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Powell: Recovery may begin by summer, will likely be slow
Powell offered an overall positive message while warning that it would take much longer for the economy to regain its health than it took for it to collapse with stunning speed. “In the long run, and even in the medium run,” the chairman said, “you wouldn’t want to bet against the American economy. This economy will recover. And that means people will go back to work. Unemployment will get back down. We’ll get through this.” Powell pointed out that the downturn wasn’t a result of deep-seated financial instabilities, like the housing meltdown and the excessive risk-taking among banks that ignited the ... (full story)
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