Of course that’s not how Larry put it, but it is exactly what he said:

In a speech at a U.S. Energy Information Administration conference, Summers said passing legislation would help reduce uncertainty that may be discouraging businesses from investing and hiring.

 

"The cheapest stimulus program in the world is enhanced confidence," Summers said.

 

The Senate has struggled to strike a compromise on a bill that would reduce the country’s greenhouse gas emissions and boost alternative energy without unduly burdening businesses that are slowly recovering from a recession.

…

Summers said uncertainty over the timing and scope of energy legislation was hindering businesses from making major investments in projects, such as building new power plants, restraining hiring when the economy desperately needs jobs.

Why is there uncertainty? Because Obama is pushing policies that would increase the price of energy and make it more difficult to do business in the United States. Also, his EPA is busying regulating greenhouse gases and the results aren’t necessarily predictable.

So what is there a lack of confidence (in the context of what Summers is talking about)? Obama’s policies. In other words, Obama’s policies are harming the economy.