Nouriel Robuini, known to many as Dr. Doom, first predicted an 18-month recession when no one else was saying recession. He now re-estimates the recession will be more like 36 months. It could be the end of 2009 before things quit getting worse, and well into 2010 before we see them get better.
Robuni explains that never before has the entire globe gone through a recession together. “Our imports are your exports,” he says, illustrating that each economy is so interdependent on every other. He estimates that the U.S. economy will shrink on the order of 5-6% by the time it’s over. So the economic experts confirm what we’re all thinking; it will get worse before it gets better.
*He’s also a blogger. You can read his blog on Global Economics.