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Friday, July 17, 2009

Larry Summers thinks economic free-fall has ended because number of people searching Google on “economic depression” term is down to normal levels.

Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one Friday to make his case that the economic free-fall has ended.
The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.
Search for the term were up four-fold when the recession deepened in the earlier part of the year, and the recent shift goes to show consumer confidence is higher, Summers told Peterson Institute for International Economics.
Summers continued the administration’s push-back against critics of President Barack Obama’s handling of the recession, defending the economic stimulus package against Republicans critics who have tried to paint the program as a failure because it hasn’t stemmed the unemployment rate. Read more at POLITICO

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