THE RECESSION

I wrote back on February 23 about Nouriel Roubini, a professor at New York University's Stern School of Business. He was the ONLY person to forecast the current economic crisis.

Yesterday, Mr Roubini gave a speech in which he said the current crisis will continue for up to 36 months and will cost the financial system over $3.5 trillion. He went on to say the GDP [Gross Domestic Product] will stall at zero growth and may go negative. He predicted a 33% chance of an "L" shaped recession in which the economy falls and then remains flat with zero growth.

We all need to listen to this guy. Many called him "Dr. Doom" when he predicted the current crisis. A few very good Economist said he was dead wrong about the future of the economy. Nearly everything he predicted has come true and his forecast today for the next three years is not good.

Here is a link to the CNBC report: http://www.cnbc.com/id/29598949