Skip to comments.Say It Ain't So, Larry (Summers, Obama economic adviser)
Posted on 05/30/2009 2:24:21 PM PDT by reaganaut1
Ninety years ago the Chicago White Sox intentionally lost--dumped, to you sports fans--the World Series. Legend has it that a young fan implored the team's star, "Shoeless" Joe Jackson, as he emerged from the court house, "Say it ain't so, Joe." The Shoeless one allegedly responded, "Yes, I'm afraid it is, kid."
Let's hope that chief White House economic adviser Larry Summers wouldn't respond similarly if someone were to charge that he sat silently when the administration's political types decided it would be just fine to submit a budget that will take the ratio of debt-to-GDP from around 40 percent to 80 percent--most critics say 100 percent is where the debt-to-GDP ratio will in fact end up in ten years. Surely Summers knows that many economists use a rule-of-thumb that suggests that such an increase will force interest rates up between 1.25 and 1.5 percentage points, with unpleasant consequences for our economic growth rate. Or that, according to the highly regarded Stanford professor John Taylor, we could only inflate our way out of the problem by allowing a 100 percent rise in the price level over a ten-year period.
More important, it was only a few weeks ago that Summers told an audience at the Brookings Institution that it is "a criterion of fiscal sustainability that ensures that once the economy has recovered, the ratio of the nation's debt to its income stabilizes rather than continuing to grow. Once your income has returned to normal ... your debts can't be rising relative to your income." But just such an increase is built into the president's ten-year budget.
Summers is famous for his intellect and ability to shoot down nonsensical ideas, so if he was not asleep or absent, he must have gone along. Say it ain't so, Larry.
(Excerpt) Read more at weeklystandard.com ...
Summers was in Bildo Klintoon's administration. Stop giving him credit for being a good guy.
I think you’re entitled to come up with any crazy sounding theory you want because none of what is going on makes sense.
Our loftiest people are standing by while zero flushes us down the toilet. Is there a gun to the heads of those who actually know better? They sure act like it.
That's all?? Jimmuh Cotter would have been thrilled with that.
It is quite possible that those who know better prefer to hold their fire until his personal popularity is down.
I think, he misplace the decimal place.
I hope not by TWO places, but who knows?
I don’t think you are a nut case. The left would call you a vast right wing conspiracy theorist loon. obama and napolitano would call you a terrorist. /wink
I think what you just described if taken to a Grand Jury they would indict based on what obama has done in a very short time and he tells his Hollywood communists, You ain’t see nothing yet! (that’s a threat to conservatives by the way) They would see the evidence and say it needs a full trial. When people say there is no evidence and it is too soon to say obama is a bad president, I think by the time they ALLOW us to grade obama it will be too late.
Republicans are a minority and a seriously low minority. But they can speak out. But they have been warned by obama many times. Don’t get in my way, you have no new ideas when republicans have given their ideas at every bill only to be tossed in the trash, the party of no, I won, you are a racist, you are afraid of black people, change is hard, etc. People voted for change. although they had no clue it would be detrimental change to the country.
Their political careers are on the line and they have even been warned recently if they speak out about sotomayor they will be the minority forever. The dems can destroy anyone, call them sexist, racist, but the republicans have been warned to keep their mouth shut on everything we know about sotomayor. dems destroyed Clarence and one other scotus with hate speech.
GIBBS: I think it is probably important for anybody involved in this debate to be exceedingly careful with the way in which they’ve decided to describe different aspects of this impending confirmation.
Now similarly from the Rush Limabaugh website a similar threat;
From the AP today: “Iranian President Mahmoud Ahmadinejad said his country has boosted its capacity to enrich uranium, another sign of anti-Western defiance by the leader seeking re-election. ‘Now we have more than 7,000 centrifuges and the West dare not threaten us.’” Well, shazam, you know, Mahmoud Ahmadinejad sounds like Robert Gibbs. Robert Gibbs: “Be very careful what you say about this nomination.” Mahmoud Ahmadinejad: “The West dare not threaten us.”
Obama warns about what will come because he knows what he is doing is Unconstitutional, racist and evil. In his warning he is saying, republicans will not like this, they will say, blah, blah. Then his supporters have been setup so when they hear it, yeah obama said they would do that.
For republicans to speak they risk losing permanently they think. I don’t. I think our country was founded on conservative principles but little by little progressives have moved to have their thoughts as the only ones taught in schools and now media. Now they won and are on control. Now people who do not read online are wondering WT is happening. This is all Bushs fault like obama has braniwashed them to believe.
Conservatives now have taxation without representation. No one is speaking out full force for us. And when they sit idly by and vote for sotomayor they do not represent us.
They don't make highly regarded Stanford professors like they used to.
The professor does not know the rule of 72, huh?
Yeah, hard to believe. Not a small error either. 10 years of 10% inflation is almost 160% higher prices.
Sounds like you have a true picture of Obama’s goals.
A 100% price increase over 10 years is, per year on average, the rate of 1 + the 10th root of 2.
10% inflation for 10 years is hardly 100%: this would represent the 10-year-future price level as being exactly 2.59374 times the current price level (assuming a broad spread of mkts sampled).
Taylor is, apparently, better off confined to his ivory tower than dealing in the real world.
First, the assumption that American citizens are "his people" is incorrect. Barry is a global citizen - not an American patriot.
Second, his cabal is concerned with control - control of thought, speech, and outcomes (winners and losers). This control must be managed by a very limited number of elites so freedom and liberty don't erode their agenda. He can't move too fast or it will jeopardize exposing the motivations behind his campaign of "change".
Lastly, his "flip flops", as the willingly ignorant are portraying his changes in direction, are nothing more than probing the breadth and depth of tolerance to his deconstruction of our system of checks and balances, our sovereignty, and our global economic and military dominance emanating from inalienable individual liberty. His aim is to equalize our global position so when necessary, we can be chastened into compliance by other useful idiot nations.
Okay, here are the connections if you want to research and believe why we are doomed if we do not demand the government STAND DOWN from their destructive actions against the American people.
Summers, Geithner, Ann Dunham worked for Ford foundation Indonesia, Geithners father head of Ford Foundation Indonesia, Bill and Hillary Clinton and Obama ties the links together with his nomination of Geithner who was not experienced for the position.
And obama was correct, all the planets (people) are in alignment.
If you really want a shocker, read Horowitz Shadow party. You only have to read the last three chapters to see what soros planned is going on right now. He had wanted his plans to work during Clintons last term.
Soros wants a global bank that he controls. The bank would have fake money, SDR’s. He would hand out the money as he saw fit to impoverished countries. He feels he is best to control something like this. The 28th wealthiest man in the world feels America’s supremacy must be taken down. The way is to tax America to death and hand it to other nations as he pilfers off the top as he has in the past for his schemes such as this. We live too well, he wants to take it away. We are the Super Power, that disgusts him.
Soros heavily involved in Obama’s administration and was part of the obama agenda put in place before obama took office.
As you read the book you will see how Clinton had a 3rd plan to rescue the economy but he would never be able to implement it because the economy came back. It is the same 3rd plan we are seeing today. With all the people in place they just keep the crisis going until everything in their plan is done.
Think this is a conspiracy theory? Well, first off, Horowitz felt he was talking about Hillary who Soros would back. With obama horowitz came out vehemently against birthers. I don’t know why Horowitz changed his mind because of the candidate but I did post it to him and he never answered. But in my mind obama and Hillary are the same. They know the same people, they have communist ties, they have the same goals. They both adore saul alinsky.
Secondly, if you can get the book, soros is the one they quote from soros books. Then if brave get soros actual books. Soros says one thing in his books and another to reporters so he seems a little bi-polar or manipulative? He has no fear of lying to get what he wants. And the scary part is Geithner and Obama are doing exactly what Soros wants. Remember SDR’s being spoken about and IMF 100 billion in funding obama wants? IMF funding that goes to terrorist nations and is never paid back?
The bank would initially be controlled by the UN. Obama wants the UN to have trillions for global poverty and global warming. But then soros says they would take over the control of the bank.
In the book soros says he was delighted his manipulations and his power of the media took down Georgian President Eduard Shevardnadze. When you read how he did it you can see it is how Obama was helped here in the states with the control of the media.
Bill Clinton needed Geithner to be appointed to make sure all of his international fund raising would not be wiped out that was sitting in banks. Geithner is to continue funneling as much money as needed to banks.
Ping List Ping.
Check out article and #18, #17, #10.