Dr. Doom tells CNBC that the economy is no longer in freefall (that's the good news), but that the recovery is going to be "very ugly." He's talking one percent growth over the next few years (growth you will barely notice) and 11 percent unemployment sometime next year.

"We may be out of a freefall for the financial system," said Roubini. "We have seen the worst in that sense. But in my view there is a sluggish U shaped recovery that might go into a W double dip if we don't fix the problems in the economy."

Then again, he might be wrong.