Tags: summers | private | capital

Summers: Private Capital Key to Recovery

By    |   Monday, 09 Feb 2009 09:35 AM

Obama economic adviser Lawrence Summers says private capital is the key to a recovery from the worse downturn since the 1930s.

“With the right strategic approaches, [Treasury] Secretary [Tim] Geithner believes that we can bring in substantial private capital, and that's something we all ought to be able to agree on, that where we can catalyze private capital, that's a better root to solving this problem than government resources,” Summers told Fox News on Sunday.

We are inheriting the worst financial system since the Depression, Summers said. It won’t be solved quickly or easily, given the size of the crisis.

“We're not going to solve it in a day or a week. We're not going to solve it without public resources. But we are going to solve it by being as effective and strategic as we possibly can in the use of public money so as to catalyze and spur private investment,” Summers said.

Markets opened Monday lower as news spread that the Obama administration would put off announcement of a new bank rescue plan until Tuesday in hopes that the $827 billion stimulus package might head to a vote in the Senate.

The balance of the $700 billion dollar bank bailout plan is now in the hands of Geithner, who is expected to detail the plan on Tuesday at 11 a.m. EST.

"We're focused on working with Congress to pass an economic recovery bill so we can create the jobs and make the investments necessary to get our economy moving again," Treasury Department spokesman Isaac Baker said on Sunday.

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Obama economic adviser Lawrence Summers says private capital is the key to a recovery from the worse downturn since the 1930s.“With the right strategic approaches, [Treasury] Secretary [Tim] Geithner believes that we can bring in substantial private capital, and that's...
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Monday, 09 Feb 2009 09:35 AM
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