Just about everyone expects the Federal Reserve to announce a new program of buying bonds with the goal of stimulating the economy. But not many observers think it's a good idea -- and the chorus of critics is only getting louder.
Nouriel Roubini, the renowned NYU economics professor with the nickname "Dr. Doom," has offered up another dire prediction: Even if the U.S. and Europe manage to avoid a double-dip recession, it will still feel like a recession, and more than 400 U.S. banks will likely fail.
Like many economists, Roubini predicts that second-quarter gross domestic product growth will be revised down to an a annual rate of 1.2% from an initial reading of 2.4%. Additionally, a "series of tailwinds in the first half of the year ... are going to be essentially headwinds" in the second half. He now pegs the chances of a "double dip" recession at 40%.