Today In Economic Grimness

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Jobless claims rise by largest amount in 3 months.

“Although no one expects this volatile series to go in one direction every single week, this is clearly a disappointment,” said Jennifer Lee, senior economist at BMO Capital Markets.

Paul Krugman speculates that America is becoming “lost decade” Japan.

Will the worst happen? Not necessarily. Maybe the economic measures already taken will end up doing the trick, jump-starting a self-sustaining recovery. Certainly, that’s what we’re all hoping. But hope is not a plan.

The brooding Nouriel Roubini says cash is the place to be, with the possibility of another 20 percent market drop on the horizon.

There are some parts of the global economy that are now at the risk of a double-dip recession,” Roubini says. “From here on I see things getting worse,” says the head of Roubini Global Economics.

That said, the DOW, NASDAQ and S&P 500 are all up today, as of noon at least.