Volcker Says Full Economic Recovery is Years Away

Jun 03, 2009, 16:51 ET from Brooklyn Law School

Transcript of Speech is Available at Brooklyn Law School Web Site

NEW YORK, June 3 /PRNewswire-USNewswire/ -- Speaking yesterday to 500 Brooklyn Law School graduates at their commencement, Paul A. Volcker, Chair of the President's Economic Recovery Advisory Board, said a full economic recovery is years away, and the U.S. must eventually cut back on borrowing from abroad. Mr. Volcker is widely credited with taming runaway double-digit inflation in the 1980s when he served as Chairman of the Federal Reserve Board.

A transcript of the speech is available at the Brooklyn Law School Web site, www.brooklaw.edu

Mr. Volcker said the nation has long been spending beyond its means. The U.S. faces "an unimaginable budget deficit as far as one can see," he said. The recession, which began in December 2007, "is bound to be the longest recession since World War II and could turn out to be the deepest as well."

He said that new regulations are necessary to prevent another crisis. "In my view, as joined by many others, sweeping reforms are truly necessary, in banking, in markets, and in our regulatory institutions," Mr. Volcker said.

Although he has received honorary degrees from a number of colleges and universities, Brooklyn Law School is the first law school to honor Mr. Volcker with its highest degree, an honorary doctor of laws.

For more information, contact Ivy Miller, Brooklyn Law School Communications, at ivy.miller@brooklaw.edu or 718-780-0653.

SOURCE Brooklyn Law School