Posted on 10/22/2009 5:10:21 AM PDT by Red in Blue PA
The U.S. economy is firmly poised for a recovery from its deep recession but growth may be moderate and the job market will not revive immediately, senior White House aide Lawrence Summers predicted on Wednesday.
"There's really no doubt that the third quarter registered growth, and growth at a nontrivial rate, and every expectation that the fourth quarter will do the same," Summers said in an interview as part of the Reuters Washington Summit.
Summers, who heads the White House's National Economic Council, also gave strong backing to the beleaguered U.S. dollar, which has fallen to a 14-month low against major currencies.
He said he did not think the dollar's status as a global reserve currency was in jeopardy.
(Excerpt) Read more at cnbc.com ...
Obama and the democrats seem oblivious to the situation we are in, both domestically and in our world strategic stance. I do not necessarily see this as malevolence, but as an indication of extreme incompetence. You can run America like it a Chicago.
That girls look is precisely how I feel with this administration!
I am “firmly poised” to jump to the moon......if my muscles miraculously increased a million fold!
Ha, ha! Good joke. I, too, would call negative job growth "slow" if I were trying to put a good spin on the economy.
I son’t really consider negative growth to be growth.
Take out massive government borrowed money spending and that growth disappears. Even worse is servicing all the debt will take out growth for many years to come.
They are incompetent fools.
What was the turd qtr Growth rate? Seems to be missing from the article?
Pray for America
Poised...as in poisoned from within with cancerous Chicago cronies. Whatever curtains may be closed, makeup applied and mirrors removed, the out of control statist mutation has not slowed from its destructive march across our lands. It is an entrenched systemic invasion that is shutting down our freedoms and endangering our liberty.
If the brave do not act soon, the land of the free shall be no more.
Why do they keep saying we’re in a recovery?
[The U.S. economy is firmly poised for a recovery from its deep recession ]
Just as the US was poised for a recovery from the Depression in 1929.
My bank account is also recovering, but without any money growth.
Just watched a Frontline documentary on the derivative meltdown. An astute Clinton appointee tried to regulate these dark pools of money as she saw the danger. She was drug into Congress and flogged thanks to the collaboration of Greenspan, Rubin, Summers, and the SEC flunky. They blocked her and she had to resign. Little Timmy Geithner was Rubin’s flunky at the treasury department during this time. Right after they successfully shut down the regulation of the derivative market (to help out their banking buddies), the LTCM hedge fund failed. This was the canary in the coal mine that cost them $5B to bail out and established the “To Big To Fail” mindset. Nothing changed and they let the derivatives market explode to $600 Trillion which has led us to where we are today.
Even with this track record, Obama hand picks Geithner and Summers to take the helm of fixing this mess. The very perps that helped create it. That is why this whole process is doomed to failure.
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