Guru watch: Gloomy Gus

American economist Gary Shilling predicted the subprime housing crisis and the US recession in 2008. Now, he's got more bad news.

American economist Gary Shilling sees himself has something of a Cassandra. "Nobody likes a bearer of bad news, a gloomy Gus or a glass half-empty attitude [but] it has become my reputation," he says in Forbes magazine. The 75-year-old has made a name for himself by correctly predicting several major recessions since the late 1960s.

More recent calls include highlighting subprime housing loans as "the greatest financial problem" for the US economy in 2006 and warning of a "serious recession" in 2008. Now he's warning that America widely touted as one of the West's healthiest major economies is about to head back into another recession.

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