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Economy 'Back From the Abyss:' Summers

By Harry Kimball, Newser Staff

Posted Jul 17, 2009 12:39 PM CDT

(Newser) – President Obama's top economist is confident that swift action by the administration averted disaster, ABC News reports. “We were at the brink of catastrophe at the beginning of the year,” Larry Summers says, “but we have walked some substantial distance back from the abyss.” Summers credits the recovery to the two-tiered plan that moved quickly to stabilize the financial system while simultaneously preparing for future growth.

“First, the most immediate priority was to rescue the economy by restoring confidence and breaking the vicious cycle of economic contraction and financial failure,” Summers says. “Second, the recovery from this crisis would be built not on the flimsy foundation of asset bubbles but on the firm foundation of productive investment and long-term growth.” Even Summers is in awe of the progress: “The distance we have traveled these past six months is remarkable.”

[Images (3)]

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Larry Summers, chairman of the White House National Economic Council. (AP Photo)

National Economic Council Director Lawrence Summers. (AP Photo)

President Obama and his economic team: Council of Economic Advisers Director Christina Romer, Treasury Secretary Timothy Geithner, and Director of the National Economic Council Lawrence Summers. (AP Photo)

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Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real six months ago. - Larry Summers

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COMMENTS

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Showing 3 of 12 comments

Ucantusethatname

Jul 18, 2009 12:52 PM CDT

Millions of jobs lost. Millions of home foreclosures. Banks not lending. Stores closing. And this whacko is in awe of the progress? How do you know when Summers and Obama are lying? When their lips are ******.

foodchain11

Jul 18, 2009 12:47 PM CDT

you've got that right. Sheeple will follow right to the slaughter house.

foodchain11

Jul 18, 2009 12:45 PM CDT

wow, a Kool-aid party!! 8 yrs of Reagan, huge homeless population (remember?), huge deficits, cabinet members taking the 5th. Both Bushes having major meltdown with banking industry (savings&loan w/ Neil Bush, Keaton 5) which WE/YOU paid for. Carter had trouble, but to pretend that Bushes and Reagan did no harm is KOOL-AID TIME. Trouble is you're killing the middle class and don't even know it

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economic growth • US economy • economic stimulus package • Larry Summers • Obama administration • financial crisis • President Obama • National Economic Council • economists • economic recovery

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