Roubini: The Perma-Piñata

Nouriel Roubini, professor of Economics and International Business at NYU's Stern School of Business, speaks at the Milken Institute Global Conference in Beverly Hills, on May 2, 2012 Photograph by Javier Rojas/ZUMA Press/Corbis

Nouriel Roubini: “As the housing sector slumps, the job and income and wage losses in housing will percolate throughout the economy. … 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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