Larry Summers, President Barack Obama's senior economic advisor in the White House's Economic Council, came out and said that "the economic free-fall could end in the next couple of months." I am not sure if he in touch with reality or with even the residents of Washington, DC. For many, they are caught in the actual real unemployment statistics of 15%, which includes the under-employed, and those who are working less than 23 hours per week but want full-time like they had before they were Pink Slipped, as well as those who just gave up looking. I am not sure he is in touch with the nation's university presidents, as he was once the president of Harvard. There will be a flood of new graduates unable to find work. Even the stimulus package will not make up for the coming job losses. Remember, there a millions who lost their 401Ks and were hoping to retire allowing younger people to fill these job vacancies. This, Larry, just won't be happening.
In addition, consumers continue to feel the jitters when they open their wallets even to buy two large pizzas! So, I am sure what Larry Summers is talking about.
Larry was a key figure in the deregulation that brought about this economic tsunami that swept of the country over the last 2 years.
Larry Summers get the Nitwit Award for this week!! Congratulations Larry!!
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