Nouriel Roubini was on Charlie Rose Tuesday.
Roubini, the NYU economics professor, has been proven correct so far in his forecasts of financial doom. In February he laid out 12-steps to financial disaster — and we’ve gone through all 12!
Roubini believes the radical actions taken over the past week have avoided a catastrophe. Instead of an L-shaped recession (10 years to recovery, like Japan), we will have a severe, “long and protracted” U-shaped recession “lasting at least two years.” Hundreds of banks are going to go belly-up. “Very, very painful.”
Swell.
The interview is about 8-minutes and quite interesting, though requiring attention due to Roubini’s Turkish accent and the details of the matters at hand.