Larry Summers, Obama’s chief economic adviser, says we must overcome the “excess of fear”:

President Barack Obama’s top economic adviser said Friday the nation’s economic crisis has led to an ”excess of fear” among Americans that must be broken to reverse the downturn.

National Economic Council Director Lawrence Summers said consumer spending seems to have stabilized in an encouraging sign, but he also suggested it was still too early to predict the timing of an economic turnaround.

In the meantime, he told a forum, a problem has been that ”fear begets fear.”

Nice of you to mention it now, Larry, after the markets have been crushed by your boss’s fear mongering. Where have you been the past several months?