Obama Adviser Volcker: This Crisis is Different

01.13.09

Paul Volcker at 2009 gala

By Burton Frierson, Reuters

The financial crisis that has plunged the United States and much of the developed world into recession is different than previous bouts of turmoil, former Federal Reserve Chairman Paul Volcker said on Monday.

"We don't know how deep it's going to be," said Volcker, whom President-elect Barack Obama has appointed to chair the President's Economic Recovery Advisory Board.

Volcker was speaking at the Museum of American Finance, where he was receiving an award for distinguished public service and financial leadership.

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