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Volcker sees recovery as "long slog"


    NASHVILLE, Tenn (Reuters) - Paul Volcker, senior economic adviser to President Barack Obama, said on Saturday that the U.S. economic recovery will be a "long slog" but that the rate of decline should slow.

    An unprecedented tumble in economic activity in late 2008 has left the United States in "a great recession," Volcker said at a conference at Vanderbilt University in Nashville, Tennessee.

    Volcker, a former chairman of the Federal Reserve, said troubles in the financial system continue to work against the economy, and vice versa.

    "The lack of a good, strong recovery works against a strong financial system," he said.

    (Reporting By Ros Krasny and Kristina Cooke; Editing by Leslie Adler)