Summers's Spin: WE DID IT!

re: Summers's Spin: WE DID IT!

paulwcs — Fri, 17 Jul 2009 22:18:07 GMT

The economy is worse today than 60 days ago, and it's in worse shape than 30 days ago. Unemployment continues to rise. Their policies have all but destroyed the credit rating of most states.

These idiots are spending money based on election cycles, and honestly, most of us aren't that stupid.

That anyone believes anything coming out of Washington these days is beyond belief.

re: Summers's Spin: WE DID IT!

Lee Holmes — Fri, 17 Jul 2009 22:24:51 GMT

Observe the last paragraph, for here is the vehicle of the Obama Press in action. [somebody needs to pass the happy news onto Gross, who is harping that ''the recession is over'' elsewhere here on NEWSWEAK].

re: Summers's Spin: WE DID IT!

pjam — Sat, 18 Jul 2009 00:12:41 GMT

You mean we didn't need the $1 trillion "stimulus" that was "urgently needed" to prevent the sky from falling? What a surprise. I guess they will be giving the rest of the money back to the taxpayers since the recession is over and they only wasted 10% of it. Yeah right.

It's like the "green shoots" BS that the Fed and Obama started harping on 4 months ago, they haven't mentioned it much lately because reality has proven them to be liars. Summers will proven to be full of hot air in the coming months as well.

re: Summers's Spin: WE DID IT!

BioProff — Sat, 18 Jul 2009 00:19:50 GMT

The authors point, mainly, is that we don't know for sure whether President Obama's policies are responsible for the recovery. Admittedly, Summers could be jumping the gun, but others should be as careful as they claim others should be. Sometimes I wonder, by the articles that I read, if this particular author is really that educated in fincances (frankly I don't trust the advice of anyone with less than a MBA in Economics, and I don't know Samualsons qualifications), because he left out one glaring, and important, point. Unemployment always, without exception, follows the general economic trends. In other words, the economy can be sufferiing while not loosing as many jobs, and employment will be the last thing to recover. Employment numbers always lags behind any systemic recovery. This is Freshman economics course material. Therefore, it is unwise to associate a bad economy or lack of recovery with continued rise in unemployment. Those that do demonstrate a lack of understanding in this area. For the author to do this I have collated to one of two reasons: (1) ineptitude (he didn't know) or (2) deliberate intent (to scare people or take his own biased side). Unemployment, as an indicator or recovery, lags behind other indicators. Summers claim, though, is premature. We DON'T KNOW if it is working out not. Too early. Samuelson himself points out that most of the reforms and legislation will not take affect until later this year or even until mid 2010. And only a small proportion of the stimulus has been spent. He uses this argument to show that Summers could be wrong or making a erroneous claim. These same people though will say because of lack of recovery the stimulus didn't work. Same argument goes for both. It is not rational to claim that Summers is wrong because not enough of the stimulus has been spent then claim is isn't working when not enough of the stimulus has been spent.

re: Summers's Spin: WE DID IT!

BioProff — Sat, 18 Jul 2009 00:25:19 GMT

re: Summers's Spin: WE DID IT!

2gofer — Sat, 18 Jul 2009 00:38:39 GMT

Did Summers suggest that U.S. citizens are gullible in the last paragraph? Short term, there may be a few who buy the rhetoric, but the majority are focused on the longer term where it remains to be seen whether a temporary boost from the spending spree and positive spin can compensate for the financial burden of fiscal irresponsibility and political agenda that is detrimental to employment. Being a optimist, I'm hoping that a "green" based economic period will save Obama the way that the "dot com. explosion" saved Clinton.

re: Summers's Spin: WE DID IT!

fixitup — Sat, 18 Jul 2009 01:13:59 GMT

Mr. samuelson must be a voracious reader and/or a self educated, professional economist. Where as I am quite heavy and also jolly, I don't consider myself to be Santa Claus because I know that I am not, even though I may have the physical and psychological attributes.

Mr. Samuelson's arguments don't ring right with me either. It took years for previous administrations to grind us into the very deep hole we find ourselves today and Larry Summers is certainly premature in his Rosy assessment of our current and near term situations, but Mr. Samuelson assertions seem to be based on his seat of the pants direction finding methods also. Certainly, not enough credit has been given to people like Ben Bernanke and the others who were willing to "throw the BOOK out the window" and guide us out of the worst economic disaster in over seventy years.

This whole debacle is going to take time. You just can't push-start a fifty ton bulldozer by hand. The politicians of a certain political party seem to be content on "Egging" the President at every chance without offering solutions to the very problems that they helped create.

Have patience Bobby and tone down rhetoric. I'm no Santa Claus, but if you're a good little boy, I'll bring you an economic recovery in the not too distant future.

re: Summers's Spin: WE DID IT!

EducationDoc — Sat, 18 Jul 2009 22:49:43 GMT

Summers must not be aware of the fact that America's half century of global economic dominance due to scale, innovation and academic achievement is forecasted to end in 2040 when China becomes the world's largest economy and India attains a population greater than China's (NCEE, 2008). Additionally our Global Skill Gap is about to get wider as "baby-boomers" retire with considerable expertise and educational achievement, replace with those requiring a learning curve. By 2028 half the workforce will be people of color raising issues of college readiness and access. President Obama this week indicated that "growth jobs of the future will require at least an associate's degree." Younger educated professionals are also now managing their own careers and will seek opportunities in other career and companies so retention of talent has become another serious issue at both ends of the employee age spectrum.

The Nation is still at risk!

re: Summers's Spin: WE DID IT!

AlyKhanSatchu — Sun, 19 Jul 2009 07:28:07 GMT

Larry Summers is a LEGEND in his own self obsessed mind.

Hubris has humbled kings.

Aly-Khan Satchu

www.rich.co.ke

Twitter alykhansatchu

re: Summers's Spin: WE DID IT!

bighappy — Mon, 20 Jul 2009 03:05:56 GMT

You did it? Be patient, you will see in 2010 what you have done. $1.8 trillion deficit is not invisible yet, but it must be repayed, and when Democrats, as usual, will try to overtax riches and they in response will vote by moving away - then you will see new Great Depression (probably in 2011, 2010 will be the same as 2009). Depression will be over only in 1913, after voters evict the idiot from White House.

Besides, current numbers prove that it was a regular recession artificially exaggerated by Democrats and their banker friends to push "bailouts" and con "reforms",

re: Summers's Spin: WE DID IT!

DUI attorney — Wed, 22 Jul 2009 09:14:53 GMT

"Besides, current numbers prove that it was a regular recession artificially exaggerated by Democrats and their banker friends to push "bailouts" and con "reforms"..... The numbers are real, not exaggerated by Dems. The Bush Admin sat on its hands (while controlling two, or arguably three, branches of the govt for 6 out of 8 years). Obama inherited a mess. Let's face it.

re: Summers's Spin: WE DID IT!

fixitup — Sat, 25 Jul 2009 21:38:09 GMT

" Depression will be over only in 1913, after voters evict the idiot from White House.

Besides, current numbers prove that it was a regular recession artificially exaggerated by Democrats and their banker friends to push "bailouts" and con "reforms",

I don't know where you get your information DUI ? But, the voters did evict the idiot from the White House. And 1913? What's that all about........and the Democrats and their banker friends? You had better tell guys like the nefarious Mr. Phil Gramm (R) Texas, he doesn't count any more.