Ecnomist who predicted economic downturn now projects a near Depression for our country

NYU economist Nouriel Roubini was ridiculed at last year's World Economic Summit for predicting economic disaster in America and the world, reports Bloomberg News.

Now, no one challenged his contentions at this year's gathering just completed. And what he has to say for America is shocking. If you think what has been experienced so far has been bad, he sees the worst to come with no ability as of yet to predict a recovery.

More economists are coming to his contention. A revered figured on CNBC today predicted a return to the Paul Volcker days with interest rates near 20 percent.

Here is what Roubini said today:

While the U.S. government is resisting nationalizing its biggest banks, Roubini says it will have no choice because they are now “effectively insolvent.”

And the outcome may be even worse than even he anticipates if governments fail to take aggressive steps to recapitalize banks and revive their economies, he says: “The risk of a near-depression shouldn’t be underestimated.”

Roubini, who’s now working on a book about the crisis, says he takes no particular pleasure in his role as Dr. Doom or the attention it brings him.

“I’m not a permanent bear,” he says. “I’ll be the first to call a recovery, but I just don’t see it yet, and it’s getting uglier.”