Paul Volcker, senior economic adviser to President Barack Obama, said on Saturday that the U.S. economic recovery will be a “long slog” but that the rate of decline “is going to slow.”
The United States may not be in a Great Depression but it is “in a great recession for sure,” following the economy’s unprecedented tumble in late 2008, Volcker said at a financial markets conference at Vanderbilt University in Nashville, Tennessee.
It has been bad. People have lost their jobs, people have lost their homes, credit histories are trash, but what matters most is the label that people like Paul Volcker give the recession.
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