Volcker: Crisis May be Even Worse than Depression

Volcker: Crisis May be Even Worse than Depression
Topics:Economy (U.S.) Economy (Global) Barack Obama White House Congress Politics & Government
By: Reuters 20 Feb 2009 03:34 PM ET

The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday.
Volcker noted that industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world,'' Volcker told a luncheon of economists and investors at Columbia University.