“I believe the U.S. economy is now in recession. Could this become the worst recession we have seen in the post-war period? I think the answer is yes. I would emphasize the word ‘could’.”

“By almost every measure the U.S. economy is moving sideways or slightly down for the last few months…I think this recession could be substantially more severe”

—Martin Feldstein, president of the National Bureau of Economic Research, at the Futures Industry Association conference in Boca Raton, Florida.