Summers: Unemployment Will Remain 'Unacceptably High' for Years

[jeffbr]

http://blogs.abcnews.com/politicalpunch/2009/09/summers-unemployment-will-remain-unacceptably-high-for-years.html

Summers: Unemployment Will Remain 'Unacceptably High' for Years
September 11, 2009 6:30 PM

In preparation for President Obama’s speech on regulatory reform on Monday -- the one-year anniversary of the collapse of Lehman Bros. -- Dr. Larry Summers, the chair of President Obama’s National Economic Council, today briefed reporters on the state of the economy and the administration’s policies.

“As the president has said and (Treasury Secretary) Tim Geithner and I have said many times, these problems were not made in a week or a month or a year; they will not be fixed in a week or a month or a year,” Summers said. “The level of unemployment is unacceptably high and will on all forecasts remain unacceptably high for a number of, for a number of years.”

[XemaSab]

1. Booo!

:(

[virgogal]

2. A number of years? Two? Twenty? I just ignore them and

keep my fingers crossed and my hopes alive.

[Oregone]

3. Oh, Dr. Summers couldn't be more wrong

It will be 5% in 5 years. All you need to do is hope. Appropriate stimulus need not apply

[MannyGoldstein]

4. Because Summers gleefully sent our jobs to China

Then coincidentally made many millions working part time for one of the world's largest hedge funds.

Thanks Larry!

[scentopine]

5. Doing nothing to prevent the off shore exodus of jobs

the professor of free market voodoo economics. The science of filtering through data until you find the right pattern to defend your outrageous salary despite your direct contributions to global financial collapse and resulting poverty of a billion people. Summers and the neo-libs only know how to make a few thousand people filthy rich and it always involves a scheme to make a billion people dirt poor.