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Keyword: larrysummers

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  • Think Tank President Distances Herself From Gruber But Previously Praised His ‘Expertise’

    11/14/2014 1:33:09 AM PST · by Cincinatus' Wife · 13 replies
    Daily Caller ^ | November 14, 2014 | Chuck Ross
    "...The most recent person to distance herself from the embattled MIT economist is Neera Tanden, president of the liberal Center for American Progress, who wrote an op-ed published in the Wall Street Journal Thursday claiming that “Mr. Gruber was not, as many claim, the architect of the health-care law.”......... [snip of her denial] [picking up with the facts].....According to Tanden, Gruber provided essential budgetary information that the Congressional Budget Office needed to score the bill. “The most important arbiter of everything was the C.B.O.,” Tanden told The New York Times for a profile of Gruber. “We knew the numbers he...
  • Larry Summers: Obamacare Is Already Accomplishing More Than Expected

    11/13/2013 1:30:59 PM PST · by rightwingintelligentsia · 28 replies
    dailyfinance & CNBC ^ | November 13, 2013 | Matthew J. Belvedere
    <p>Former Treasury Secretary Lawrence Summers told CNBC on Wednesday that Obamacare has already yielded benefits to the economy. He also said the Federal Reserve should concentrate on pushing the economy to expand.</p> <p>"If you look at the medium run and the long run, the important thing that's happened for growth is, that in the last three years since Obamacare was passed, we have bent the [cost] curve on health-care costs," he said in a "Squawk Box" interview.</p>
  • Larry Summers: A Casualty of the Left’s False ‘Financial Crisis’ Narrative

    09/18/2013 10:17:31 AM PDT · by SeekAndFind · 9 replies
    Pajamas Media ^ | 09/18/2013 | Tom Blumer
    Larry Summers won’t be the next chairman of the Federal Reserve. On Sunday, he informed President Barack Obama that he was withdrawing his name from consideration. There were plenty of substantive reasons to oppose Summers’ possible selection, not the least of which was his role in creating our current Keynesian policy-driven economic malaise. Of course, the left complains that if only the 2009 “stimulus” had been much larger, something Summers opposed, we’d now be better off. Sure, guys. More Keynesian “stimulus” would only mean we’d now be reeling from even more than the $5.3 trillion in budget deficits and $6.1...
  • S&P near record after Larry Summers' withdrawal

    09/17/2013 5:32:12 AM PDT · by SeekAndFind · 4 replies
    Money ^ | 09/17/2013
    The S&P 500 is once again close to a record high, as investors welcomed the withdrawal of Larry Summers from the race to become next chairman of the Federal Reserve. [SNIP] Investors are excited at the prospect of top contender Janet Yellen taking over from current Fed chairman Ben Bernanke, since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down. Yellen is currently the Fed's vice chair.
  • Summers Withdraws Name for Fed Chairmanship

    09/15/2013 1:30:21 PM PDT · by sunmars · 76 replies
    Former Treasury Secretary Calls Obama, Cites 'Acrimonious' Coming Confirmation
  • Obama to nominate Summers as Fed chief: Japan's Nikkei

    09/13/2013 2:16:03 AM PDT · by markomalley · 29 replies
    Reuters ^ | 9/13/2013
    U.S. President Barack Obama will name former Treasury Secretary Lawrence Summers as chairman of the Federal Reserve Board, Japan's Nikkei newspaper said on Friday. The newspaper, quoting unnamed sources, said in its original Japanese version that Obama was "in the final stages" and moving toward naming Summers. The English-language version said the president "is set to" name Summers as early as late next week. Debate in Washington has focused on whether Obama will pick Summers or Fed Vice Chair Janet Yellen to succeed Ben Bernanke, whose term as head of the U.S. central bank expires in January. The appointment must...
  • Vanity - Taxcheat Timmy to Head the Federal reserve (Larry Kudlow)?

    08/24/2013 7:35:59 AM PDT · by Perdogg · 10 replies
    WABC ^ | 08.24.2013
    I am listening to Larry Kudlow's radio show and he just said his source says that Obama may select Taxcheat Timmy to head the Federal reserve despite the conventional wisdom that the job is either going to Janet Yellen or Larry Summers. Despite what you may think of his opinions, Larry has good sources.
  • Rep. Ellison (Dim): ‘There’s Plenty of Money, It’s Just The Government Doesn’t Have It’

    08/03/2013 9:21:07 AM PDT · by Jim Robinson · 64 replies
    CNSNews ^ | Aug 2, 2013 | By Eric Scheiner
    ( - Rep. Keith Ellison (D-Minn.) told a gathering of Democrats, “The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it.” Ellison was discussing his ‘Inclusive Prosperity Act’ measure at the July 25th Progressive Democrats of America roundtable in Washington. “People like, George Soros, Bill Gates, Warren Buffett, Paul Krugman, Joe Stiglitz, Jeffrey Sax, Dean Baker, Robert Poland, Larry Summers have said they all support a transaction tax,” Ellison said. “The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” Ellison continued, “The government...
  • Right now, Larry Summers is the front-runner for Fed chair

    07/26/2013 6:46:45 AM PDT · by SeekAndFind · 17 replies
    Washington Post ^ | 07/26/2013 | Ezra Klein
    <p>The word among Federal Reserve watchers right now is that the choice is down to Janet Yellen or Larry Summers as Ben Bernanke’s replacement. I can’t find anyone who really thinks it’ll be Roger Ferguson, Tim Geithner, Alan Blinder, or some other dark horse.</p>
  • Wait, Larry Summers is Now the Favorite for the Fed? Can we at least talk it over first?

    07/24/2013 7:13:11 AM PDT · by SeekAndFind · 11 replies
    TNR ^ | 07/24/2013 | NOAM SCHEIBER
    Ezra Klein reported yesterday that Larry Summers is now the leading candidate to replace Ben Bernanke when Bernanke's term as Fed chairman expires in January. This, for those who haven’t been following every twist and turn in the Fed sweepstakes, comes as a surprise. For months, most Fed-watchers assumed that Janet Yellen, currently the Fed Vice Chairman and a longtime president of the San Francisco Fed, had the job all but sown up. Ezra helpfully lays out the criteria that are likely to guide the Fed selection: 1.) Obama’s personal affinity for a candidate; 2.) the candidate’s monetary policy stance...
  • Larry Summers has an edge in the race to head the Federal Reserve

    05/27/2013 3:43:46 PM PDT · by NormsRevenge · 19 replies ^ | 5/27/13 | Edward Luce
    Copyright blocked or sumthin' .. article at link..
  • Economic Official Sperling Warned Woodward (Alleged sender of 'regret' email)

    02/27/2013 7:10:57 PM PST · by kristinn · 19 replies
    Buzz Feed ^ | Wednesday, February 27, 2013 | Ben Smith
    The White House official whom Bob Woodward charged had crosssed a line by saying he would "regret" printing his version of a set of Washington negotiations was Gene Sperling, the director of the White House Economic Council, a source familiar with the exchange told BuzzFeed Wednesday. The email from Sperling to Woodward, which Woodward read to Politico Wednesday, has transfixed Washington, with Republicans and some in the press charging that it embodies a White House lording it over a cowed press corps. Woodward, Politico reported, called the top official — identified to BuzzFeed as Sperling — to tell him that...
  • Obama’s 2009 stimulus chief says taxes and rules on junk food are coming

    11/29/2012 11:05:53 PM PST · by Tolerance Sucks Rocks · 38 replies
    The Examiner ^ | November 28, 2012 | Joel Gehrke
    Larry Summers, chair of the White House National Economic Council when the 2009 stimulus was developed, suggested that President Obama will eventually tax and regulate junk food to drive people to eat more healthily — although he dinged First Lady Michelle Obama’s healthy foods initiative.“I think there is no question that the way Americans eat and what Americans weigh is a big contributor to health problems and it’s a big contributor to health costs,” Summers said on Morning Joe today.It’s not the agenda now, but I think at some point you’re going to see tax measures and regulatory measures that...
  • Help! Need list of Obama's ties to Marxism, and/or Communism

    07/30/2012 3:33:13 AM PDT · by afraidfortherepublic · 32 replies
    self | 7-29-12 | vanity
    I need a quick list of all the Communist and Marxist ties in the Obama administration for use at a meeting tonight. Something beyond his mentor, Frank Marshall Davis, and appointee Van Jones. I know this topic is rich, and I hope other FReepers can help me tie it altogether in one neat package. Thanks in advance.
  • Extend Bush-era tax rates, says … Larry Summers? (First Clinton, now him?)

    06/06/2012 8:45:30 AM PDT · by SeekAndFind · 1 replies
    Hotair ^ | 06/06/2012 | Ed Morrissey
    Yesterday, Bill Clinton got into hot water by making the radical suggestion that having a massive tax hike in a recessionary environment might not be such a great idea. Clinton walked that back later in the day after other Democrats attacked him and questioned his motives for, er, making economic sense. Those critics might be turning their guns on Barack Obama's first Director of the National Economic Council and a key architect of Obama's economic policies, who said the same thing earlier today on MSNBC's Morning Joe: Lawrence Summers said Wednesday that Congress should temporarily extend Bush-era tax cuts, making...
  • World Bank's Zoellick to step down in June [Hillary! possible replacement]

    02/15/2012 1:05:34 PM PST · by Hunton Peck · 9 replies
    Reuters ^ | Wed Feb 15, 2012 2:42pm EST | Lesley Wroughton
    World Bank President Robert Zoellick said on Wednesday he will step down in June, raising questions as to whether the United States will for the first time throw open the job it has always claimed as its own. "I'm honored to have led such a world class institution with so many talented and exceptional people," Zoellick said in a statement announcing his plans. Earlier, he had met with the World Bank's 25-member board to inform them of his decision. Speculation has been rife in recent months over who might take the job when Zoellick departs. Possible U.S. candidates include Secretary...
  • Eleven Stunning Revelations From Larry Summers’s Secret Economics Memo To Barack Obama

    01/23/2012 1:24:23 PM PST · by blam · 12 replies · 1+ views
    AEI blog ^ | 1-23-2012 | James Pethokoukis
    Eleven Stunning Revelations From Larry Summers’s Secret Economics Memo To Barack Obama By James Pethokoukis January 23, 2012, 3:08 pm A lengthy piece in The New Yorker looks at policymaking in the Obama White House. A key source for writer Ryan Lizza is a 57-page, “Sensitive & Confidential” memo written by economist Larry Summers—eventually to be head of Obama’s National Economic Council—to Obama in December 2008. Here’s some of what I learned about Team Obama’s thinking as the financial crisis was exploding, followed by quotes from the memo itself: 1. The stimulus was about implementing the Obama agenda The short-run...
  • Time for IMF to save Europe(Larry Summers)

    12/15/2011 4:40:54 AM PST · by TigerLikesRooster · 9 replies
    Japan Times ^ | 12/15/11 | LAURENCE H. SUMMERS
    Thursday, Dec. 15, 2011 Time for IMF to save Europe By LAURENCE H. SUMMERS The Washington Post WASHINGTON — European leaders met last week for yet another "historic" summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last one convened to deal with the financial crisis. Given that Europe is the largest component of the global economy, the rest of the world has a stake in helping to avoid major financial accidents. It also has a stake in aiding continued growth in Europe and ensuring...
  • How to avoid a lost decade (Larry Summers calls for more payroll tax cuts)

    06/12/2011 8:49:54 PM PDT · by rabscuttle385 · 14 replies
    The Washington Post ^ | 2011-06-12 | Lawrence Summers
    (snip) The greatest threat to the nation’s creditworthiness is a sustained period of slow growth that, as in southern Europe, causes debt-to-GDP ratios to soar. Discussions about medium-term measures to restrain spending and raise revenue need to be coupled with a focus on near-term growth. Without the payroll tax cuts and unemployment insurance negotiated by the president and Congress last fall, we might well be looking at the possibility of a double-dip recession. Substantial withdrawal of fiscal support for demand at the end of 2011 would be premature. Fiscal support should, in fact, be expanded by providing the payroll tax...
  • The Muslim Brotherhood's Long-Standing War On The West (US Politicians)

    02/02/2011 10:18:40 PM PST · by bronxville · 148 replies
    US Politicians Duped By The Brotherhood In the United States, one individual maintained a pretense of "moderation" which would later embarrass the left and the right. According to the testimony of Dr. Michael Waller to the US Senate Committee on the Judiciary, Abdurahman Alamoudi was a member of the Muslim Brotherhood. A man born in Eritrea in 1951, he arrived in the US in 1979 and became a naturalized US citizen on May 23, 1996. From 1985 onwards he became involved in many Muslim groups. In 1990 he founded the Washington DC-based American Muslim Council (AMC), which Waller states "has...
  • The Democrats Flip-Flop On Tax Cuts

    12/09/2010 8:23:06 PM PST · by JohnRLott · 6 replies · 1+ views
    Fox News ^ | December 09, 2010 | John R. Lott Jr.
    For years, Democrats have bashed Republicans over tax cuts. Tax cuts supposedly did nothing to encourage work and, thus, when President Bush cut tax rates across the board, it only lined the pockets of the wealthy. This rhetoric repeated over and over for the last decade. But now President Obama's tax rate agreement is creating massive confusion among Democrats and many Senators will cast their vote tonight in contradiction to their previously stated positions. In September 2001, a New York Times editorial summed up the received wisdom of Democrats: "the Bush tax cut wasn't designed to fight a recession." The...
  • More Fright-peddling, More Bailouts

    01/20/2009 9:33:48 AM PST · by Coleus · 3 replies · 223+ views
    thenewamerican ^ | William F. Jasper
    Round two of the economic crime of the century has begun. On January 12, Lawrence Summers, President Obama's designee to become director of his National Economic Council, sent a letter to congressional majority and minority leaders seeking the second half of the $750 billion approved by Congress last October.   Citing Obama's economic speech of January 8, Summers wrote: "As the President-elect recently stated, 'we start 2009 in the midst of a crisis unlike any other we have seen in our lifetime.'" As you no doubt recall, last September Congress, fearing the wrath of constituents, rejected a bailout scheme put together...
  • Obama policies averted economic "abyss": Summers

    10/12/2009 3:06:46 PM PDT · by NormsRevenge · 35 replies · 1,206+ views
    Reuters on Yahoo ^ | 10/12/09 | Patricia Zengerle
    WASHINGTON (Reuters) – The Obama administration has helped pull the U.S. economy back from the "abyss" with aggressive efforts to spur growth and stabilize financial markets, a top White House adviser said on Monday. Defending policies that Republicans have attacked as ineffective, National Economic Council Director Lawrence Summers argued measures put in place by the administration, including a $787 billion stimulus package, had helped turn back the deepest U.S. recession since the Great Depression. "Thanks largely to the Recovery Act, alongside an aggressive financial stabilization plan and a program to keep responsible homeowners in their homes, we have walked a...
  • $100B/Yr Climate Finance Challenging, But Possible (global taxes!) - UN Panel (Soros)

    11/06/2010 11:28:07 PM PDT · by SmartInsight · 33 replies
    WSJ ^ | Nov. 5, 2010 | Selina Williams
    Raising $100 billion a year of climate finance by 2020 is challenging, but possible through mechanisms including carbon markets, domestic carbon taxes and a variety of international transportation taxes, a United Nations advisory group said in a report Friday. Earlier this year, the UN's Ban established the panel, which includes U.S. National Economic Council Director Larry Summers, billionaire financier George Soros and Deutsche Bank vice-chairman Caio Koch-Weser. The financing will be used to support mitigation and adaptation efforts in developing countries--in particular, for the poorest and most vulnerable communities.
  • New York Times' Frank Rich Named Obama's Top Economic Adviser (Rich Indeed)

    10/27/2010 10:51:05 PM PDT · by This Just In · 35 replies
    The American Spectator ^ | 10.26.10 | Andrew B. Wilson
    New York Times' Frank Rich Named Obama's Top Economic Adviser By Andrew B. Wilson on 10.26.10 @ 6:08AM Things are not going well for President Obama in his search for an economic adviser to replace the departing Larry Summers. The President had hoped to reach across the aisle -- no, make that the ditch -- to find a top businessperson to take the job. You know the ditch. It is the muddy resting place for that badly damaged car, a.k.a. the U.S. economy, which the president is trying to rescue. He says that the same people who drove the car...
  • Heckuva Job, Summie (Obama Gaffe on Daily Show)

    10/27/2010 7:37:59 PM PDT · by nhwingut · 22 replies · 1+ views
    TIME ^ | 10/27/2010 | Mark Halperin
    Obama's praise for departing economic adviser on the "Daily Show" echoes Bush comments for Katrina-era FEMA head. Stewart's advice: "You don't want to use that phrase, dude."
  • WTO helping China Loot Caterpillar

    10/04/2010 1:00:25 PM PDT · by goldendays · 52 replies ^ | 10/04/2010 | Howard Richman & Raymond Richman
    Caterpillar is one excellent company. It is building new factories now in Texas, Arkansas, and North Carolina, from which it will export products made by American workers all around the world. Its excellent worldwide parts distribution network gives its used equipment a very high resale value. But on September 29 Caterpillar announced it is building its twelfth factory in China -- this one to produce mini-excavators. Why can’t Caterpillar make a profit exporting mini-excavators to China? The answer is simple: China has a 30% tariff on all excavators. In fact it has a similar high tariff on just about every...
  • (Christina) Romer to quit as Obama adviser

    08/05/2010 5:34:33 PM PDT · by C19fan · 115 replies · 1+ views
    MSNBC ^ | August 5, 2010 | Domenico Montanaro
    National Journal's Victor will have the scoop in tomorrow's edition of the National Journal magazine that Obama economic adviser Christina Romer is quitting the post. It all stems from her feeling -- despite her title as chairwoman of the President's Council of Economic Advisers -- that Larry Summers has more influence with the president.
  • Trashing Obama's Economic Team(Reagan Budget Guru David Stockman)

    07/13/2010 4:36:07 PM PDT · by all the best · 11 replies · 1+ views
    The Daily Beast ^ | July 11, 2010 | Lloyd Grove
    Federal Reserve Chairman Ben Bernanke “is a math teacher, he’s not a central banker,” former White House Budget Director David Stockman scoffs. “He is so caught up in his equations that I think he’s extremely dangerous—the worst Fed chairman we’ve ever had.” In the flat, dry accents of the Michigan farm boy he once was, Stockman tells me: “How can he believe that stimulating more credit creation and more borrowing can possibly solve the problem of a housing sector that’s drowning in debt and a federal government that’s on the edge of insolvency?… “He is the greatest enabler of Wall...
  • Daring to Discuss Women in Science

    06/08/2010 5:53:41 AM PDT · by reaganaut1 · 45 replies · 141+ views
    New York Times ^ | June 7, 2010 | John Tierney
    The House of Representatives has passed what I like to think of as Larry’s Law. The official title of this legislation is “Fulfilling the potential of women in academic science and engineering,” but nothing did more to empower its advocates than the controversy over a speech by Lawrence H. Summers when he was president of Harvard. This proposed law, if passed by the Senate, would require the White House science adviser to oversee regular “workshops to enhance gender equity.” At the workshops, to be attended by researchers who receive federal money and by the heads of science and engineering departments...
  • US money supply plunges at 1930s pace as Obama eyes fresh stimulus

    05/26/2010 5:55:31 PM PDT · by opentalk · 7 replies · 1,208+ views
    Telegraph UK ^ | May 26, 2010 | Ambrose Evans-Pritchard
    The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history The M3 figures - which include broad range of bank accounts and are tracked by British and European monetarists for warning signals about the direction of the US economy a year or so in advance - began shrinking last summer. The pace has since quickened. The stock of money fell from $14.2 trillion to $13.9 trillion in the three months to April, amounting...
  • Statement by the Press Secretary on A New Beginning: Presidential Summit on Entrepreneurship

    03/05/2010 9:47:38 PM PST · by Cindy · 13 replies · 419+ views ^ | March 5, 2010 | n/a
    Note: The following text is a quote: Home • Briefing Room • Statements & Releases The White House Office of the Press Secretary For Immediate Release March 05, 2010 Statement by the Press Secretary on A New Beginning: Presidential Summit on Entrepreneurship President Obama, together with the Department of State and the Department of Commerce, will host the Presidential Summit on Entrepreneurship at the Ronald Reagan Building in Washington, D.C., on April 26 and 27. Participants from over 40 countries on 5 continents have been invited to participate. The Summit will highlight the role entrepreneurship can play in addressing...
  • Yes, Larry Summers is Leaving (frustrated by his role, and colleagues are frustrated with him)

    04/07/2010 6:39:02 AM PDT · by SeekAndFind · 17 replies · 746+ views
    The Atlantic ^ | 04/07/2010 | Joshua Green
    One angle in my recent profile of Tim Geithner concerned his relationship with Larry Summers, his former mentor and the director of the National Economic Council. I contend that Geithner, not Summers, has emerged as Obama's key adviser on financial matters, and that Summers isn't happy about it. (Not everybody was convinced.) Since my piece appeared, the buzz that Summers is looking to leave--or is being pushed out--has picked up. Earlier today, my colleague Marc Ambinder wrote about this, defending Summers against his critics while leaving open the possibility that he may, indeed, leave. My own view is a bit...
  • Larry Summers May Be Leaving Obama Administration

    03/27/2010 4:33:57 AM PDT · by SonOfDarkSkies · 23 replies · 832+ views
    f ^ | 3/26/2010 | Charles Gasparino
    The conventional wisdom in Washington and on Wall Street has been that Treasury Secretary Tim Geithner -- the target of populist outrage over Wall Street bailouts and high unemployment -- would be the first to leave the Obama administration’s economic team after the mid-term elections. But the FOX Business Network has learned that another high-ranking economic adviser may be first. Larry Summers, who heads the White House’s National Economic Council, has been described as unhappy in his job, and is suggesting in conversations that he may leave the administration by the end of the year, according to Wall Street executives...
  • Larry Summers: Blame Bad Weather for Unemployment Figures

    03/02/2010 3:19:46 PM PST · by 198ml · 16 replies · 441+ views
    Newsbusters ^ | 03/2/10 | Anthony Kang
    President Obama continuously tries to portray himself as a friend to the little-man, middle class and small business. Hence his attacks on "fat cats" who "just don't get it," while labeling the extravagant bonuses as "obscene," and "the height of irresponsibility." Meanwhile, members of his administration, in defending a sweeping small-business aid program Obama announced in his State of the Union, give reason to wonder if they really understand how to help small business. Among the administration's proposals for small businesses are a $5,000 tax credit to hire new workers, elimination of capital gains taxes, and new incentives to invest...
  • VIDEO: Obama Adviser Larry Summers: Winter Storms To "Distort" Job Numbers

    03/01/2010 4:29:56 PM PST · by ianschwartz · 18 replies · 552+ views
    RealClearPolitics ^ | March 1, 2010 | RealClearPolitics
    "The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Summers said in an interview with CNBC.
  • Larry Summers Says Raising Taxes Creates Jobs

    02/12/2010 7:40:07 PM PST · by TheFreedomPoster · 16 replies · 537+ views
    THE FREEDOM POST ^ | February 12, 2010 | Matthew Burke
    On February 9th, Obama's senior economics adviser, Larry Summers, appeared on FOX Business to discuss the President Obama’s economic plan, which includes future tax increases, record spending, and record deficits (even after accounting for the tax increase which is very disturbing in itself). Summers, contending that increased taxes reduces unemployment said, “Almost all economists who studied these things have that kind of view.” He can't be serious, can he?
  • The Buzz Grows That Larry Summers Is Toast

    01/05/2010 8:49:46 AM PST · by FromLori · 15 replies · 1,119+ views
    The Business Insider ^ | 1/5/10 | Joe Weisenthal
    There's little doubt that the Obama administration will continue its relatively accomodative, Wall Street-friendly policies for some time to come, as the still-weak banking system gets coddled back to health. But it's also true that the administration still has to do more to shed its pro-Wall Street image -- established fairly or unfairly by the likes of Matt Taibbi. One way to do that would be to start severing official ties with the various Clintonistas that inhabit The White House, most notably economic advisor Larry Summers, one of the most charged figures there is. Summers is known for being "brilliant,"...
  • Is a Big Problem Brewing for Larry Summers?

    12/21/2009 5:21:41 AM PST · by Need4Truth · 1 replies · 406+ views
    Economic Policy Journal ^ | December, 20, 2009 | Robert Wenzel
    When Larry Summers was president of Harvard, a woman by the name of Iris Mack was fired from Harvard Capital Management. The problem with this? A month before she was fired she sent Summers an email warning him about the quality of the portfolio managers at HMC and also about the dangerous derivatives positions that HMC was taking on that ultimately resulted in huge losses for Harvard. {snip] The story of Summers' mismanagement of Harvard's finances appears to be a story that won't seem to die. Most recently showcased by Bloomberg. Now focus appears to be picking up on Mack,...
  • Recession Is Over, White House Adviser Says (Larry Summers says job growth begins next spring)

    12/13/2009 7:47:02 PM PST · by SeekAndFind · 96 replies · 1,786+ views
    ABC News ^ | 12/13/2009 | Kristina Wong
    President Obama's top economic adviser Lawrence Summers today for the first time predicted that job growth would begin as early as this spring. "I believe that, as do most professional forecasters, that by spring, employment growth will start to be turning positive," Summers told ABC's "This Week." It's the first time the White House has predicted job growth on such a short timetable. Summers would not commit to a timeline during an earlier ABC News interview on Dec. 4, the day the last jobs report was released. That jobs report showed the national unemployment had dropped in November, from 10.2...
  • Aides say Obama is pressing to ease credit again

    12/13/2009 3:45:08 PM PST · by reaganaut1 · 52 replies · 1,492+ views
    Associated Press ^ | December 13, 2009
    President Barack Obama's economic advisers are talking tough about the banks ahead of his meeting with heads of financial institutions. Larry Summers and Christina Romer say Obama will press bankers Monday to ease lending to help Americans get back to work. As Summers put it, bankers need to recognize that "they've got obligations to the country after all that's been done for them." He says no major bank would be intact without the government's bailout of the financial sector, and now they need to do all they can to get credit flowing again.
  • White House economist: 'F--- up' conservative prof

    12/06/2009 6:08:25 PM PST · by Nachum · 52 replies · 3,471+ views
    WND ^ | 12/6/09 | Aaron Klein
    According to a university colleague, former president of Harvard and current White House economist Larry Summers once asked for help to "f--- up" one of the school's conservative professors.
  • Unemployment Rising Faster In the U.S. Than Other Countries

    10/22/2009 12:20:56 PM PDT · by JohnRLott · 61 replies · 3,764+ views
    Fox News ^ | October 22, 2009 | John R. Lott Jr.
    The Obama administration claims that it was their passage of massive government spending that saved the United States from another Great Depression. Last week, Larry Summers, Obama's top economic adviser, claimed that because of the stimulus: "We have walked a substantial distance back from the economic abyss and are on the path toward economic recovery. Most importantly, we have seen a substantial change in the trend of job loss." And Vice President Biden declared at the end of September: "In my wildest dreams, I never thought it [the stimulus] would work this well." As President Obama and other Democrats have...
  • More Fallout From Larry Summer's Push for Aggressive Investing at Harvard

    10/18/2009 3:59:58 PM PDT · by FromLori · 12 replies · 796+ views
    Economic Policy Journal ^ | 10/18/09 | Robert Wenzel
    Harvard University’s failed bet that interest rates would rise cost the school at least $500 million in payments to escape derivatives that backfired, reports Bloomberg. Harvard paid $497.6 million to investment banks during the fiscal year ended June 30 to get out of $1.1 billion of interest-rate swaps intended to hedge variable-rate debt for capital projects, the school’s annual report said. Harvard said it also agreed to pay $425 million over 30 to 40 years to offset an additional $764 million in swaps. The transactions began losing value last year as central banks slashed benchmark lending rates, forcing the university...
  • Obama Aide Defends Stimulus Package

    10/12/2009 10:55:57 AM PDT · by freespirited · 3 replies · 397+ views
    Reuters ^ | 10/12/09 | Patricia Zengerle
    President Barack Obama's top economic adviser said on Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market. "Thanks largely to the Recovery Act, alongside an aggressive financial stabilization plan and a program to keep responsible homeowners in their homes, we have walked a substantial distance back from the economic abyss and are on the path toward economic recovery," Larry Summers said in a letter to be sent to Republican House Leader John Boehner that amounted to a defense of the...
  • Summers: Obama administration didn’t fully understand the economic challenges they inherited

    08/02/2009 10:13:13 AM PDT · by TaxPayer2000 · 76 replies · 2,091+ views
    Breaking News 24/7 ^ | August 2nd, 2009 | Bureau News
    Summers defends Obama economic record WASHINGTON — A top White House adviser is defending President Barack Obama’s approach to reviving the economy and says the new administration inherited a situation far worse than anyone understood. Economic adviser Larry Summers said Sunday that “we didn’t know how bad it was last winter” when the new administration took over. Despite that, he said the administration’s stimulus spending is the right framework to stop an economic free fall. He also said an overhaul of the health care system is key to helping reduce the deficit. Summers appeared on NBC’s “Meet the Press.”
  • Summers won't rule out new taxes [BOHICA]

    08/02/2009 9:29:57 AM PDT · by advance_copy · 17 replies · 735+ views
    The Hill ^ | 8/02/09 | Michael O'Brien
    New taxes to help address the long-term budget deficit cannot be ruled out, National Economic Council Director Larry Summers admitted Sunday. Summers said during an appearance on CBS that "it's never a good idea to absolutely rule things out no matter what" when it comes to the prospect of new taxes. [snip] President Obama's top economic adviser said that the efforts to restructure healthcare in the U.S. would be chief among its efforts to reduce the deficit over time, characterizing the administration's attempt for a deficit-neutral reform bill as historically responsible. "This is the most fiscally responsible approach to introducing...

    07/17/2009 8:21:41 AM PDT · by Oldeconomybuyer · 32 replies · 818+ views
    MSNBC ^ | July 17, 2009
    The White House has just released excerpts of chief economic adviser Larry Summers' speech on the economy today. Summers, per the excerpts, will also discuss what the administration hopes the economy will look like once it recovers. "The rebuilt American economy must be more export-oriented and less consumption-oriented, more environmentally oriented and less fossil-energy-oriented, more bio- and software-engineering-oriented and less financial-engineering-oriented, more middle-class-oriented and less oriented to income growth that disproportionately favors a very small share of the population."
  • Larry Summers cites Google search as progress [libmedia no longer googling "economic depression"]

    07/18/2009 9:10:54 AM PDT · by TaxPayer2000 · 68 replies · 2,174+ views
    Politico ^ | 7/17/09 | EAMON JAVERS
    Of all the statistics pouring into the White House every day, top economic adviser Larry Summers highlighted one Friday to make his case that the economic free-fall has ended. The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said. Searches for the term were up four-fold when the recession deepened in the earlier part of the year, and the recent shift goes to show consumer confidence is higher, Summers told the Peterson Institute for International Economics. Summers continued the administration’s push-back against critics of President Barack Obama’s handling of the recession,...
  • Infighting Over Financial Power

    07/15/2009 10:22:59 PM PDT · by FromLori · 4 replies · 379+ views
    The best evidence that Larry Summers is headed to the Federal Reserve is the enormous amount of new power the Obama Administration wants to hand over to the Fed. Are they really doing this so that it can be handed over to the relative outsider, Ben Bernanke? Not likely. This is a power play by the ultimate troika, President Obama, Rham Emanuel and Summers. Of course, there is a reaction to this power play from the corners of Wall Street and beyond that don't have significant influence at the table of the troika. A report, by an alliance including two...