In today’s interview with CNBC, Larry Summers talked about various issues including the state of the economy, banks, and the stimulus.
“It’s a complex picture, we inherited a very difficult situation, it’s going to take a long time to work through. But after a period when it was a very steep downslope, it certainly doesn’t have quite that steepness at this point.”
When asked about the rumors of Goldman Sachs returning the TARP money back, he just gave a general comment:
“It’s our objective to have a private sector-based system. That means a system where people don’t have government capital and work themselves to a place where … they don’t need government capital.”
He also believed the stimulus will be more stimulative than people believe, mentioning the low cost of construction as one of the factors contributing to that.
See the rest of the interview below
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