Monday, March 9, 2009

Roubini - Recession Could last 36 months...

"Most U.S. financial institutions are insolvent."

No kidding...

He's right about the Depression being 24 months... if he's right that this could be 36 months, it will be ugly. I've said all along, L shape... demographics and debt overhang will not allow a fast recovery unless we move to clear out debts and obligations and I think that's a low odds scenario as doing the right thing is just too difficult for our politicians.