Paul Volcker talks about the economic crisis

Leading economic thinkers, including President Obama's senior economic advisor Paul Volcker, and vice chairman of the Federal Reserve Donald Kohn, came together to talk about the current financial crisis at the Vanderbilt Owen Graduate School of Management on April 18 for the 22nd annual Financial Markets Research Center Conference.
In his remarks, Volcker said that the U.S. economic recovery will be a "long slog" but that the rate of decline should slow. He added that the U.S. is not in another depression, but, "in a great recession for sure." He also talked about the outlook for the Federal Reserves role as a regulator of financial markets and accounting standards.