Dr. Doom Still Gloomy on Economy

Dr. Doom isn't ready to ditch his nickname. Nouriel Roubini, the New York University economist who predicted much of the current malaise, says he doesn't see a happy ending any time soon, Reuters reports. Although the stock market has generally performed well of late, he thinks it will be a short-lived rally and predicted more bad news for the banking and housing industries.

"Macro news, earnings news, and financial shocks are going to be worse than expected and that's why I believe this is still a bear market rally," said Roubini. "I am more a realist than a pessimist. I'll be the first one to call for the bottom of this economic contraction, recovery of the market when I see a sustained economic and therefore financial recovery," he said. But it's not all gloom: He said stimulus packages will eventually work, though "later rather than sooner." (More Nouriel Roubini stories.)