Larry Summers: Things Actually Looking Up

What can be said is that for the first time in five years a resumption of growth significantly above the economy’s potential now appears a substantial possibility…. Employment growth has been running well ahead of population growth for some time now. The stock market level is higher and its expected volatility lower than at any time since 2007…. Consumers who deferred purchases of cars and other durable goods have created pent-up demand that now seems to be emerging. At last the housing market seems to be stabilizing…. [M]ore and more young people have moved in with their parents. At some point they will set out on their own, creating a virtuous circle…
---Via DeLong

Vitus: We would love to love LS - smartest guy in the room and all that. He's been awfully wrong on this recession/recovery on practical terms though...