America's economy risks the mother of all meltdowns

[JenGC]

Recently, Professor Roubini's scenarios have been dire enough to make the flesh creep. But his thinking deserves to be taken seriously. He first predicted a US recession in July 2006*. At that time, his view was extremely controversial. It is so no longer. Now he states that there is "a rising probability of a 'catastrophic' financial and economic outcome"**. The characteristics of this scenario are, he argues: "A vicious circle where a deep recession makes the financial losses more severe and where, in turn, large and growing financial losses and a financial meltdown make the recession even more severe."

http://news.yahoo.com/s/ft/20080219/bs_ft/fto021920081334359078;_ylt=AozoX8V3CwKFRV6c_RfR1f0 E1vAI

:idunno

[I'm all 67X]

Wasn't there something on Bloomberg a week or two ago where the billionaire recommended liquidating, moving to the country, starting a mini-farm, and getting "other supplies"?
:runhills

It just ushers our Usher in that much quicker, yeah?
:rapture

[RWSchilz]

I'm not buying it! I remember the economy of the Jimmy Carter Presidency we had double digit interest rates I lived in my first home for 10 years sold during that time period at a loss, now that same home is worth two half times more then what I sold it for. Sure there are people struggling in this economy, but I have seen that all my life over 50 years worth, jobs are leaving and new jobs are being created. I still see allot of consuming going on, whole lot of people making very good living. No; this economy is going to keep rolling along in-spite of all the so called experts who like to predict it is going to crash. Nothing but false prophets! Just my opinion based on life experience.:)

[Nova]

Since most of the 12 items have already happened. Or are in the works, it isn't hard to see why he reached those conclusions.