Video: Bloomberg interviews economist Nouriel Roubini from Davos.
Roubini says that by his reckoning, the US is already in recession. The only question now is how hard the "hard landing" will be.
Roubini feels this recession will be "much more painful, protracted and ugly than the one we had in 2001". He also notes that there is likely to be a severe slowdown in growth for the rest of the world's economies, and that China, Europe, and emerging markets will not be able to "decouple" from the US should the recession prove severe.
For more on this topic, see Nouriel Roubini's RGE Monitor blog and our recent post, "Recession in real terms".