Sunday, January 25, 2009

Summers: "Next few months are going to be very, very difficult"

by Calculated Risk on 1/25/2009 03:35:00 PM

From Bloomberg: Summers Says Economy Entering a ‘Difficult’ Time

“The next few months are, no question, going to be very, very difficult and it may be longer than that,” said Summers, appearing on NBC’s “Meet the Press.”
...
Summers said Obama plans to overhaul the $700 billion Troubled Asset Relief Program enacted in October. Obama’s bank rescue plan, using the remaining $350 billion in TARP, will be “very different” than it was under George W. Bush’s administration, Summers said.
...
“Secretary-designate Geithner ... will be laying out the plans and principles behind our approach,” said Summers ...
"Very different" doesn't tell us much.