NOURIEL ROUBINI, professor at NYU, on the US recession

Nouriel Roubini, professor at New York University and chairman of RGE Monitor, remains pessimistic on his outlook for the US economy. He does not expect a short and shallow recession, but believes it will last 12 to 18 months. He expects the housing recession to get worse; a contraction of consumption; and problems in the financial system well beyond sub-prime mortgages, into residential mortgages, commercial real estate, consumer credit, leveraged loans, corporate bonds and municipal bonds.