Warnings that President-elect Obama err on the side of doing too much as Americans watch their retirement savings dissipate are words from the wise.

Make that err on the side of extreme intervention and innovation.

From Nouriel Roubini's The Dismal Outlook for the US and Global Economy and the Financial Markets:

- The U.S. will experience its most severe recession since WWII, much worse and longer and deeper than even the 1974-75 and 1980-82 recessions

- Obama will inherit and economic and financial mess worse than anything the U.S. has faced in decades

- The world economy will experience a severe recession ...