Dr. Doom says a bad recession is coming

Nouriel Roubini says we’re heading for a severe recession, probably two years long, with unemployment rising to 8.5%. We could also see stagdeflation, a sluggish economy and falling prices. Hundreds of hedge funds will go out of business, and dump their holdings on the market, driving stock prices down even more. Just a regular, Mr. Sunshine, isn’t he? However, he’s been correct and early on what the financial crisis will bring.

Bureau of Labor Statistics report on September 2008 layoffs.

Layoff events reached their highest level since September 2001, a month that experienced substantial layoff activity due to the September 11 attacks.

Even the California Lottery is getting hit by the slowing economy. Sales dropped 8% for the fiscal year ending June 30 (and are probably even lower now.)

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