A few hours before President Obama presented his new job-creation plan to Congress last week, Ben Bernanke, the chairman of the Federal Reserve, made a less ballyhooed appearance, before the Economic Club of Minnesota. Bernanke reminded his audience that it has been exactly three years since the financial crisis that attended the collapse of Lehman Brothers. Then he pointed out that the recession that Obama had inherited from his Republican predecessor was even more calamitous than had previously been thought. Recent revisions to government statistics show that, between the end of 2007 and the second quarter of 2009, the Gross Domestic Product declined by more than five per cent—the deepest drop since the Second World War.
'The President Has Finally Changed Tack': New Yorker