The economy “is obviously heading toward a depression,” despite the government’s efforts to dodge one, said Prechter.

Prechter is best known for predicting the 1987 stock crash.

The U.S. economy will not recover until the end of this year, and even then growth will remain meek and vulnerable to higher interest rates and commodity prices, economist Nouriel Roubini said on Tuesday.

Roubini, now well known as the man who predicted the current economic exploding thing going on. He initially predicted $1 trillion dollars in losses and most of the world laughed. Now when other predict $4 trillion in total losses before this bloodbath is over, no one is laughing quite so hard. I reckon most are praying.

It appears the ‘green shoots’ are more like kudzu growing up to replace what was swept away in the firestorm.

Tags: depression 2.0, no really we're really fucking fucked this time, trouble in paradise, tweets, we're fucked

This entry was posted on Tuesday, June 16th, 2009 at 20:23.