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Terry Fitzgerald, senior economist and assistant vice president at the Federal Reserve Bank in Minneapolis, spoke to members of the Hudson Area Chamber of Commerce & Tourism Bureau. The program was arranged by John Malmberg at Hudson's First American Bank. Photo by Doug Stohlberg

Recession 'not even close' to depression

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Terry Fitzgerald, a senior economist and assistant vice president at the Federal Reserve Bank in Minneapolis, said the recession is serious but not nearly as bad as reported in the popular media. He made his comments Tuesday morning at the "Good Morning Hudson" meeting of the Hudson Area Chamber of Commerce & Tourism Bureau.

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"We have to put things in perspective," Fitzgerald said. "Some compare this recession to the Great Depression. It's not even close."

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