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Friday, December 11, 2009

Volcker: "Not time for business as usual"

by Calculated Risk on 12/11/2009 11:38:00 PM

From Bloomberg: Volcker Says ‘Basic Structure’ of Economy to Impede U.S. Growth

“We have another economic problem which is mixed up in this of too much consumption, too much spending relative to our capacity to invest and to export,” [said Former Federal Reserve Chairman Paul Volcker] “It’s involved with the financial crisis but in a way it’s more difficult than the financial crisis because it reflects the basic structure of the economy.”
“It’s likely that economic growth is going to be pretty sluggish for a while.”

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Volcker Says Economy's ‘Basic Structure’ to Slow Growth December 11 (Source: Bloomberg)