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

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

    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.
    "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."
    "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.
    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.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Summers says U.S. economy's freefall has ended

    Quote Originally Posted by Harry Guerrilla View Post
    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.
    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".
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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

    This is absolutely hilarious. What a moron.

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

    Quote Originally Posted by MrVicchio View Post
    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".
    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.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Summers says U.S. economy's freefall has ended

    Quote Originally Posted by Harry Guerrilla View Post
    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.

    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.


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

    Quote Originally Posted by Duke View Post
    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
    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.
    ...we honor leaders for what they achieve, but we often prefer to close our eyes to the way they achieve it...

    In the real world, politics is compromise and democracy is politics. Anyone who would be a statesman has to be a successful politician first. Also, a leader has to deal with people and nations as they are, not as they should be. As a result, the qualities required for leadership are not necessary those that we would want our children to emulate - unless we wanted them to be leaders.

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

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

    Quote Originally Posted by Orius View Post
    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.
    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?

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

    Quote Originally Posted by Orius View Post
    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.
    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".

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

    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.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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