Nouriel Roubini:

We believe the U.S. economy is only half way through a recession that will be the longest and most severe in the post war period. U.S. GDP will continue to contract throughout 2009 for a cumulative output loss of 5% and a recession that will last close to two years.

Note the careful use of "believe" and the future tense. This recession has not been shown to be the worst since the Depression, yet many are already declaring it to be so. From today's column:

Trips off the tongue, doesn't it? "The worst recession since the Great Depression."

Special interests seeking bailouts, politicians pushing legislation and even some news organizations assure us it's true.

Except it's not. Not yet. From what we know so far, this recession isn't even close to being as painful as the terrible slump of the early 1980s. Not the deepest. Not the longest. By some gauges, it's not even as bad as several less severe downturns.

The economy is on an alarming course, and it may well break post-Depression records before we're done. Many analysts are forecasting such an outcome. But let's not hasten the day by scaring people into thinking it's already here.

Read the whole thing here.