The Recession Will End… by 2010

Says who: None other than “Dr. Doom,” Nouriel Roubini, professor of economics at the Stern School of Business, New York University and chairman of RGE Monitor, an economic consulting firm.

“I have said on numerous occasions that the recession would last roughly 24 months. Therefore, we are 19 months into that recession. If, as I predicted, the recession is over by the end of the year, it will have lasted 24 months with a recovery only beginning in 2010. Simply put I am not forecasting economic growth before year’s end.” (via RGE)

Why it might be false: Not too long ago (a mere four months), Roubini was predicting an end not until December 2010 or so. And with his new call, he adds so many caveats that you almost think he’s hedging himself against getting it wrong. In line with his Dr. Doom image, he’s described the recovery as “very ugly” and “subpar,” and highlighted that, “It’s going to feel like a recession even when it ends.” While it’s a somewhat nice change to see him cautiously optimistic, he makes it hard to believe him…

Recession Briefing 7.17

What you need to know today to survive and thrive in the recession.

A roadside billboard campaign funded by an anonymous donor tells motorists “Self worth is greater than net worth” and “This will end long before those who caused it are paroled.” (Associated Press)

Most people believe the economic downturn has led to more gang violence, according to a new national survey. (Associated Press)

Economist Nouriel Roubini said yesterday the worst of the financial crisis is over and reiterated that the recession may end this year. (Bloomberg)…

Recession Briefing 5.28

What you need to know today to survive and thrive in the recession.

At a time when consumers are in a serious saving mode, why are sales of $100 yoga mats soaring? (Time)

Retailers and service technicians have long advised that it often makes sense to buy a new product rather than repair a broken one. But repairmen say many consumers are rejecting this suggestion and trying to spend as little as possible. (New York Times)

Nouriel Roubini, the famously glum economist who predicted the financial crisis, said that while the recession in the United States may well be over at the end of the year, another dip was still possible next year. (Reuters)

Recession Briefing 5.5

What you need to know today to survive and thrive in the recession.

Traffic congestion is down in the U.S., reportedly as much as 70 percent in some areas, as a result of rising unemployment. (NPR/Marketplace)

An artist in Glasgow, Scotland, has rigged a vending machine to distribute a free bag of potato chips every time news about the recession is broadcast on the BBC’s RSS feed. (Ellie Harrison)

Freelance is the new full-time: Freelancers now make up 26% of the U.S. working population, up from 19% in 2006. (CNN/Money)