John C. Williams is President and CEO of the Federal Reserve Bank of San Francisco is speaking this morning at the Bishop Ranch Forum being held in San Ramon, California. His speech is called “The Federal Reserve and the Economic Recovery.”
The speech has “a special eye on how the boom and bust in housing affected the recession and the economic recovery.”
On employment he noted, “The unemployment rate has fallen about three-quarters of a percentage point in the past four months, and is now at its lowest level in nearly three years. Nonetheless, we are still suffering from the aftereffects of the worst recession of the post-World War II period…. the economic recovery has been weak. And, despite relatively strong job gains in recent months, the unemployment rate remains very high.”
The speech also talks about reckless lending standards and how anyone could get a mortgage, even without a down payment in many loan scenarios.
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