The problem with having 80-something advisers is that the they tend to cut through the BS and speak the truth. Just as Obama is trying to buck up confidence, Volcker says the US economic problems will take a long time to work out in addition to the pressing problems facing the financial system.
Markets are treading water this afternoon, consolidating recent big moves. EUR/USD is at 1.2890, USD/JPY at 98.05 and EUR/JPY at 126.40.
