More and more I am seeing the current recession referred to as a "Great Recession". It will be interesting to see if this label sticks. This is legendary Fed Chairman Paul Volcker using the term:
Former Federal Reserve Chairman Paul Volcker on Saturday warned that while the severity of the recession may be waning, the U.S. faces a “long slog” toward recovery.
Volcker also said that the Fed’s recent interventions into credit markets will inevitably lead to a review of the Federal Reserve Act, and urged patience in addressing financial regulation.
In comments to a Vanderbilt University ... Volcker said that while the current downturn isn’t like the Great Depression of the 1930s, “we’re in a Great Recession for sure.”
“It does look like rather a long slog in terms of recovery…though the rate of decline is going to slow,” Volcker said.
No comments:
Post a Comment