08/11/2009 05:12 am ET Updated May 25, 2011

Summers On Recession: "I Don't Think The Worst Is Over"

For this week's installment of their "Lunch with the FT" feature the Financial Times sat down with Larry Summers, director of Obama's National Economic Council, for a wide-ranging talk. When the conversation turned to the current recession in the U.S., Summers did not exude optimism:

Onward, then, to the toughest economic challenge Summers faces today: the recession. Here, Summers turns sombre: "I don't think the worst is over ... 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."

Read the rest of the interview.