From MSNBC:

DAVOS, Switzerland — Economist Nouriel Roubini, nicknamed "Dr. Doom" for his gloomy predictions in the run-up to the financial meltdown four years ago, says the fallout from that crisis could last the rest of this decade.

Roubini, widely acknowledged to have predicted the crash of 2008, sees tough times ahead for the global economy and is warning that without major policy changes things can still get much worse.

Until Europe radically reforms itself and the U.S. gets serious about its own debt mountain, he said, the world economy will continue to stumble along to the detriment of large chunks of the world's population who will continue to see their living standards under pressure, even if they have a job.

Meanwhile, International Monetary Fund Managing Director Christine Lagarde — speaking Saturday at the World Economic Forum meeting in Davos, Switzerland — said Europe was making progress to overcome the euro zone crisis, but need to do more to boost its financial firewall to contain the contagion of the debt crisis and restore trust.

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