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.
Rock Solid JournalismAFP via Yahoo News:
“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.
In 2026, amid chaos and the nonstop flurry of headlines, Truthdig remains independent, fact-based and focused on exposing what power tries to hide.
Support Independent Journalism.
The former Fed chairman’s obituaries leave out how his policies devastated lives in the 1980s and underwrote the 2008 financial crisis.
A new book argues weakly for the influence of Ayn Rand on our culture—after all, the dominant classes in America were greedy and selfish from the get-go.
Prominent names include Democratic mega-donor Haim Saban, JPMorgan Chase CEO Jamie Dimon and Home Depot co-founder Kenneth Langone.
Republicans are systematically destroying the U.S. economy. If they can avoid collapse for another year, they might prevail next November.
The president's whoppers include the claims that unemployment is at its lowest rate in history and workers are enjoying their "best wages, ever."
The intense scrutiny of Bill Clinton’s economic record may not give her the boost she is expecting.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.