Nouriel Roubini - a professor of economics at NYU – says it is futile to think about avoiding a global recession now. We are already there. The only objective for governments and central bank now should be damage limitation.

This from rgemonitor.com:

“So we are now very close to the systemic financial meltdown that I outlined in my February paper. But radical action can be taken and should be taken to control the damage and prevent this meltdown from occurring. At this point the US, the advanced economies (and now most likely even some emerging market economies) will experience an ugly recession and an ugly financial and banking crisis regardless of what we do from now on. We are already now in…

I live here, work here, etc. I don’t want to see us in a long protracted recession, but as long as it’s there, I want everyone, including the un-dynamic duo of Bernanke and Paulson to admit it! Along with the markets of course!