Obama economic adviser says new regulations should discourage notion of 'too big to fail'September 18th, 2009 Summers: Troubled firms should be allowed to failWASHINGTON — President Barack Obama's top economic adviser on Friday pressed for new restrictions on the biggest and most intertwined financial institutions and said the industry should not count on government to rescue them from crisis again. "Our financial system will not be fail-safe until it is safe for failure," said Lawrence Summers, the director of Obama's National Economic Council.
As government begins phasing out aid for banks, Summers acknowledges risks of acting too fastSeptember 11th, 2009 Summers concedes risks of ending support for banksWASHINGTON — A top economic adviser to President Barack Obama on Friday acknowledged the risks of reining in too quickly the emergency programs put in place to battle the financial crisis. "We will not make the mistake of prematurely declaring victory or prematurely withdrawing public support for the flow of credit," said Lawrence Summers, director of the White House National Economic Council.
AP source: Obama plans to keep Bernanke as chairman of Fed to continue economic recoveryAugust 25th, 2009 AP source: Obama plans to keep Bernanke at FedOAK BLUFFS, Mass. — President Barack Obama plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve, a position from which he guided the economy away from its worst recession since the 1930s and, the White House hopes, toward an economic recovery critical to its legacy.
AP source: Obama to nominate Federal Reserve Chairman Ben Bernanke to 2nd termAugust 25th, 2009 AP source: Obama to nominate Bernanke to 2nd termOAK BLUFFS, Mass. — Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.
AP source: Obama to nominate Bernanke to a second term as chairman of Federal ReserveAugust 25th, 2009 AP source: Fed's Bernanke picked for second termOAK BLUFFS, Mass. — Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.
Afghan mission is war of necessity, says ObamaAugust 18th, 2009 - US President Barack Obama said the mission in Afghanistan was "a war of necessity" as Al Qaeda was still plotting against the US. However, he said the Iraq mission -- which he has repeatedly criticised as "a war of choice" -- will end in 2011.
Summers: Obama administration didn't fully understand the economic challenges they inheritedAugust 2nd, 2009 Summers defends Obama economic recordWASHINGTON — A top White House adviser is defending President Barack Obama's approach to reviving the economy and says the new administration inherited a situation far worse than anyone understood. Economic adviser Larry Summers said Sunday that "we didn't know how bad it was last winter" when the new administration took over.
Summers: Wall Street firms in better health now thanks to gov't; paybacks of aid good signJuly 17th, 2009 Summers: Wall Street firms better thanks to gov'tWASHINGTON — President Barack Obama's top economic adviser says the improved health displayed by some large Wall Street firms would have been impossible without government help. Lawrence Summers, the director of the White House's National Economic Council, said Friday that the ability of certain large banks to pay the Treasury back for large infusions of taxpayer money is a positive and favorable sign.
Obama adviser: US making substantial progress in rescuing economyJuly 17th, 2009 Summers: Economy has moved back from catastropheWASHINGTON — President Barack Obama's top economic adviser has new cause for optimism. Back in January, Lawrence Summers said, Google searches for "economic depression" had increased by a factor of four.
Transportation Secretary LaHood says administration eyeing NextGen financial aid for airlinesApril 30th, 2009 Transportation secretary hints at aid for airlinesWASHINGTON — Transportation Secretary Ray LaHood said Thursday he thinks the Obama administration will seek financial aid for airlines to pay for equipment onboard planes that will be needed to move to a satellite-based air traffic control system. LaHood, speaking at a luncheon of the Aero Club of Washington, said he expects the White House to "rally some dollars" in response to a request from airline industry officials who met with the administration's top economic adviser, Lawrence Summers.
Obama economic adviser predicts second quarter contraction, increases in unemploymentApril 30th, 2009 Obama adviser: Economic contraction likelyWASHINGTON — A top Obama adviser is predicting another economic contraction in the second quarter of the year and continued increases in unemployment for the next several months. The downbeat assessment from Christina Romer, the chairwoman of Obama's Council of Economic Advisers, comes in the wake of Wednesday's report that the overall economic output in the United States declined rapidly in the first three months of this year.
Summers: White House supports Chrysler-Fiat talks; hopes automaker can avoid bankruptcyApril 26th, 2009 Summers: Fiat-Chrysler talks still up in the airWASHINGTON — White House economic adviser Larry Summers said Sunday the Obama administration is holding out hope that Chrysler can stay out of bankruptcy court. Chrysler LLC is surviving on government loans and has until Thursday to work out a joint venture with Italian automaker Fiat Group SpA.
Obama's economic czar wants US to lead economic recoveryMarch 14th, 2009 WASHINGTON - President Barack Obama's top economic adviser wants the United States to lead a global effort to improve regulatory standards as the world grapples with its worst economic crisis in decacdes. 'Globally, the United States must lead a levelling-up of regulatory standards, not as has happened all too often in the recent past, trying to win a race to the bottom,' Lawrence Summers, director of Obama's National Economic Council, said at a Brookings Institution forum.
US Senate approves release of $350 bn of bailout packageJanuary 15th, 2009 WASHINGTON - The US Senate Thursday approved to release the remaining $350 billion of the $700 billion financial bailout package, clearing the way for a new infusion of cash for the financial industry. The request was approved by a vote of 52-42 after former Treasury secretary Larry Summers, who will be Obama's top economic adviser, promised that up to $100 billion of the remaining funds would be spent on tackling the US home mortgage crisis.
Obama warns of `trillion-dollar deficits for years to come'January 6th, 2009 WASHINGTON - President-elect Barack Obama has warned Americans about the unparalleled prospect of 'trillion-dollar deficits for years to come', saying the exploding budget gap underscores the need for long-term reform of US finances. 'We're already looking at a $1 trillion budget deficit or close to a $1 trillion budget deficit, and potentially we've got $1 trillion deficits for years to come,' Obama told reporters Tuesday after a meeting with his economic and budget team.
Loading ...