Economist 'Dr. Doom': U-Shaped Recovery Underway

By Staff

Monday, October 05, 2009 at 11:49 AM

The recession is ending but at a slow U-shaped rate, one of the few economists to predict our current recession, Nouriel Roubini, stated on CNBC this morning. Our recovery right now is anemic and those that have said it is now a bull market are too hasty, Roubini, a Stern School of Business professor at New York University. "It's clear this global recession is coming to an end," Roubini said on CNBC's Squawk Box.

A W-shaped recovery, where once again the U.S. economy will plummet, is still a remote possibility, he said. "It's not my main scenario but there is a risk," he said, but added that it is more likely that we are currently in a U-shaped recovery. Nicknamed "Dr. Doom" due to his correct prediction of the current deep recession, Roubini said he prefers the nickname "Dr. Realist". As of late, some economists have come bullishly saying the recession is over and things are quickly getting better, a scenario that Roubini considers to rosy. "I don't see the argument for a rapid recovery," he said.