Gloom and doom

Want some free advice from a professor of economics?

• US recession and global economic slowdown in 2008
• Central banks are behind the curve and Fed easing will not prevent a US recession
• Severe financial losses (over $1 trillion) and systemic risk forthe financial system
• Recoupling of the rest of the world with a global economic slowdown
• Cash is king: avoid a variety of risky assets
• Further sharp and persistent re-pricing of risk
• The credit boom/bubble party is over!

Nouriel Roubini was among the first to see the oncoming recession, and both he and Krugman, another economist whose prescience is well-documented, are bearish and in general agreement that house prices have a long way left to fall. For our part, my spouse and I will be waiting to buy...

I wonder, if the worst-case-scenario plays out, how stable our jobs will be. We work in education, and generally speaking, this area of work is recession-proof, so we ought to be okay...