It was inevitable, Trichet says

Financial crisis or not, the recession was inevitable, Trichet says. Begs the question why he was hiking rates as late as July, if that’s the case…Seems to me he was a decoupling proponent before the European economy fell off a cliff. Here are some further highlights from his testimony to the European Parliament.

Also on the wires, Rep Barney Frank says an auto bailout bill should be worked out by later this afternoon.