Larry Summmers and Tim Geithner: Giddy about government manipulated data

March 13 (Bloomberg) -- White House economic adviser Lawrence Summers said he finds satisfaction in the economy’s turnaround from its plunge a year ago.

One has to take “considerable satisfaction in the progress that has been made,” Summers, director of President Barack Obama’s National Economic Council, said in a speech yesterday at a conference at Stanford University, near Palo Alto, California. “It was not unreasonable 15 months ago to fear a Depression- like pattern. The economy was losing more than half a million jobs a month. GDP declined as rapidly as it has in 50 years in the first quarter.”

Summers said the economy should soon witness “a resumption of job growth.”

Treasury Secretary Timothy F. Geithner said yesterday the U.S. would recover from the recession faster and more vigorously than other advanced economies.

Summers and Geithner off to their next speaking engagement

For the record-Summers on derivatives/credit default swaps:
On July 30, 1998, then-Deputy Secretary of the Treasury Summers testified before congress that "the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies." NOTE: Larry Summers is one of the main reasons credit default swaps were not regulated....score one for Larry and AIG.