New York Fed Chief Says The Economy Is Garbage, And That There Won't Be A Jobs Recovery For Years

The Business Insider ^ | 10-19-2010 | Joe Weisenthal

[blam]

New York Fed Chief Says The Economy Is Garbage, And That There Won't Be A Jobs Recovery For Years

Joe Weisenthal
Oct. 19, 2010, 9:40 AM

Here's your first of many Fed speeches for the day, courtesy of NYFRB CEO Dudley:

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Remarks at the Quarterly Regional Economic Press Briefing, New York City

Good morning and welcome once again to the New York Fed's Quarterly Regional Economic Press Briefing. As always, I am pleased to have this opportunity to talk with the journalists covering our region—and through you, to the people in our District. This morning I will focus on regional economic conditions, with particular attention to the housing sector in the nation and especially the Second Federal Reserve District, which covers New York, northern New Jersey, Fairfield County, Connecticut; Puerto Rico and the U.S. Virgin Islands. My colleagues will follow my remarks and provide more detail. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.

National Economic Conditions To provide context, let me start with a few comments about national economic conditions. As I discussed in a recent speech, the long and deep recession that ended in June 2009 has been followed by a very tepid recovery. Since June 2009, economic activity has grown—but only slowly from levels far below the productive capacity of the economy.

In recent months, the momentum of the recovery has slowed. For example, after rising at a 3.25 percent annual rate during the second half of 2009, there has been a progressive slowing—to a 2.75 percent annual rate during the first half of 2010 and, most likely, to an even slower rate when the third-quarter real gross domestic product (GDP)

[snip].

[blam]

The DJIA is down 150 as I post. See here.

[equalitybeforethelaw]

Do I smell a Clinton coup upon us? Just wondering.

[DarthVader]

The sell off to finish off the Dems has begun.

[Lazamataz]

There is exactly one job left in America, and Obama took it.

[FromLori]

Worth watching

Fed’s Fisher: Beware The Hype

http://market-ticker.org/akcs-www?post=169509

[Kenny Bunk]

.....The sell-off to finish off the Dems has begun....

Yup. Too damn bad there isn't a viable alternative party around to save the country with a rational Program, an effective Plan, some good Leadership, and some frickin' clue as to how we ought to proceed.

[Buckeye McFrog]

I hope this is wrong. If unemployment remains so high in 2012 I fear there will be enormous support for a New New Deal and massive WPA-style government employment programs.

[blam]

The Recovery Is About To End Very Soon, But It's For All The Right Reasons