Remember when we were hearing that economic recovery would start in June?

And then in the 3rd Quarter?

Well now the Fed thinks recovery may start late in 2009.

Fed’s Yellen: Slow Recovery to Start in Late 2009

The U.S. recession is likely to end later in 2009, ushering in a “frustratingly slow” recovery marked by continued high unemployment, a top Federal Reserve official said on Tuesday.

Janet Yellen, president of the San Francisco Fed, looked for inflation to stay low for several years, and hinted that the central bank should be in no hurry to raise interest rates even once growth turns positive.

“I am not optimistic that the economy will spring back to normal anytime soon,” Yellen told the Commonwealth Club of California in San Francisco.

The U.S. jobless rate is likely to rise from its current level, and it could take

several years to return to full employment, Yellen said — a period that could intensify downward pressure on wages and prices.

If inflation indeed stays low, after all the money jumped into the economy by the Fed’s, then we got major long term problems. And some of those problems may include Cap and Trade and nationalized health care.

And expect major spinning by the left to avoid taking any responsibility.