Pessimists predict the future
Or are they just realists? Any more likely than anyone else to be right about 2009? Beats me.
New York Magazine again.
NYU business professor; chairman of RGE Monitor
Predicted this year’s crisis in 2006, pointing to a housing bust, oil shocks, and interest-rate increases.
“It’s becoming a global recession. I expect it to be the worst U.S. recession of the last 50 years. I expect a cumulative fall in output from the peak of 4 percent and the unemployment rate going all the way to 9 percent.”