Sunday, June 20, 2010


Here is Larry Summers in April:
"I think the economy appears to be moving towards escape velocity. You hear a lot less talk of W-shaped recoveries and double-dips than you did six months ago."
So, are we in orbit yet? Here's Summers this weekend:
Summers, in an interview with Globe editors and reporters this week, cited progress made during the 18 months of the Obama administration, but acknowledged that the recovery still faces risks, from the premature withdrawal of federal spending aimed at stimulating the US economy to a financial meltdown in Europe to increased tensions in Korea.

Summers, the former Harvard University president and Treasury secretary under President Clinton, presented a cautious, measured view of economic conditions. For example, after expressing confidence that European policy makers would contain the government debt crisis and avoid another global financial crisis, he added that the assessment was “my best guess, and I could be wrong.’’

Or, when asked if the nation had achieved a self-sustaining recovery, Summers responded, “I think that’s the right presumption and my expectation. I wouldn’t be foolish enough to be certain.’’
Such confidence!


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