because, er… he says so:
“Today, everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be,” Summers said on ABC.
You would think Larry’s trying to sell you something, and you would not be wrong,
The White House’s optimism comes after a week of activity by the president and Democrats to improve the economy.
“A week of activity by the president and Democrats to improve the economy”? You mean, by the same folks who have tripled the national debt and crippling small businesses?
Last Tuesday, the Obama administration announced it was extending the Troubled Asset Relief Program until October 2010 in an attempt to free up credit for small businesses to expand and for homeowners to secure their mortgages through the administration’s housing program.
On Friday, the White House’s pay czar, Ken Feinberg, released new rulings on the pay packages for some of the highest-paid employees at companies receiving what the administration deems “exceptional assistance” from the government.
Also on Friday, House Democrats passed financial reform legislation to tighten federal regulation of Wall Street, and create an agency to protect consumers from abusive lending practices, a fund to help failing banks and new rules for the trading of some of the financial instruments that helped cause the crisis.
Summers tied the president’s health-care overhaul to efforts to reduce the federal deficit.
- more TARP
- more bad mortgages since the Community Reinvestment Act is not only still law but is being expanded
- more government intervention on private industry
- more budget-busting in the form of a national healthcare bill
That’s why Larry thinks the recession is over.
Tim Cavanaugh is skeptical, to put it mildly,
The transportation services index is still tanking. (Zzzz!) Unemployment continues to exceed expectations. (Better luck next time, suckers!) Is the recession really over? Can something this magical just up and runnoft?
Go ask the unemployed.
I’m betting on inflation.