Friday, February 20, 2009

2/20/09 - Volcker - I don't remember any time, maybe even the Great Depression, when things went down quite so fast

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Former Federal Reserve Chairman Paul Volcker today (2/20/09) at Columbia University in NYC.

"I don't remember any time, maybe even the Great Depression, when things went down quite so fast."

He noted that industrial production is falling in countries across the globe faster than in the U.S., one result of the decline caused by the breakdown of unbridled financial markets that operated on a global scale.

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