US Recession Could Last Up to 36 Months: Roubini

more: http://www.cnbc.com/id/29598949

US Recession Could Last Up to 36 Months: Roubini

By: Jane Wells, Correspondent | 09 Mar 2009 | 03:52 PM ET Text Size The man who predicted the current financial crisis said the US recession could drag on for years without drastic action.
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."

Roubini, who is also known as "Dr. Doom," told CNBC that the risk of a total meltdown has been reversed for now but that the economy is going through "a death by a thousand cuts." He also said that "most of the U.S. financial institutions are entirely insolvent."

It hasn't even been 36 months since we admitted there was a problem.

wow! that is quite a claim...where`s the proof?