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Economy's 'Free-Fall' Nearly Over: Summers

By Harry Kimball,  Newser Staff

Posted Apr 9, 2009 4:14 PM CDT

(Newser) – Top Obama economic adviser Lawrence Summers said today that measures to stabilize the economy will have a discernible effect in the next few months, the Hill reports. Loosening credit and an increased flow of inventory from manufacturers means the sense of “free-fall” will dissipate, though jobless numbers will continue to rise. We can’t “hold out the prospect that unemployment will stabilize,” Summers said.

“The sense of a ball falling off a table,” Summers said, “which is what the economy felt like since the middle of last fall, I think we can be reasonably confident that that's going to end in the next few months, and that you'll no longer have that sense of free-fall.”

Protestors hold up a banner behind National Economic Council Director Lawrence Summers at the Economic Club of Washington.
Protestors hold up a banner behind National Economic Council Director Lawrence Summers at the Economic Club of Washington.   (AP Photo)
National Economic Council Director Lawrence Summer participates in a question-and-answer session at the spring lunch meeting of the Economic Club of Washington.
National Economic Council Director Lawrence Summer participates in a question-and-answer session at the spring lunch meeting of the Economic Club of Washington.   (AP Photo)
National Economic Council Director Lawrence Summers.
National Economic Council Director Lawrence Summers.   (AP Photo)
National Economic Council Director Lawrence Summers and Treasury Secretary Tim Geithner.
National Economic Council Director Lawrence Summers and Treasury Secretary Tim Geithner.   (AP Photo)
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COMMENTS
Showing 2 of 2 comments
AClotfelter
Apr 9, 2009 11:06 AM CDT
This is such bullshit... if the free-fall DOES end soon, we're in for another one in short order... still wayyy too many bad debts out there. And since when can these people see the future so well?
Snowleopard
Apr 9, 2009 10:59 AM CDT
that photo is classic

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