Saturday, April 18, 2009

Depends On How You Define Things

Saying that the economy isn't going to worsen quite as fast as it has been isn't exactly...all that reassuring.
NASHVILLE, Tenn (Reuters) - Top U.S. officials on Saturday offered reassurances that the worst of the economic downturn is likely over, helped by unprecedented efforts to keep credit flowing, though the recovery will be slow. Two Federal Reserve policy-makers, Vice Chairman Donald Kohn and New York Fed chief William Dudley, both pointed to signs that measures taken by the U.S. central bank are indeed working to help revive the economy. And Paul Volcker, a senior economic adviser to the Obama administration and a former Fed chairman himself, said the rate of the economy's decline is set to slow.

Nor am I convinced that it's true.