The U.S. economy will take longer to recover than was expected, said Paul Volcker, former Federal Reserve Chairman and current economic adviser to President-elect Barack Obama, to Major League Baseball Team owners at their quarterly meeting.
Volcker had been invited to speak to the team owners during their quarterly meeting in New York and discussed topics ranging from the American automotive industry to unemployment. He also touched on the current state of the financial industry and said that weak consumption is driving the economic slump.
"He was pretty much alerting us that this is not over yet," Oakland Athletics owner Lew Wolff said. "The biggest idea was that we all needed to
measure the concerns of the economy in our own businesses."
"The former Fed chair also said that it would fall to consumers in the U.S. to lead the way out of the global recession," said Stuart Sternberg, owner of the Tampa Bay Devil Rays. "He said the same things we are getting in the papers, but when you hear it from the foremost financial authority in the world, it has a bigger impact," Sternberg said.