The "R" Word

Since Chairman Bernanke allowed for the possibility of a recession in his testimony today - see NYTimes: Bernanke Nods at Possibility of a Recession - it might be fun to look back at a few Fed quotes from prior periods:

For the recession that started in April 1960:

“By and large, however, the economy seems quite solid.”
Federal Open Market Committee, May 1960

“[Chairman Martin] was by no means convinced that the situation was serious.”
Federal Open Market Committee, July 1960

“The Chairman reiterated his views ... There was a declining picture, ... but the economy was not going over a precipice by any means.”
Federal Open Market Committee, October 1960

For the recession that began in July 1990:

“In the very near term there’s little evidence that I can see to suggest the economy is tilting over [into recession].”
Chairman Greenspan, July 1990

“...those who argue that we are already in a recession I think are reasonably certain to be wrong.”
Greenspan, August 1990

“... the economy has not yet slipped into recession.”
Greenspan, October 1990

Source: "Booms, Busts, and the Role of the Federal Reserve" by David Altig