Former Federal Reserve Chairman Alan Greenspan and former Treasury Secretary (and current White House adviser) Larry Summers expressed confidence in the economy, offering soundbites like "There is a momentum building up which is really just the beginning, and it’s got a way to go" (from Greenspan) and "Now the process of job creation has started, we expect it will accelerate" (from Summers) on ABC's This Week. Greenspan also said that the chances that the economy will retrench "have fallen very significantly in the last two months."
Summers calibrated his remarks about job creation a little, "It's not quite as simple as some people think, Jake, because as conditions get better, more people decide to look for work and are counted as in the labor force. So sometimes it's frustrating and the progress doesn't show up immediately in the unemployment rate, but it's progress nonetheless in giving jobs to people who need them."
And Greenspan, who recently admitted that the Federal Reserve and regulators "failed," also says that the commercial real estate bubble popped and doesn't think that the economic crisis refutes Ayn Rand's tenet that free markets can go unpoliced, "I think that there is no alternative if you want to have economic growth, higher standards of living, in a democratic society, to have competitive markets," but the mistake was "assuming what the nature of the risk would be.”