March 13th, 2009
02:09 PM ET
6 years ago

Summers: Turnaround date for economy unclear

Larry Summers spoke at the Brookings Institution Friday.
Larry Summers spoke at the Brookings Institution Friday.

WASHINGTON (CNNMoney.com) - While touting the administration's economic plan on Friday, President Obama's top economic chief said it was unclear how long the fixes would take to work.

Larry Summers, director of Obama's National Economic Council, explained the administration's multi-pronged attack to stimulate the economy, help homeowners struggling to pay mortgages and relieve financial markets.

Watch: Summers on bringing about an economic recovery

But Summers, speaking to a packed crowd at the think tank the Brookings Institution, also admitted that "no one can know just when and how its positive effects will be fully felt."

Summers did say that he saw some early signs that the economic crisis could be beginning to ease. He pointed to consumer spending, which collapsed during the holiday season but now appears to be stabilizing.

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Filed under: Economy • Obama administration
soundoff (14 Responses)
  1. sick n tired of being a victim of Nazi CNN moderators

    Things will not change overnight, they will take time people! We need to let this process run its course and see what happens! Like it or not,weather you're for it or against it the bottom line is, we're in this together and we are all committed to this weather we want to be or not! We can worry about crying and belly aching later! Right now we have to GROW UP, GET REAL and DEAL WITH IT!

    March 13, 2009 03:31 pm at 3:31 pm |
  2. FreeNLovIt

    And hopefully, the DUMMYCRAT dont make fools out of themselves, like the Republi CON :)

    March 13, 2009 03:58 pm at 3:58 pm |
  3. JDC

    The "turnaround" will come when Obama leaves!

    March 13, 2009 03:58 pm at 3:58 pm |
  4. Anonymous

    Of course things will not change overnight! Why is this clown trying to explain that?

    March 13, 2009 04:07 pm at 4:07 pm |
  5. cedgar

    Why can't the Treasury get staffed?
    The Treasury dept. is key to the economy turning around!
    The people on the hill need to put down the check book and get
    all the positions filled!
    President Obama needs to focus on getting the Treasury dept.
    staffed and stop acting like he his A.D.D.
    For me personally he has until June to show the economy is turning.

    March 13, 2009 04:09 pm at 4:09 pm |
  6. sherry

    Geez......Everyone thinks it should happen over night.........It took Bush 8 years to run our deficit up , it will take Obama longer than a month before we will start seeing an improvement.

    March 13, 2009 04:15 pm at 4:15 pm |
  7. no corporate politics

    Messiah meets Reality. Interesting how the lowering of expectations came after the vote.

    March 13, 2009 04:16 pm at 4:16 pm |
  8. no kidding stupid

    I hate economists

    what a bunch of worthless stuffed shirts

    we put so much confidence in them and they sit around and make up explanations and hope (pray) that they come true so that they can say "see I am a great economist"

    they are blind folded and throwing darts

    March 13, 2009 04:22 pm at 4:22 pm |
  9. thomas

    Five out of the box ways to stimulate the economy:
    1. Four day work week – will afford individuals more personal time for income producing endeavors like personal businesses, part-time jobs and special income-producing projects, including educational courses.
    Also allows more time for shopping, travel, and recreation.
    2. Income taxes – elimination of taxes for anyone earning less than the minimum standard of living guidelines based on actual cost of living data.
    3. Sales taxes – implemention of sales tax holidays to encourage retail sales, especially for big ticket items like automobiles, appliances, and furniture.
    4. Interest rates – limit interest rates to a maximum of 12 percent to lower personal debt, stabilize credit, and restore confidence in the banking system.
    5. Legalized marijuana – will create new industry and new tax revenues, will reduce border drug crime, will decrease criminal justice spending.

    March 13, 2009 04:36 pm at 4:36 pm |
  10. mszt

    Get real people! Give my President time to change things. Bush had 8 yrs. To screw up!!!

    March 13, 2009 04:54 pm at 4:54 pm |
  11. New Yorker

    thomas – you must be working for Obama; your recommendations would bring this country down is 2 months if implemented. Yeah man, we could all get stoned so we don't feel the pain man. Get a life, buddy. Some of us still enjoy having a brain.

    March 13, 2009 05:03 pm at 5:03 pm |
  12. Ula Nejad Sacramento, Ca

    We are tired of all the BS coming from the White House and the treasury. There is nothing you can do but just shut up and do your work. We know just as much as you and maybe more. The date will be clear when the world mourns. Maybe that would sound comforting for some.

    March 13, 2009 05:44 pm at 5:44 pm |
  13. Lori

    Hey Republicans:

    The DOW is up again. Why aren't you attributing that to President Obama like you do when the markets are down? Hypocrites!

    March 13, 2009 05:45 pm at 5:45 pm |
  14. Chris in Va.

    @ New Yorker.....so what's your plan big mouth? Typical, all mouth and no brain.

    March 13, 2009 05:46 pm at 5:46 pm |