Ex-U.S. Treasury head Summers says recession likely

[Quixote1818]

ZURICH (Reuters) - The odds now point to a U.S. economic recession that slows global growth significantly even if necessary policy changes are implemented, former U.S. Treasury secretary Larry Summers said.
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Summers, who served in the Democratic administration of former president Bill Clinton, said the U.S. authorities needed to act urgently in avert long-lasting economic damage from the global credit crunch.

"Without stronger policy responses than have been observed to date ... there is the risk that the adverse impacts will be felt for the rest of the decade and beyond," Summers wrote in a column in the Financial Times on Monday.

More: http://news.yahoo.com/s/nm/20071126/bs_nm/summers_recession_dc;_ylt=AnTUh9Jb9aXQB2iDKay_Sca573QA

[Angela Shelley]

1. Recession likely?

Eyes wide open now ...

The USA is falling apart and there are no rich uncles in Old Europe to pay the bills.