Yergin: We're still trying to unravel the recession
As the country begins to recover from the worst recession in three decades, many are still trying to unravel exactly what happened -- and uncover the lessons learned, said Daniel Yergin, a widely recognized authority on oil, international politics, and economics.
Yergin -- who is chairman of the consulting firm IHS Cambridge Energy Research Associates -- made his comments today during a keynote address before a crowd gathered at the InterContinental Hotel in Boston for IHS Global Insight's World Economic Outlook Conference.
For the next several years, at least, Yergin told attendees, he believes"goverment will play a larger, more controlling role in our economies."
But, he asked: "Will this Great Recession be followed with what I have started to call the new caution ... ? Will prudence loom large in the financial markets?"
Yergin said he believes people will be more adverse to the types of risk-taking that contributed to the nation's recent financial problems.
"I think people have rediscovered that Wall Street is not a one way street. Financial markets can go down as well as up," he said.
Earlier in the day, IHS Global Insight chief economist Nariman Behravesh told conference attendees to expect a slow recovery from the recession -- so slow, in fact, that for the first year it might not feel like a recovery.
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