Former Fed chief says U.S. now in recession

[cal04]

http://news.yahoo.com/s/nm/20081014/ts_nm/us_financial_volcker

Former Federal Reserve Chairman Paul Volcker said on Tuesday the U.S. housing sector faced more losses and the economy was in recession even as authorities moved to stabilize the financial system

Volcker said the priority for U.S. authorities in the credit crisis was to stabilize the financial system even though that meant heavy government intrusion.

"The first priority is to stabilize the financial system. It is necessary even though the cost involved is heavy government intrusion in markets that should be private," he said in a speech at a seminar in Singapore.

"House prices in the U.S. are still declining. There are still more losses to come there. The economy, I believe, is in recession."

[SoCalDem]

1. Duh!!!

isn't it nice that we have smart people in charge??
:sarcasm:

[Heidi]

2. Gosh, Mr. Volcker, that was fast.

Not.

[bdamomma]

3. and these people call themselves professionals

give me a break.

[ixion]

4. gee, ya think?

:eyes: :dunce:

[ProfessorGAC]

5. "Well Look Who Just Caught Up"

(Credit John Lovitz in League Of Their Own)

With the damage this guy did in the 80's, he just retire, shut up and go home.

The Professor

[zbdent]

6. When a Republican admits it's a recession ...

it's a depression ...