Last Updated Jul 17, 2009 2:21 PM EDT
Hooray! If Dr. Doom says we're done, then the path is clear, right? Not so fast--Roubini quickly followed up that report with this statement: "It has been widely reported today that I have stated that the recession will be over 'this year' and that I have 'improved' my economic outlook. Despite those reports ... my views expressed today are no different than the views I have expressed previously. If anything my views were taken out of context."
Harrumph! So we're not done yet?
I appeared with Lakshman Achutan, Managing Director of the Economic Cycle Research Institute, on CNN American Morning to discuss where we are and what to expect going forward. Although Lakshman is a bit rosier than I, we agreed that the economy no longer feels like it's abutting the abyss. That said, I can't underscore enough how the bottom in the economy is not a place--it's a process that is likely to continue for months.