The US Banking Sector

China's economy grew at an annual rate of 7.9% between April and June, up from 6.1% in the first quarter, thanks to the government's stimulus package(BBC). The US unemployment was 9.5 percent in June and is expected to rise past 10.5 percent. The last time the U.S. economy was mired in a recession with such high unemployment was 1981 and 1982(AP). Dr.Larry Summers, Director of the National Economic Council & Asst. to the President for Economic Policy addresses the issue of stimulus at Peterson Institute.