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Larry Summers: No Upside to Prolonged Recession

Complete video at: President Barack Obama's top economic adviser Lawrence Summers warns against the "profoundly misguided view" of treating the recession as cathartic, as necessary suffering. "I think that addressing the recession, addressing 10.2 percent unemployment, is a matter of very great urgency," says Summers. ----- This conversation features Lawrence Summers, Director of the National Economic Council and Assistant to the President for Economic Policy. Judy Woodruff, Senior Correspondent for The NewsHour with Jim Lehrer, moderates. - Aspen Institute Lawrence H. Summers is the Director of the National Economic Council. He was appointed by President Barack H. Obama on November 24, 2008. Until January, he was the Charles W. Eliot University Professor at Harvard University. He served as the 27th president of Harvard University from July 2001 until June 2006. From 1999 to 2001, he served as the 71st United States Secretary of the Treasury following his earlier service as Deputy and Under Secretary of the Treasury and as Chief Economist of the World Bank. Summers has taught economics at Harvard and MIT. His research contributions were recognized when he received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and when he was the first social scientist to receive the National Science Foundations Alan T. Waterman Award for outstanding scientific achievement. He is a member of the National Academy of Science and has written extensively on economic analysis and policy publishing over 150 articles in professional economic journals. Lawrence Summers received his B.S. from MIT and his Ph.D. in economics from Harvard.
Length: 03:43


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