The 12 step program to financial disaster

I've never heard of Nouriel Roubini until today. But thanks to Wendy McElroy's website, I now have. Roubini, in early February made the following predictions about the state of our economy

The Rising Risk of a Systemic Financial Meltdown: The Twelve Steps to
Financial Disaster

While I will be the first to admit I understand only a small part of his article, a few thing jumped out at me.

First, this is the worst housing recession in US history...
Second, losses for the financial system from the subprime disaster...are now spreading to near prime and prime mortgages
Third, the recession will lead – as it is already doing – to a sharp increase in defaults on
other forms of unsecured consumer debt: credit cards, auto loans, student loans.

Sixth, it is possible that some large regional or even national bank...will go bankrupt.

Twelfth...A 1987 style stock market crash could occur leading to further panic and severe financial and economic distress.

I'm be no means an expert on the economy and know little about state of some of the things he talks about, but after this past week, it appear Roubini's prediction has come to fruition. I would say we should be prepared for a long recession.