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2010-09-01
Study: CEO Compensation Totaled $598 Million At The 50 Companies That Laid-Off The Most Workers

Peak Oil And The German Government - Military Study Warns Of Potentially Drastic Oil Crisis

Mystery Over Russian General Found Dead On Turkish Beach

Internet Freedom - Will Russia's Bloggers Survive Censorship Push?

Life In Baghdad's Slums - Fighting to Survive In Sadr City

Moral Bankruptcy At HSH Nordbank - Investigators Look At Frameup And Iniquity At German Bank

Study: Illegal U.S. Immigration Has Slowed Considerably

Inquest Told MI6 Employee's Body Was In Padlocked Bag

Report Claims Andy Coulson, Prime Minister's Media Adviser, Discussed Hacking Phone Calls

Ferrari Recalls 458 Italias After A Spate Of Fires

Probe Of Alyeska Pipeline Spill Uncovers Troubling Pattern

Defiant Dick Fuld Blames False Rumors And The Fed For Lehman Bros. Collapse

U.S. Toll Rising In Afghanistan, 22 Soldiers Killed Since Friday

Charity Oxfam Hit By Fatal Bomb As U.K. Deputy Prime Minister Visits Troops In Afghanistan

Gov. Schwarzenegger Tells Top California State Officials To Stop Hiring

Australian Economy Surges 1.2 Percent In Second Quarter

Police: At Least 1 Hostage Taken At Discovery Channel Headquarters

U.S. Sen. Murkowski Concedes Primary Election Race To Miller

2010-08-31
U.S. Salmonella Scare: Farm Inspections Reveal Manure, Mice And Maggots

U.S. Warns East Coast To Brace For Impact Of Hurricane Earl

Commentary: The Sarrazin Debate - Germany Is Becoming Islamophobic

Commentary: The Sarrazin Debate - Germany Is Becoming Islamophobic

Hell On Earth - The U.N. Documents Congo's Bloodbath

Baghdad On High Alert As U.S. Officially Ends Combat Mission

Mexico Seizes 'La Barbie', Drug Lord Infamous For Beheadings

Greenland's Prime Minister Lambasts Greenpeace For Raiding Arctic Oil Rig

Interview With Ex-CIA Agent Michael Scheuer - 'Only The Taliban Are Not Corrupt'

'I Did Nothing Wrong' - German Gulag Prisoners Recall Their Ordeal

Stock Investors Brace For Another Ugly September

Four Israelis Shot Dead Near Jewish Settlement On Eve Of White House Talks


Summers: Obama's Plan May Have Stabilized Consumer Spending
2009-03-13 15:45:35 (77 weeks ago)
Posted By: Intellpuke
(Read 543 times || 0 comments)

President Obama's top White House economic adviser said Friday that consumer spending in the United States appears to have "stabilized," and he urged business leaders to show "more optimism and more confidence" in their investment decisions.

Lawrence H. Summers, director of the National Economic Council, said a $787 billion economic stimulus package that Obama signed into law last month is starting to have an impact, saving thousands of jobs, providing continued unemployment insurance and health benefits to several hundred thousand workers and initiating tens of billions of dollars worth of infrastructure projects.

In a speech at the Brookings Institution, a Washington, D.C., think tank, Summers also said the administration aims not only to start an economic recovery but to build a more sustainable foundation for future economic expansion. He suggested that people who are focusing solely on the recovery are setting their sights too low. And he urged Americans to take advantage of the bargains available now because of reduced prices brought on by recession in many sectors of the economy.

"Our single most important priority is bringing about economic recovery and ensuring that the next economic expansion, unlike its recent predecessors, is fundamentally sound and not driven by financial excess," he said. He said there was "one ineluctable lesson of the history of financial crises: They all end."

Obama made a similar point after a meeting at the White House today with Paul A. Volcker, chairman of his Economic Recovery Advisory Board, and other advisers.

"It is very important, even as we're focused on the financial system and the credit markets, that we are laying a foundation for what I'm calling a post-bubble economic growth model," Obama told reporters. "The days when we are going to be able to grow this economy just on an overheated housing market or people spending - maxing out on their credit cards - those days are over. What we need to do is go back to fundamentals."

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