“GLB Solutions”: Recession Has Been Worst For Fifty Years

June 19, 2009 - PRLog -- “GLB Solutions” Reports that US Treasury Secretary Timothy Geithner spoke this week about the economy.

He believes that the economy is now thawing but warned that progress will be slow in the future.

He went on to say that this was the worst recession to hit the US in over 50 years and that they were close to a depression.

This was down to the fact that the banking system was teetering on the edge of collapse bringing consumer and corporate lending to freeze.

“However if it was not for the quick action of governments, especially from the US and UK it could have been worse.” “GLB Solutions” analyst explains.

The US governments pretty much threw as much as it could to rectify the situation. Trillions of Dollars were used to prevent the collapse of the banking system. “GLB Solutions” reported several months ago that this would help bring borrowing cost down, which it did.

The downside is that it will take a long time for the US economy to recover and for the money to get paid back into the US governments coffers.

Speaking at an event held by Time Warner Geithner said, "Recovery will be slower than we would normally see. This is still going to be an exceptionally challenging time for business and consumers."

“GLB Solutions” feels that the lessons learnt over the a last 18 months is that by reacting quickly and by being forthright in decision making a crisis can be adverted. If the governments took no action then for sure the situation would have been much worse. But now the economy is getting better and the future should be more stable for here on.