Posts Tagged ‘Larry Summers’

Larry Summers says $2,000 is too much.

December 29, 2020

Larry Summers

Larry Summers is one of the USA’s most renowned economists.

He has been chief economist for the World Bank, Secretary of the Treasury in the Clinton administration, president of Harvard University and director of the National Economic Council in the Obama administration.

As Matt Taibbi points out, Summers has consistently advocated for bailouts for failed financial institutions and consistently opposed help for individuals in distress. 

Currently he opposes sending $2,000 stimulus checks to Americans to offset the COVID recession because it would “overheat the economy.”

LINKS

Trump-Pelosi $2,000 Stimulus Checks Are a Big Mistake by Lawrence H. Summers for Bloomberg Opinion.  [Added 12/30/2020]

Neoliberal Champion Larry Summers Opens Mouth, Inserts Both Feet by Matt Taibbi for TK News.

Why Larry Summers MUST Believe $2,000 Checks Are a Bad Idea by Ian Welsh [Added 12/30/2020]

Nearly half of Americans blame GOP for lack of $2,000 stimulus checks by Business Insider [1/3/2021]

Homes of Nancy Pelosi, Mitch McConnell Are Vandalized by CNN Politics.  [Added1/3/2021]

The unbreakable rule about insiders

May 13, 2014

In the spring of 2009, Elizabeth Warren, then chair of the Congressional Oversight Panel on the Troubled Asset Relief Program (TARP), was taken to lunch by Larry Summers, then director of the National Economic Council and a top adviser to President Obama.

Summers, … … she recalls, told her that she had a choice to make. She could be an insider or an outsider, but if she was going to be an insider she needed to understand one unbreakable rule about insiders: “They don’t criticize other insiders.”

The quote is from a review of Senator Warren’s autobiography, A Fighting Chance, by Jill Lepore in the New Yorker.  The whole review is well worth reading. Click on Reading Elizabeth Warren to read it.

The passing scene: Links & comments 9/18/13

September 18, 2013

Longshore Union Got a Raw Deal from AFL-CIO by Carl Finamore for Counterpunch.

Labor Leaders, Obamacare and the Fate of the Unions by Shamus Cooke for TruthOut.

I was disappointed that President Obama did not support a public opinion for health insurance, as he promised during the 2008 campaign. But for a long time I hoped that the Affordable Care Act, aka Obamacare, would be an improvement, despite its flaws. I now think my hope was misplaced.

Many labor union members are turning against Obamacare, but AFL-CIO President Richard Trumka is trying to soften criticism because he is committed to supporting the Democratic Party. This is one of the reasons (not the only one) that the International Longshore and Warehouse Union decided to leave the AFL-CIO.

Larry Summers: Goldman Sacked by Greg Palast.

When Larry Summers was Deputy Secretary of the Treasury in the Clinton administration, one of his common questions was, “What would Goldman think of that?”—referring to Goldman Sachs, possibly the most predatory and dishonest of the Wall Street financial firms. Summers’ boss, then Treasury Secretary Robert Rubin, came out of Goldman Sachs.

So it’s no wonder that there was a public outcry against his appointment as chair of the Federal Reserve Board, and that, as a result, he withdrew his name from consideration. The wonder is that President Obama considered him in the first place.  In the article above, Greg Palast reviews Summers entire record of negative accomplishment.

Banks Are Manipulating Gold and Silver Markets by Washington’s Blog for The Big Picture.

A lot of people acquire gold and silver because they believe it has intrinsic value, unlike stocks and bonds.  But writers for The Guardian and The Telegraph in London report that the prices of gold and silver are manipulated by the big banks and trading companies, just like interest rates.

 The post provides a link to that article and links to other articles detailing just about every way the big financial firms rip off the public.

How Detroit went broke: The answers may surprise you—and don’t blame Coleman Young by the Detroit Free Press.

The Detroit Free Press ran a good article about the history of the Detroit city government’s financial mismanagement.  But the key reason Detroit went broke is that the auto industry abandoned the city, and the city’s political and business leaders never developed a strategy for diversifying the city’s economy.  Detroit’s location at the junction of two Great Lakes and a land bridge between the United States and Canada ought to give it some comparative economic advantage.

 

Who will Obama pick to head the Fed?

August 9, 2013

fedchair720

Larry Summers and Janet Yellen are considered to be the two most likely choices for President Obama to nominate as chair of the Federal Reserve Board.  It’s a sign of the times that the fact that Yellen is prudent and sensible is enough to define her as the candidate of the liberal left.

Click on Lawrence Summers and Janet Yellen for their Wikipedia biographies.

Click on Obama and Harvard Games: Summers Vs. Yellen for more background by Barkley Rosser on EconoSpeak.

Click on Jen Sorensen for more of her cartoons.