Put down the party hats and noise makers, the big guy is serious.
From the International Herald Tribune:
Former U.S. Federal Reserve Chairman Paul Volcker said Tuesday the U.S. and Europe face a "considerable recession" as a global financial crisis begins to hurt consumer demand and industrial production.
"I've seen a lot of crisis, but I've not seen anything quite like this one," Volcker said in a speech in Singapore. "I don't think we can escape damage to the real economy. I think we almost inevitably face a considerable recession."...MORE
HT: Calculated Risk