Obama economic adviser Lawrence Summers says financial rescues were ‘necessity not choice’

Summers says financial rescues were ‘necessity’

WASHINGTON — President Barack Obama’s economic adviser says the administration’s efforts to rescue banks, insurance companies and car makers were done out of “necessity not choice.”

White House National Economic Council Director Lawrence Summers’ remarks come after government bailouts have put billions of taxpayer dollars at risk.

Summers says the president “did not run … to manage banks, insurance companies or car manufacturers.”