Deflation the Biggest Risk of the Economic Crisis? - Janet Yellen July 22, 2009

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Complete video at: http://fora.tv/2009/06/30/A_View_of_the_Economy_from_the_Federal_Reserve

Dr. Janet Yellen, President of the Federal Reserve Bank of San Francisco, argues the most likely outcome of the recession is deflation, not inflation. She explains that decreased spending and lowered prices could "turn into outright deflation" if left unchecked.

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Amid the deepest recession of the postwar era, the Federal Reserve faces one of the gravest challenges of its 96-year history.

Janet Yellen, President and CEO of the Federal Reserve Bank of San Francisco, assesses the state of the economy while explaining the thinking and the actions behind some of the Fed's precedent-shattering initiatives to rescue a financial system in crisis and help jump-start economic growth. - Commonwealth Club

Janet L. Yellen took office on June 14, 2004, as president and chief executive officer of the Twelfth District Federal Reserve Bank, at San Francisco. In 2009, she serves as a voting member of the Federal Open Market Committee.

Dr. Yellen is professor emeritus at the University of California at Berkeley where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics and has been a faculty member since 1980.