Summers: This Crisis Will End

In his prepared remarks at the Brookings Institution, National Economic Council director Larry Summers confidently asserts the "one enduring lesson in the history of financial crises: they all end."

As President Obama said yesterday, Summers goes on to reiterate that the "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."

Invoking Adam Smith and John Maynard Keynes, Summers reiterates the "paradox at the heart of the financial crisis: In the past few years, we’ve seen too much greed and too little fear; too much spending and not enough saving; too much borrowing and not enough worrying. Today, however, our problem is exactly the opposite."

-- jpt

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