel Roubini, conducted by Jon Snow of Britain's Channel 4 News. Roubini says:

We're at the new stage of the crisis. Initially the crisis was excessive debt and leverage of the private sector, houses and financial institutions. Now we've socialised many of the private losses, we've put them in the balance sheet of the governments. So this crisis morphed from private sector debt to public sector debt, that's why we're still in the middle of it.

I find myself agreeing with "Dr. Doom" on this point - my spiked article on Greece and the Eurozone makes a similar point. Along with co-author Stephen Mihm, Roubini has just published a new book, Crisis Economics, which looks very useful.