"Things are going to be awful for everyday people. U.S. GDP growth is going to be negative through the end of 2009. And the recovery in 2010 and 2011, if there is one, is going to be so weak - with a growth rate of 1% to 1.5% — that it’s going to feel like a recession. I see the unemployment rate peaking at around 9% by 2010. The value of homes has already fallen 25%. In my view, home prices are going to fall by another 15% before bottoming out in 2010."
A peak unemployment rate of 9% is ugly, but it's 2 points below the late-1982 peak. From his rep, you'd think the guy was calling for a more end of the world rate, like 15%.
Doug