Three times as long, and six times as deep (So far)
In case you think we are exaggerating when we suggested in the last post that this recession is likely to combine the worst features of previous recessions – very long, like the recessions of 1990 and 2001, and very deep, like the pre-1990 recessions engineered by Washington, here is a second opinion:
From an interview of Nouriel Roubini on CNBC, this morning:
Q: Last week you made a speech in New York and your comments were definitely moving the markets, you said that the worst is behind but was this anything new that you said in your speech?
A: No, I did not say anything new. I was always consistent as I have been saying that the recession will last 24 months starting December 2007 and my view is going to be over only by the end of this year that is December. Last year, the optimists said that it will be short and shallow — only eight months — is now three times as long and six times as deep as the previous two and the recovery is also going to be weak.