Summers Says Economy Poised To Turn This Year

Washington, DC, July 21, 2009--White House National Economic Council Director Lawrence Summers told Bloomberg News that next year’s economic growth pace is “in doubt.”

Summers told Bloomberg that financial institutions that are enjoying good earnings reports have to realize that taxpayer money played a large part in those earnings.

Summers told Bloomberg that the U.S. economy is “no longer in freefall,” and should start to recover this year. The former Treasury secretary said increases in exports and fiscal-stimulus and foreclosure- relief programs will propel the economy in the coming months.

Summers called the banking industry’s mortgage-relief efforts “substantially variable” from company to company.