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The Federal Reserve offered an official statement last week, acknowledging that it had grossly under-estimated the depth of the economic recession that began in September, 2008. . . this, all while refraining from issuing new policies to jump start the economy. They predicted 2 more years (at least) of recovery, although I cannot be sure that they used the same exact vernacular. Regardless of how they finessed their own misread of the economy, we appear to be in this for a longer duration than anyone previously expected.