The first NYU Law Forum of the spring semester, held on February 2, examined whether necessary steps have been taken to avoid another major financial crisis. Titled “Is it Safe Yet: Or Could Wall Street Still Blow Up the Economy?,” the discussion featured CNBC television anchor (and NYU graduate and trustee) Maria Bartiromo, New York Times business columnist Joseph Nocera, and Roy Smith, Kenneth Langone Professor of Entrepreneurship and Finance at NYU's Stern School of Business. 

Some meaningful measures have been taken to reduce the risk of another global financial meltdown, the panelists said. Nonetheless, they agreed we remain vulnerable to another crisis. "Bubbles are part of the human condition and delusions are part of the human condition, " said Nocera. The best case scenario, he added, is that next market meltdown is 60 or 70 years away, not 10 or 15.

Watch the full discussion (1 hr 17 min):

Posted February 7, 2011