Roubini sees a 'significant market correction' ahead


Leave it to Dr. Doom, NYU economics professor Nouriel Roubini, to talk about an upcoming correction on a day the markets drop over two percent. Today, he added his voice to those predicting a double-dip, W-shaped recession. Roubini, who used to be nearly alone when he made his pessimistic calls, is now part of a growing crowd.

Roubini, speaking on CNBC's "Squawk Box Europe," said that with oil possibly climbing toward $100 a barrel towards the end of this year, long-term interest rates rising, big budget deficits and unemployment likely reaching 11 percent in the US and around 10 percent in Europe, we could see another dip in economic activity.

Originally published