The Worst Recession Since the 1930's?

Jim Melcher, the Wall Street superstar who runs Balestra Capital Partners, thinks so. Citing the collapse of the housing market, along with deteriorating credit markets and rising food and energy costs, Melcher believes unemployment is bound to begin rising substantially. He also cites the worldwide de-basing of major currencies, including the US Dollar, which he predicts will lead to a new round of higher inflation.

Obviously, Mr. Melcher believes what he's saying. His investments are all in gold and short-term treasuries. Personally, I don't know what kind of articles he's reading; everything looks fine to me.