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The US economy faces more tough times ahead, economist Nouriel Roubini told CNBC this morning. Repeating his prediction on the possibility of a double-dip recession and at best a slow growth U-shape type recovery, Roubini said in a live interview that non-government bonds continue to face pressure, the securitization market is all but dead, and that the credit markets are still frozen. He also said the housing prices are likely to fall another 12% in the next year. “The gap between supply and demand is so huge we could stop producing new homes for a year to get rid of all the inventory,” he said.
Directing his attention toward the economy Roubini said “It’s going to be death by a thousand cuts….the financial system is severely damaged, and it’s not just the banks,” he said. Roubini also pointed out the current situation with the commercial real estate and talked about how that dynamic could affect the economy and the broader market.
According to Roubini more than 1,000 financial institutions could fail before all is said and done.
In addition to assessing the current economic problems, Roubini reflected on the year since Lehman collapsed.