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 find this to be surprising since a lot of these stimulus programs haven't even taken affect yet."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.
Could it be that they were never necessary?
I think that is what its saying at least.