Chronicles Of Depression 2.0: #336: Volcker
SINGAPORE (AP) — Former U.S. Federal Reserve Chairman Paul Volcker said Tuesday the U.S. and Europe face a “considerable recession” as a global financial crisis begins to hurt consumer demand and industrial production.
“I’ve seen a lot of crisis, but I’ve not seen anything quite like this one,” Volcker said in a speech in Singapore. “I don’t think we can escape damage to the real economy. I think we almost inevitably face a considerable recession.”
Emphasis added by me.
Volcker was the first one to publicize what became known as The Bailout and then the TARP. I don’t know if he created it or was used by the Treasury as a front man sounding board.
Let me repeat, because this is a phrase I said months ago all of you would be seeing again and again in a variety of forms:
I’ve seen a lot of crisis, but I’ve not seen anything quite like this one
And it still hasn’t even begun yet.