"Every housing indictor is in free fall", says
president of Roubini Global Economics/professor of
economics at New York University.

http://www.321gold.com/editorials/daughty/daughty083006.html

what prompted MarketWatch.com to report that "The
United States is headed for a recession that will be
'much nastier, deeper and more protracted' than the
2001 recession, says Nouriel Roubini, president of
Roubini Global Economics and professor of economics at
New York University."

He says that "Every housing indictor is in free fall.
As the housing sector slumps, the job and income and
wage losses in housing will percolate throughout the
economy."

Beyond that ugly volcanic eruption of bad news, he
notes that it gets worse, as "Consumers also face high
energy prices, higher interest rates, stagnant wages,
negative savings and high debt levels."

This housing bust is, in effect, the "straw that broke
the camel's back", and he says that "This is the
tipping point for the U.S. consumer and the effects
will be ugly. Expect the great recession of 2007 to be
much nastier, deeper and more protracted than the 2001
recession."
 

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dwzavitz@mymelody.com
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