US Recession Could Last Up to 36 Months: Roubini

The man who predicted the current financial crisis said the US recession could drag on for years without drastic action.

Nouriel Roubini
CNBC.com
Nouriel Roubini

Among his solutions: fix the housing market by breaking “every mortgage contract.”

“We are in the 15th month of a recession,” said Nouriel Roubini, a professor at New York University’s Stern School of Business, told CNBC in a live interview. “Growth is going to be close to zero and unemployment rate well above 10 percent into next year.”

Echoing a speech he made earlier in the day, Roubini said he sees “no hope for the recession ending in 2009 and will more than likely last into 2010.”

Read the rest:
http://www.cnbc.com/id/29598949

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