|Home > News and Events > Speeches| A Strategy for the 2011
Economic Recovery |January 28, 2011|| Joseph S. Tracy, Executive
Vice President Remarks at Dominican College, Orangeburg, New
York Good morning. It is a pleasure to be with you this morning
to look back on the tremendous events impacting the economy over
the past several years, and to assess the outlook for the
economy going forward. Let me note that the views that I will
discuss with you are my own and not necessarily those of the
Federal Reserve Bank of New York or the Federal Reserve System.
On September 20, 2010, the National Bureau of Economic Research
(NBER) determined that the "Great Recession" officially ended in
June 2009. The Great Recession did not earn its moniker due to
its length. At 18 months, the length of the Great Recession was
only slightly longer than the average of 17.5 months for the 33
recessions tracked by the NBER since 1857. In fact, the longest
recession was 65 months and lasted from October 1873 to March
1879. The Great Re