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Roubini Forecasts Recession Will Last 2 Years

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January 08, 2009 – Comments (3)

Thursday, January 08, 2009

WASHINGTON -- The U.S. recession will last two full years, with gross domestic product falling a cumulative 5%, said Nouriel Roubini, chairman of RGE Monitor. Roubini was one of the first economists to predict the recession and the credit crunch stemming from the housing bubble. For 2009, Roubini predicts GDP will fall 3.4%, with declines in every quarter of the year. The unemployment rate should peak at about 9% in early 2010, he said. Consumer prices will fall about 2% in 2009. Housing prices will probably overshoot, dropping 44% from the peak through mid-2010. "The U.S. economy cannot avoid a severe contraction that has already started and the policy response will have only a limited and delayed effect that will be felt more in 2010 than 2009," he said.

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Also... don't miss my blog about I.O.U.S.A. being broadcast on CNN this Saturday.

3 Comments – Post Your Own

#1) On January 08, 2009 at 5:28 PM, nthought (< 20) wrote:

He continues to state the obvious.

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#2) On January 08, 2009 at 7:11 PM, motleyanimal (83.72) wrote:

No problem. I wasn't planning on getting a job anyway.

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#3) On January 08, 2009 at 7:36 PM, nuf2bdangrus (< 20) wrote:

Give me one more big selloff so I can buy oil

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