Larry Summers Apologetics

Rescuing and Rebuilding the US Economy: A Progress Report by Lawrence H. Summers, Director of the National Economic Council and Assistant to the President for Economic Policy July 17, 2009 To read the recommended page: http://www.piie.com/events/event_detail.cfm?EventID=119
> Peter G. Peterson Institute for International Economics
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This was a speach given by our treasury secretary Larry Summers. He was talking to a room of people and here they are for you to check outhttp://www.sourcewatch.org/index.php?title=Peterson_Institute_for_International_Economics

Perhaps this speach was meant to reassure a group of people who could sink the value of the dollar. And as I was reading this I thought of something Paul Krugman had published the day before "The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it’s preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America.Second, it shows that Wall Street’s bad habits — above all, the system of compensation that helped cause the financial crisis — have not gone away.Third, it shows that by rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely."http://www.nytimes.com/2009/07/17/opinion/17krugman.html?_r=1&em

Summers' speech, I am not sure whether to laugh or cry about it, Is he really that out of touch? "As of May, the tax cuts, fiscal support for state and local government, and family assistance programs in the Recovery Act have boosted disposable income by nearly two percent. This has supported household spending as families have begun the necessary repairing of their household balance sheets."

Now I have a response from Virginia department of social services on this please watch this video and tell me if families are getting assistance.

Poverty in Virginia Presentation
http://www.youtube.com/watch?v=tBY2ojUeZ5w