http://www.cnbc.com/id/38986777Even if the US and European economies manage to avoid a double dip, it will still feel like a recession
Translation: Even if the US and European economies are still in a recession, their economic policymakers won't admit it. But you'll know it!
"The big risk is that there will be a downturn in markets that could impact the bond, the equity and the credit markets," he said.
“Job losses have been higher, the US jobs number will show that. There is no private sector jobs growth," he said. "Consumption is weak, exports are weak and housing is weak."
"If there is no final sales and no final demand, companies will not invest," he added.
He's not buying the fake job growth numbers either. HOW CAN YOU HAVE JOB GROWTH WHEN COMPANIES ARE NOT RAMPING UP PRODUCTION OR SALES?!
"In Europe, Germany is strong but the rest of the continent is pretty dismal," he said.
Translation: As one of the last few European economies with a trade surplus, and the largest, Germany will be coerced into bailing out the rest of Europe.
“Get used to it," Roubini said. "Deleveraging has to continue as governments and consumers deleverage in the developed world."
"We have to expect the new normal," he added. "We do not need a double dip for it to feel like recession."
“The biggest banks have been backstopped, but 800-plus small- and medium-sized banks in the US remain on the critical list and half of those will go bust," Roubini said.
Roubini said corporate and consumer debt problems will get worse and that there are more problems ahead in the commercial and residential property market.
Translation: "Recession" implies that things get better. Things aren't going to get better, they're going to get worse. Bankruptcies are actually going to accelerate."
