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Summers says U.S. economy's freefall has ended

Harry Guerrilla

Harry Guerrilla

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Summers says U.S. economy's freefall has ended

WASHINGTON (Reuters) – The sense of "unremitting freefall" in the U.S. economy has ended and the picture is no longer completely negative, but rather mixed, President Barack Obama's economic adviser Lawrence Summers said on Sunday.
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"Six or eight weeks ago, there were no positive statistics to be found anywhere. The economy felt like it was falling vertically. Today, the picture is much more mixed," Summers said.

"There are some negative indicators, to be sure. There are also some positive indicators. And no one knows what the next turn will be," he said. "But I think that sense of unremitting freefall that we had a month or two ago is not present today. And that's something we can take some encouragement from."
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"I suspect the economy will continue to decline for some time to come," Summers said. But he noted that the consensus among forecasters suggests the economy will perform better by the end of the year.
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I find this to be surprising since a lot of these stimulus programs haven't even taken affect yet.

Could it be that they were never necessary?

I think that is what its saying at least.
 
Harry Guerrilla said:
Summers says U.S. economy's freefall has ended







I find this to be surprising since a lot of these stimulus programs haven't even taken affect yet.

Could it be that they were never necessary?

I think that is what its saying at least.
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NONE were needed, not even the idiotic ones Bush was scared ****less into making happen.

America has no backbone for pain, or discomfort and people, like sheep panic'd so the "government" had to do something.

All that was needed was some leadership in Washington and the spine to say "Okay, this sucks, it's gonna suck, but we can move forward from here".
 
MrVicchio said:
NONE were needed, not even the idiotic ones Bush was scared ****less into making happen.

America has no backbone for pain, or discomfort and people, like sheep panic'd so the "government" had to do something.

All that was needed was some leadership in Washington and the spine to say "Okay, this sucks, it's gonna suck, but we can move forward from here".
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I specifically remember Obama and Bush saying it would take months before they would have any effect.

I remember economists saying that it wouldn't have any effect until the end of the year too.
 
Harry Guerrilla said:
Summers says U.S. economy's freefall has ended


I find this to be surprising since a lot of these stimulus programs haven't even taken affect yet.

Could it be that they were never necessary?

I think that is what its saying at least.
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Ha ha ha, just because the freefall has ended doesn't mean we're getting better, it just means we're no longer getting worse. You want everything to stay how they are right now? Without economic stimulus, could be that they would. Furthermore, stimulus programs have an effect before they physically take effect; in people's minds, that is, encouraging growth, investment, loans, et cetera.


The Duke of Realism
 
Duke said:
Ha ha ha, just because the freefall has ended doesn't mean we're getting better, it just means we're no longer getting worse. You want everything to stay how they are right now? Without economic stimulus, could be that they would. Furthermore, stimulus programs have an effect before they physically take effect; in people's minds, that is, encouraging growth, investment, loans, et cetera.


The Duke of Realism
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You made the same point I was about to. I'm not an economist by any degree and a complete layman, but I suspect that the knowledge that these plans are coming along could have acted as sort of a "placebo" if you will. Nothing has actually happened yet, but knowing that something is coming along is already making you feel better. Don't know if this has any basis on reality, but just a thought that came up.

I can't remember who it was on the Diane Rehm Show that talked about this that "we're no longer in a freefall" and reminded that it just meant that the drop was slowing and not accelerating anymore, not that we wouldn't keep seeing negative for some time still and pointed out that Obama is coming out perhaps as a bit too positive about the matter and it could come and bit him in the ass.
 
The leaders need to say things like this otherwise confidence in the economy will not rise and investment will not increase. Whenever someone says something like this, the stock market improves.
 
Orius said:
The leaders need to say things like this otherwise confidence in the economy will not rise and investment will not increase. Whenever someone says something like this, the stock market improves.
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Hell, if that's all it takes, wouldn't it have been cheaper for the government to just tell everyone life is wunnerful from the get go?
 
Orius said:
The leaders need to say things like this otherwise confidence in the economy will not rise and investment will not increase. Whenever someone says something like this, the stock market improves.
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How trite when during the last years of the Bush Presidency the media and Liberals claimed that we were heading into the great depression on a daily basis regardless of the economic data and pretty much willed the markets into a free-fall.

I find it fascinating that NOW that dear leader is in charge, we need only change the message to have "change."

Meanwhile, the REAL freefall will occur when the morons infesting our Congress and White House finally decide to be honest with the American people and explain how they actually plan to pay down the vast deficits they fear mongered the American people into.

Let me give you a hint; key word "higher" and it begins with a "T" and ends with an "X".
 
The appropriate response would have been to take steps to boost economic activity (tax cuts and targeted incentives), and make it clear all deposits covered by the FDIC were safe, maybe even increasing the limit to 500k.

Then a real no kidding, in depth examination on what caused the problem, not a finger pointing event, but a "here's what happened, and here's the best way to keep it from happening." panel.

Instead, Bush panic'd, and Obama ran with the "crisis" to expand the government.
 
The appropriate response would have been to take steps to boost economic activity (tax cuts and targeted incentives), and make it clear all deposits covered by the FDIC were safe, maybe even increasing the limit to 500k.
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The FDIC does not have enough funding to handle a single bank failure, much less failure on the level that could have (and could still) happen from this crisis.
 
Khayembii Communique said:
I don't see what's so good about that.
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When did I ever argue it was good? Or have I suggested that it is good when the Federal Government enters into fear mongering for purely partisan political reasons promoting a vast Liberal Socialist agenda to avoid honest debate and promote a budget that has now put generations of Americans into deep debt without a single debate how to pay for it?
 
Khayembii Communique said:
The FDIC does not have enough funding to handle a single bank failure, much less failure on the level that could have (and could still) happen from this crisis.
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Funny, we don't have the money to cover a single bank failure, but we could afford to spend 1.85 trillion? I think not.
 
When did I ever argue it was good?
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You put one of these guys next to it: :cool:

How was that supposed to be interpreted?

Funny, we don't have the money to cover a single bank failure, but we could afford to spend 1.85 trillion? I think not.
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I said that the FDIC doesn't have the funding, not the government.
 
I'd say that this is the part of the Pirates of the Caribbean Ride where you get to view the pirates enjoying their raping and pillaging but before the sudden water slide drop to the bottom (sorry, you Disney World fans just miss out).

Have we seen the HUGE inflation spike all the infused wet-ink cash has to cause yet?

No?

Then we ain't near the bottom yet.
 
OK so we're entering the malaise period...
After that is major inflation.
Before either occur though--> Obama has a few trillion more he wants to spend.
Next up trillions in spending for substandard government run health care..yay!

Face it folks..he's not even trying to save or lower spending. At this point I think his intent is to spend so much that none of us will be able to get out form under the governments direct meddling in our lives.



Obama's spending is likely to be the big negative remarked upon for the next 30 years in US politics. Nobody is going to want to be accused of backing spending like Obama did.
 
MrVicchio said:
NONE were needed, not even the idiotic ones Bush was scared ****less into making happen.

America has no backbone for pain, or discomfort and people, like sheep panic'd so the "government" had to do something.

All that was needed was some leadership in Washington and the spine to say "Okay, this sucks, it's gonna suck, but we can move forward from here".
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you really don't have a freaking clue, do you?
 
Triad said:
OK so we're entering the malaise period...
After that is major inflation.
Before either occur though--> Obama has a few trillion more he wants to spend.
Next up trillions in spending for substandard government run health care..yay!

Face it folks..he's not even trying to save or lower spending. At this point I think his intent is to spend so much that none of us will be able to get out form under the governments direct meddling in our lives.



Obama's spending is likely to be the big negative remarked upon for the next 30 years in US politics. Nobody is going to want to be accused of backing spending like Obama did.
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CHANGE we can all believe in; OH YEAH! :rofl
 
Truth Detector said:
CHANGE we can all believe in; OH YEAH! :rofl
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As best I can tell, the "change we can believe in" is politics as usual on fast forward.

I will start to believe that the economic freefall has ended when unemployment rates in this area drop below 12 %. This nice map shows that unemployment in west Michigan by country ranges from 9.6 %, to 19.7 %, with my home being at 14.4 %.

I could care less when the banks start to recover, I only care about when things get better for us working class folks. I realize on some level that untill banks recover, and wall street, there will be no recovery for the working class, but don't even start talking about recovery untill it actually affects those of us not rich.
 
Redress said:
As best I can tell, the "change we can believe in" is politics as usual on fast forward.

I will start to believe that the economic freefall has ended when unemployment rates in this area drop below 12 %. This nice map shows that unemployment in west Michigan by country ranges from 9.6 %, to 19.7 %, with my home being at 14.4 %.

I could care less when the banks start to recover, I only care about when things get better for us working class folks. I realize on some level that untill banks recover, and wall street, there will be no recovery for the working class, but don't even start talking about recovery untill it actually affects those of us not rich.
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The great Liberal State of California now has an unemployment rate of 11.2% and a budget shortfall in excess of $40 billion. The Democrats infesting the State Government apparently are modeling this once prosperous State after Michigan.

California Economy at a Glance
 
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