Chronicles Of Depression 2.0: #336: Volcker
Volcker sees ‘considerable recession’
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.
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Mike Cane 2008 
October 21, 2009 at 11:39 am
I read today in the NYT about Volcker being marginalized in the Obama WH in respect to his advise on how to obviate another financial crisis. I wrote a post on it arguing that the nation’s financial houses are apparently able to squeeze out even a credible voice that is no longer in their financial interest. I am much less surprised to find this going on, than that Barak Obama and those he has selected as his advisers are represented here as being on the side of the financial culprits. A case of cooptation, I believe. I’m assuming that Barak wants a second term pretty bad and is willing to… (you know)