TORTURE CONTROVERSY INCONTRASTING VIEW BY BUSH VS OBAMA at technologos
Remarks of Lawrence H. Summers, Director of the National Economic Council, Responding to an Historic Economic Crisis: The Obama Program, Brookings Institution, Washington, DC March 13, 2009 &
Saga End of Wall Street: What Happened, JSJ reporters and principal key financial players explain how the housing bubble inflated and burst, and why easy money led to the collapse of Wall Street's biggest financial institutions. Finally, the crisis on Wall Street story of the $700-billion bailout and looks at what's ahead for the global economy
View technologos ALAN GREENSPAN SUCCESSORS N OBAMA GOV US ECONOMY cinemascapes TECHNOLOGOS CINEMASCAPES POLITLANDSCAPE & CURRENT Financial Crisis AFFAIRS CINEMASCAPES with Summers addressing the strategy framework of recovery after economy crisis
Economic downturns historically are of two types. Most of those in post-World War II-America have been a by-product of the Federal Reserve’s efforts to control rising inflation. But an alternative source of recession comes from the spontaneous correction of financial excesses: the bursting of bubbles, de-leveraging in the financial sector, declining asset values, reduced demand, and reduced employment.
Unfortunately, our current situation reflects this latter, rarer kind of recession. On a global basis, $50 trillion dollars in global wealth has been erased over the last 18 months. This includes $7 trillion dollars in US stock market wealth which has vanished, and $6 trillion dollars in housing wealth that has been destroyed. Inevitably, this has led to declining demand, with GDP and employment now shrinking at among the most rapid rates since the second World War. 4.4 million jobs have already been lost and the unemployment rate now exceeds 8 percent.
Our single most important priority is bringing about economic recovery and ensuring that the next economic expansion, unlike it’s predecessors, is fundamentally sound and not driven by financial excess. This is essential. Without robust and sustained economic expansion, we will not achieve any other national goal. We will not be able to project strength globally or reduce poverty locally. We will not be able to expand access to higher education or affordable health care. We will not be able to raise incomes for middle class families or create opportunities for new small businesses to thrive.
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