Latest Roubini Warning

The good news is that Roubini is not talking about another collapse of the markets and a return to a massive recession, yet.

The bad news is about jobs. Roubini is amplifying what we have come to learn to be true. He is saying 25% of American jobs are basically shot to hell. They are not coming back.

NY Daily News: The worst is yet to come: Unemployed Americans should hunker down for more job losses

So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.

Many of the lost jobs are gone forever, including construction jobs, finance jobs and manufacturing jobs. Recent studies suggest that a quarter of U.S. jobs are fully out-sourceable over time to other countries.