Anyone who thinks we have seen the worst of the recession should think again. Dr Doom, Nouriel Roubini says we haven't even hit the bottom yet.

In this interview with Newsweek, Roubini says the economists who are talking about "green shoots" have it wrong. The market, he says, is at least one year away from hitting bottom. "Compared with this optimistic consensus, I believe that the rate of economic contraction is going to slow from minus 6 percent in the last two quarters to minus 2 percent by the fourth quarter,'' Roubini says. "Next year, I believe that the growth rate is going to be 0.5 percent for the U.S. average. Even if we are technically out of a recession, we are going to feel like we are in a recession. The bottom of the economy is not going to be in three months, but rather toward the beginning or middle of next year."

Roubini says we are in the middle of U-shaped recession and the US government has no alternative but to nationalize banks.

What's equally as concerning is his inability to identify where the next wealth creating growth cycle will come from. "We had the real-estate bubble, tech bubble, housing bubble, hedge-fund bubble, private-equity bubble, commodities bubble, even the art bubble-and they are all bursting,'' he says. And the trouble is we are running out of bubbles.