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Depression will last for years, says Federal Reserve

 

Last updated 2/26/2009 at Noon



Buried in the minutes of the last meeting of the Federal Reserve was this warning: “All participants anticipated that unemployment would remain substantially above its longer-run sustainable rate at the end of 2011, even absent further economic shocks; a few indicated that more than five to six years would be needed for the economy to converge to a longer-run path characterized by sustainable rates of output growth and unemployment and by an appropriate rate of inflation.”

Paul Krugman wrote, “…The Obama administration is taking action to help the economy, but it’s trying to miti...



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