While the federal government has not come right out and said it, most are under the assumption that the country is already in the midst of another recession.

Coming just short of near catastrophe in September, Wall Street has limped back over the last few weeks to stabilize once again, though most are still skeptical of the country’s economic strength.

Senior Vice President and Chief Investment Officer of Fifth Third Bank E. Keith Wirtz said he had never seen anything so dramatic during his time in the finance industry.

Wirtz told members of the Council for Progress at their meeting on Friday that financial forecasters think the recession will last the next three to four quarters, and the unemployment rate could rise as high as 8 percent.

“The worst is still on the horizon,” he said. “It’s going to get worse before it gets better.”

Analysts found America to have “weak conditions” coming out of the summer months, paving the way for the near crash of Wall Street and the economic rescue/bail out legislation that followed.

Wirtz equated the week of Sept. 15 as the “modern equivalent of a 1930s bank run”, as banks stopped lending to other banks and investors turned to federal notes just to guard their fortunes.

“They were paying a price to store their wealth,” he said. “They were paying $1.01 only to get $1.00 back.”

Wirtz is predicting a slow holiday shopping season, which would not bode well for an economy that’s only operating at 80 percent of its full potential.

“Consumer behavior has changed over the last few weeks. I expect a slow holiday shopping season,” he said.

The United States finds itself in uncharted territory, Wirtz added, with power shifting on Wall Street, away from investment banks to the rise of so-called “mega banks,” while hedge fund have lost their competitive advantage in the market place.

Though both presidential candidates caused Wirtz “pain” while watching them discuss their economic plans, he said President-elect Barack Obama has to prepare for inflation down the road if the economy becomes flooded with too much stimulus.

Wirtz urged patience to the members of Council for Progress, saying there was nothing to be done other then to wait and see.

Admittedly, Wirtz was flummoxed when pressed for answers.

“We are traveling through a period of uncharted waters,” he said. “And quite frankly, I don’t know what it means.”