SPIEGEL: But even though there are still more people being fired than hired, the Chairman of the Federal Reserve Ben Bernanke is saying that the recession is technically over. Do you agree with him?
Volcker: You know, people get very technical about these things. We had a quarter of increased growth but I don’t think we are out of the woods.
SPIEGEL: You expect a backlash?
Volcker: The recovery is quite slow and I expect it to continue to be pretty slow and restrained for a variety of reasons and the possibility of a relapse can’t be entirely discounted. I’m not predicting it but I think we have to be careful.