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Summers: 'Excess of fear' Must Be Broken

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posted on Mar, 13 2009 @ 11:09 AM
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Summers: 'Excess of fear' Must Be Broken


www.google.com

President Barack Obama's top economic adviser says the crisis in the financial sector has led to an "excess of fear" that must be broken to reverse the economic downturn.

Lawrence Summers, the president's director of the National Economic Council, told a think tank gathering Friday that "fear begets fear" and that "is the paradox at the heart of the financial crisis."

He said an abundance of greed and an absence of fear precipitated the excesses that led to the meltdown that froze credit.

Summers said it was "modestly encouraging" that consumer spending appears to have stabilized after collapsing during the holiday season.

He spoke at the Brookings Institution.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — President Barack Obama is embracing a mantle of confidence-builder in chief. Whether he is meeting with his own economic advisers or worried business leaders, his message is meant to be calm and reassuring — even in the wake of more bad economic news.

Obama will have another opportunity to assert his optimism after he meets Friday with Paul Volcker, the former Federal Reserve chairman who now guides the president's economic recovery advisory board. Volcker was preparing to brief Obama and his economic team on how the $787 billion stimulus package is working.

(visit the link for the full news article)



[Edit by bts] to fix Title

[edit on 13-3-2009 by burntheships]




posted on Mar, 13 2009 @ 11:09 AM
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Headline News ~ Obama Advisor - Summers; Excess of Fear Must Be Broken.

President Obama's top advisor is in the news saying that the financial crisis has led to an excess of fear, and that must be broken to reverse the downturn.

The idea here is that fear begats fear...what do the readers of ATS think? Is this a signal that the current administration has got it wrapped up, recovery is on it's way...and now they just need to get us to realize that?

Or is this another ploy, an attempt to manipulate the populice and dupe us our of our careful ways?

Lets hear it!

www.google.com
(visit the link for the full news article)



posted on Mar, 13 2009 @ 12:25 PM
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Well the Obama admin doesn't exactly have any room to talk. It seems like up until a few days ago every time Obama spoke it was, crisis, catastrophe, doom and gloom, eat the rich, etc. Now he drops the fear speech and expects people to just forget about it.

Lets see there is another Stimulus package int he works and I would almost bet the house that the doom and gloom will once again start spewing forth.

Starting to be positive isn't going to turn the economy around thousands of people are loosing their jobs everyday. If sticking your fingers in your ears and screaming LA LA LA LA was going to help anything then it already would have.



posted on Mar, 13 2009 @ 12:49 PM
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Yeah the exces of fear you pumped up in october for the 700 billion stimulus bill or the new stimulus of 800 billions? THAT FEAR? So you can give OUR money to the bankers?

Obama you better shut up.



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