“There should have been more direct federal spending that would have added to aggregate demand.”

Martin Feldstein, a member of the White House Economic Recovery Advisory Board and the Belfer Center’s board of directors, was quoted in “New Consensus Sees Stimulus Package as Worthy Step,” which the New York Times published on November 21, 2009.

For the full article, go to: http://www.nytimes.com/2009/11/21/business/economy/21stimulus.html

“‘Many experts,’ [Summers] warned, ‘believe that unemployment could reach 10 percent by the end of next year.’ In the face of that prospect, he continued, ‘doing too little poses a greater threat than doing too much.’”

Lawrence Summers, on leave from the Belfer Center’s board of directors to serve as director of the National Economic Council, was quoted in “The Phantom Menace,” which the New York Times published on November 23, 2009.

For the full article, go to: http://www.nytimes.com/2009/11/23/opinion/23krugman.html

“…[A]fter previous big financial crises, insecure governments have been tempted to rattle sabres for the sake of promoting their own domestic legitimacy. My prime suspect here is Russia, which of all the big powers stands to gain the most from geopolitical instability, since [for example] a major attack on Iranian nuclear installations would double the price of oil and greatly enrich the denizens of the Kremlin. The probability of such a war is currently being underestimated by many people.”

Niall Ferguson, a member of the Belfer Center’s board of directors, was featured in “Why Niall Ferguson is Still Bearish,” which the Globe and Mail published on November 23, 2009.

For the full feature, go to: http://www.theglobeandmail.com/report-on-business/why-niall-ferguson-is-still-bearish/article1374647/

Ferguson was also awarded the International Emmy for best documentary for “The Ascent of Money” on November 23, 2009.

For more, go to: http://www.google.com/hostednews/ap/article/ALeqM5h6vdzjtQcYWUztsXFiyvWuogrjbAD9C5OGK00

“Increasing overall demand in the economy is important for jobs.”

Lawrence Summers, on leave from the Belfer Center’s board of directors to serve as director of the National Economic Council, was quoted in “Taking Sides Over Need for Jobs Bill,” which the Wall Street Journal published on November 19, 2009.

For the full article, go to: http://online.wsj.com/article/SB125856663302853977.html

“The Chimerican era is drawing to a close. Given the bursting of the debt and housing bubbles, Americans will have to kick their addiction to cheap money and easy credit. The Chinese authorities understand that heavily indebted American consumers cannot be relied on to return as buyers of Chinese goods on the scale of the period up to 2007.”

Niall Ferguson, a member of the Belfer Center’s board of directors, and Moritz Schularich co-wrote “The Great Wallop,” which the New York Times published on November 16, 2009.

For the full oped, go to: http://belfercenter.org/publication/19696/

“I think we got the Recovery Act right.”

Lawrence Summers, on leave from the Belfer Center’s board of directors to serve as director of the National Economic Council, was quoted in “Why won’t Obama give you a job?” which the Washington Post published on November 8, 2009.

For the full article, go to: http://www.washingtonpost.com/wp-dyn/content/article/2009/11/06/AR2009110601900.html

“The administration earlier this year forecast that the economy would grow next year by 3.5 percent, then by 4 percent, then by 4.5 percent after that. I think that’s highly unlikely to happen. My guess is that the economy will grow in real terms at closer to 2 percent a year for the next few years.”

Niall Ferguson, a member of the Belfer Center’s board of directors, was interviewed on “The Charlie Rose Show” on November 3, 2009.

For the full interview, go to: http://www.charlierose.com/guest/view/247

“China’s policy of keeping the renminbi weak means that the US dollar must decline more rapidly against the euro, yen and other currencies to achieve the same overall trade-weighted fall of the dollar. China’s weak renminbi policy therefore not only prevents remedying China’s large current account surplus but also reduces Europe’s exports.”

Martin Feldstein, a member of the White House Economic Recovery Advisory Board and the Belfer Center’s board of directors, wrote “Why the Renminbi has to Rise to Address Imbalances,” which the Financial Times published on October 30, 2009

For the full oped, go to: http://belfercenter.org/publication/19665/

Feldstein also wrote “The Global Impact of America’s Health Care Debate,” which the Daily News Egypt published.

For the full oped, go to: http://belfercenter.ksg.harvard.edu/publication/19666/

Economy Snaps Long Slump
Wall Street Journal
October 30
Quoted: Jeffrey Frankel
Topic: U.S. economic recovery

The U.S. economy expanded in the third quarter after shrinking for four consecutive quarters, marking an apparent end to the worst recession since World War II. But the recovery is expected to be slow and painful, as companies shed jobs and credit remains tight.

Gross domestic product expanded at a 3.5% seasonally adjusted annual rate in the quarter ended in September, a rise that leaned heavily on government spending. Some of the largest components of growth came from spending on cars and house building — two areas propped up by federal programs. …

The beginnings and ends of U.S. recessions are declared by the National Bureau of Economic Research, a nonprofit research group that defines recession as “a significant decline in economic activity spread across the economy, lasting more than a few months.” The group says the current downturn started in December 2007, and it isn’t likely to declare an end for some time. Still, Jeffrey Frankel, a Harvard professor and a member of the NBER’s Business Cycle Dating Committee, says the recession is likely over.

“My best guess is that we will end up declaring the trough [of the recession] was in the middle of the year sometime,” he said.

http://online.wsj.com/article/SB125681908931715735.html

“Just as in war, there are unintended victims so, too, in economic rescues, there are unintended beneficiaries.”

-Lawrence Summers, director of the National Economic Council

Read More: http://online.wsj.com/article/SB125616290488299949.html