Dr. Doom: U.S. economy faces 'death by a thousand cuts'

Given his reputation for dark mutterings and grim prognostications, the law of averages states that, sooner or later, NYU Economics Professor Nouriel "Dr. Doom" Roubini is going to say, '"The sky is blue, it's a beautiful day outside, and the economy looks great." Needless to add, however, Monday was not that day. On September 14, true to form, Roubini told CNBC Monday that the U.S. faces a difficult time in the quarters and year ahead, as commercial/residential real estate doldrums and a frugal consumer continue to weigh on the economy.

"It's going to be death by a thousand cuts," Roubini, chairman of RGE Monitor, told CNBC Monday. "The financial system is severely damaged, and it's not just the banks."