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I believe the intent of his statement was that if it takes too long things will have degraded beyond the ability of any action to cause recovery. Not that there would never be a recovery.
But that isn't what he said. And if that is what he meant, then unless he is relying on an economic theory with which I am not familiar (certainly a possibility) it is unlikely to be true (though if the global financial network and unbacked fiat currencies truly did break down completely we'd probably be looking at a couple centuries before recovery happened in any meaningful way).
Anyway, if nothing else it is good to see that the Republican side of the party has so quickly realized that ramming through government action on the back of overhyped fear is a bad thing. Overracting out of economic fear is a nice change of pace from overreacting because a brown person might know the atomic weight of uranium.
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