Volcker: Bottom approaching, but tough road remains

When a casual observer of economics and the markets makes a comment, that's something that investors can take with a grain of salt. But when one of the economic world's heavyweights speaks, investors need to listen.

Former U.S. Federal Reserve Chairman Paul Volcker, speaking this past weekend at a policy maker conference at Vanderbilt University, said the rate of the economy's decline is set to slow, aided by unprecedented efforts to keep credit flowing. However, Volcker added that the U.S. economic recovery will be difficult and slow. Volcker, who now serves as a senior economic advisor in the Obama administration, said the economy faces a "long slog" ahead.