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“The U.S. economy is firmly poised for a recovery from its deep recession but growth may be moderate and the job market will not revive immediately, senior White House aide Lawrence Summers predicted on Wednesday.”

“It will be some time before unemployment starts to decline. Once it declines it will take a long time to return to normal levels, given how elevated it is,” he said.”

RIGHT…How does an economy that is 70% consumer spending revive if 10%(really20%)of it’s citizens don’t have an income? “For a long time” according to Summers.

“”The question of what will propel growth throughout the expansion is still a crucial one,” Summers added. “But that’s always the case at the beginning of expansions.”

More: What Recovery?

U.S. regulators should consider breaking up large financial institutions considered “too big to fail,� former Federal Reserve Chairman Alan Greenspan said.

Those banks have an implicit subsidy allowing them to borrow at lower cost because lenders believe the government will always step in to guarantee their obligations. That squeezes out competition and creates a danger to the financial system, Greenspan told the Council on Foreign Relations in New York.

“If they’re too big to fail, they’re too big,â€? Greenspan said today. “In 1911 we broke up Standard Oil — so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.â€?

More: Greenspan: Break Up Big Banks