Our quote of the day:
“The panic’s hasty retreat should not be confused with robust recovery. The rather indiscriminate bounce off the bottom — across virtually all assets and geographies — may be more indicative of a one-time reset, which may or may not be complete.”
-Federal Reserve Governor Kevin Warsh, remarks to the Institute of International Bankers annual meeting in New York.
Governor Kevin Warsh
Institute of International Bankers Annual Meeting, New York, June 16, 2009
Fed’s Warsh warns of false optimism on U.S. economy
Reuters Jun 16, 2009 5:41pm EDT