During April 2009, U. S. Federal Reserve Vice Chair Janet Yellen discussed these paradoxes: " Once this massive credit crunch hit, it didn ’ t take long before we were in a recession.

During April 2009, U. S. Federal Reserve Vice Chair Janet Yellen discussed the situation: " Once this massive credit crunch hit, it didn ’ t take long before we were in a recession.

During April 2009, U. S. Federal Reserve Vice Chair Janet Yellen discussed the " Paradox of deleveraging " described by economist Hyman Minsky: " Once this massive credit crunch hit, it didn ’ t take long before we were in a recession.

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