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.

Nouriel Roubini
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.”

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