Former Fed Chief: U.S. Already in a Recession
Former Federal Reserve Chairman Paul Volcker said Tuesday that the US was already in a recession, despite the efforts of the U government and other nations' leaders to intervene "I have seen a lot of crises but I have never seen anything quite like this one," said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.
Former Federal Reserve Chairman Paul Volcker said Tuesday that the U.S. was already in a recession, despite the efforts of the U.S. government and other nations’ leaders to intervene. “I have seen a lot of crises but I have never seen anything quite like this one,” said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.
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“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said in a lecture here, painting a gloomy picture of current economic woes.
The crisis that began in the United States has become a global problem which needs a global solution, he said.
Volcker said the United States appeared to be in recession, and he feared Europe was in the same situation but he hopes a series of bailout measures announced by governments around the world will ensure any recession is manageable and short-lived.
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