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Larry Summers: Worst Not Over

Says economy will continue to weaken.

Grim news from President Obama’s top economic adviser: “I don’t think the worst is over,” Larry Summers tells the Financial Times. “It’s very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low. What does appear to be true is that the sense of panic in the markets and freefall in the economy has subsided and one does not have the sense of a situation as out of control as a few months ago.” In the long and interesting interview, Summers lays out his vision for what the American economy will become: “more export oriented” and “less consumption-oriented”; “more environmentally oriented” and “less energy-production-oriented”; “more bio- and software- and civil-engineering-oriented" and "less financial-engineering-oriented”; and, finally, “more middle-class-oriented” and “less oriented to income growth that is disproportionate towards a very small share of the population.”