U.S. economy is heading for a doozy of a recession.

October 22 2007 CNBC.com Hedge fund legend Julian Robertson said Friday he expects the U.S. is going to have a "doozy of a recession". He said the credit situation was worse than anybody realizes, and that we're getting little inklings of that. He added that none of the normal indicators you would look at in the economy are really very strong. As a matter of fact, they are weak, and not really getting any better. He also expressed some concerns about the devaluation of the dollar. "I think the Federal Reserve will trash the dollar until such times that there is some turn around in the economy, or until such time that they see that as self defeating," he said.

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