05/24/2009 05:12 am ET Updated May 25, 2011

Volcker: US, World In A 'Great Recession'

Former Federal Reserve Chairman Paul Volcker said the global economic slump is one of the worst in history.

"The U.S., along with the rest of the world, is in the midst of a great recession," Volcker, head of President Barack Obama's Economic Recovery Advisory Board, said today at a conference in Washington.

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