by Laura Conaway

Boy, it sure feels good to have the stock market going back up, right? Not so fast. Former Federal Reserve Chair Paul Volcker pops up today, forecasting a "considerable recession":

"I've seen a lot of crisis, but I've not seen anything quite like this one," Volcker said in a speech in Singapore. "I don't think we can escape damage to the real economy. I think we almost inevitably face a considerable recession."

(H/T: Calculated Risk)