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.