Stocks might be rising with economist Nouriel "Dr Doom" Roubini saying that the worst of the financial crisis is over but the optimism seems to be misplaced.
First, his comments don't seem to be that different from him telling Bloomberg earlier this month that the recession will last another six months.
Now he has backed that up, telling CNBC that the recovery is going to be "very ugly". Roubini says the US economy will grow by 1% over the next few years and unemployment will hit 11%.
So even if the recession ends, it won't feel like a recovery. "It's going to feel like a recession even when it ends," he says.
In other words, the official statistics won't be telling us the real story. It looks like the recovery will be on hold for a few years.
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