L.A. billionaire Eli Broad not only believes that the U.S. is in a recession, but that it's the worst recession since World War II. "This is the worst period of my adult lifetime," Broad tells Bloomberg (he’s 75). He doesn't believe it will get any better before the next president takes office, and he doesn't see a turnaround in the housing market for several years. The only solace Broad offers is that the nation will avoid a 1930s-style collapse because of regulatory safeguards that didn't exist then.

Broad said his concerns for the U.S. center around energy, healthcare and public education. "I don't see national leadership that is going to have the ability to really ride over the deep rooted vested interests," he said. "The problem is, people don't believe prices have bottomed out," he said. ``You've got to induce people to buy houses'' with federal policies including tax incentives.