recession in 2007?

August 24th, 2006

Nouriel Roubini, president of Roubini Global Economics, thinks so:

“This is the biggest housing slump in the last four or five decades: every housing indictor is in free fall, including now housing prices,” Roubini said. The decline in investment in the housing sector will exceed the drop in investment when the Nasdaq collapsed in 2000 and 2001, he said….”This is the tipping point for the U.S. consumer and the effects will be ugly,” he said. “Expect the great recession of 2007 to be much nastier, deeper and more protracted than the 2001 recession.”

…exciting news for prospective canned-bean-eating, ukulele-strumming, train-track-hoboes, i.e. soon all of us. I will take it one step further: I believe 2007 will be the year of the Housing Slump/Zombie Apocalypse, and I for one am boarding up my windows and gathering chainsaws as we speak.


One Response to “recession in 2007?”

  1. Jim says:

    Oh, please. The day one of these doom-and-gloom economic forecasters turns out to be correct is the day they no longer consider Pluto a planet!

    Uh oh…