SINGAPORE (Reuters) – Former Federal Reserve Chairman Paul Volcker said on Tuesday the U.S. housing sector faced more losses and the economy was in recession even as authorities moved to stabilize the financial system. “House prices in the U.S. are still declining. There are still more losses to come there. The economy, I believe, is in recession.
Source: http://news.yahoo.com/s/nm/20081014/us_nm/us_financial_volcker