Bloomberg News: Roubini Expects a 'Long, Ugly' Recession and Stocks Sinking 40%

Article by Natalia Kniazhevich in Bloomberg News

Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession in the US and globally occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500.

“Even in a plain vanilla recession, the S&P 500 can fall by 30%,” said Roubini.

Roubini whose prescience on the housing bubble crash of 2007 to 2008 earned him the nickname Dr. Doom, said that those expecting a shallow US recession should be looking at the large debt ratios of corporations and governments. As rates rise and debt servicing costs increase, “many zombie institutions, zombie households, corporates .......

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