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FRIDAY, NOVEMBER 27, 2009
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Summers: Stimulus Is Starting to Work

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(Newser) – Larry Summers sounded a note of cautious optimism today about President Obama's stimulus plan, the Washington Post reports. While it's way too early to assess its "broader economic impact," Obama's chief economic adviser called it "moderately encouraging" that consumer spending appears to be back on track.

"Since it began to take shape, consumer spending in the US, which was collapsing during the holiday season, appears, according to a number of indicators, to have stabilized," Summers told the Brookings Institution. He also warned of an "excess of fear" hampering recovery. "In the past few years, we’ve seen too much greed and too little fear; too much spending and not enough saving; too much borrowing and not enough worrying. Today, however, our problem is exactly the opposite.”

National Economic Council Director Lawrence Summers, left, and Treasury Secretary Tim Geithner attend a White House event.
National Economic Council Director Lawrence Summers, left, and Treasury Secretary Tim Geithner attend a White House event.   (AP Photo)
National Economic Council Director Lawrence Summers is seen at the White House on Feb. 23, 2009, after President Barack Obama addressed lawmakers at the Fiscal Responsibility Summit.
National Economic Council Director Lawrence Summers is seen at the White House on Feb. 23, 2009, after President Barack Obama addressed lawmakers at the Fiscal Responsibility Summit.   (AP Photo)
Treasury Secretary Tim Geithner, right, and National Economic Council Director Lawrence Summers, left, attend a speech by President Barack Obama.
Treasury Secretary Tim Geithner, right, and National Economic Council Director Lawrence Summers, left, attend a speech by President Barack Obama.   (AP Photo)
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13 comments
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BackAgain
Mar 13, 09 11:24 AM CDT
The fear is of you Dem freak socialist asses taking over the country and taxing us to death. dahhhhhhhh. I have money but until I see where this country is headed the only this I am buying is food. LOL Reply
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IN RESPONSE:
NutsInNY
Mar 13, 09 11:32 AM CDT
And, you told us recently, stockpiling ammunition ever since Obama was elected... (Let us know if that changes, CuteLilRoger.)
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IN RESPONSE:
TRU2TM3
Mar 13, 09 12:11 PM CDT
clroger, the exit is to the North, South, East and West. You are welcome back when we have returned to prosperity, because we understand conservatives are scared of a challenge and any change that comes with it.
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IN RESPONSE:
woody66
Mar 13, 09 5:28 PM CDT
Personally I wouldn't mind it if you re-located your sorry ass to a low tax country like Switzerland clroger. Then you and I would both be happy. You get your low taxes and I hopefully don't have to listen to your bullshit anymore. You'd have to leave your heat and ammo here tho.
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PaleRider
Mar 13, 09 12:45 PM CDT
Now that the bills have been signed, it's time to start pretending that it's working and turn down the RPM's on the Hysteria Machine. Reply
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