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Keyword: summers

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  • What’s behind the revolt against global integration? [STOPPING THE "ELITES"]

    04/11/2016 3:09:45 AM PDT · by expat_panama · 30 replies
    Washington Post ^ | April 10 | Lawrence Summers
    Since the end of World War II, a broad consensus in support of global economic integration as a force for peace and prosperity has been a pillar of the international order. From global trade agreements to the European Union project; from the work of the Bretton Woods institutions to the removal of pervasive capital controls; from the vast expansion in foreign direct investment to major increases in the flow of people across borders, the overall direction has been ... ...more successful than could reasonably have been hoped. We have not had a war between major powers. Global standards of living...
  • It’s time to kill the $100 bill

    02/16/2016 11:00:17 AM PST · by TroutStalker · 80 replies
    Washington Post ^ | February 16, 2016 | Lawrence H. Summers
    Harvard's Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation. I remember that when the euro was being designed in the late 1990s, I argued with my European G7 colleagues that skirmishing over seigniorage by issuing a 500 euro note was highly irresponsible and mostly would be a boon to corruption...
  • How liberal 'triumphs' on Syria and Summers have weakened Obama

    09/16/2013 7:08:17 PM PDT · by Jim Robinson · 5 replies ^ | Sept 16, 2013 | By Linda Feldmann
    The left is on a roll. Liberals successfully pushed back against President Obama’s plan to launch airstrikes in Syria, and then quashed the expected nomination of Larry Summers as the next chairman of the Federal Reserve Board. That one-two punch from some usually loyal Democratic allies has left Mr. Obama in a weakened political state right as he enters tough negotiations with Republicans: to keep the government funded beyond Sept. 30, and to raise the limit on federal borrowing authority a few weeks later. Republican House Speaker John Boehner is having an even harder time getting his own base to...
  • Larry Summers withdraws name from Fed consideration

    09/15/2013 2:33:33 PM PDT · by Nachum · 24 replies
    Washington Post ^ | 9/15/13 | Zachary A. Goldfarb
    Former White House economic adviser and Treasury secretary Lawrence H. Summers has withdrawn his name as a candidate for Federal Reserve chairman, a person familiar with the matter said Sunday. President Obama had been strongly considering naming Summers to the post after their long experience fighting the financial crisis and recession. The decision may mean that another top candidate, current Federal Reserve vice chairman Janet Yellen, will get the job, or another candidate. In a letter dated Sunday to the president, Summers wrote that he was withdrawing his name. “It has been a privilege to work with you since the
  • 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...
  • Inside Job: Obama To Nominate Summers As Fed Chair, Despite NO Federal Reserve Experience

    09/13/2013 3:55:35 AM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 09/13/2013 | Anthony B. Sanders
    Japan’s Nikkei is reporting that President Obama is going to nominate Administration insider Lawrence Summers as Federal Reserve Chairman. Summers would replace current Chair Ben Bernanke. This nomination is in spite of the total lack of experience of Summmers in the Federal Reserve system. What experience does Summers have? 1. He was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. 2. Summers served as an economic adviser to the Dukakis Presidential campaign in 1988 which ended in disaster. dukakis 3. He served as Chief Economist for the World Bank until 1993. 4. He served...
  • Obama’s Choice: Summers or Yellen? (Yield Curve Higher Than When QE Started)

    07/26/2013 4:58:02 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 07/26/2013 | Anthony B. Sanders
    Federal Reserve Chairman Ben Bernanke may be stepping down when his term expires in January. If that happens, President Obama gets to nominate his successor. The leading candidates are Fed Vice Chair Janet Yellen and former Treasury Secretary Larry Summers. Both Yellen and Summers are from elite, liberal universities (University of California at Berkeley and Harvard University, respectively). Both are similar to Bernanke in terms of policies. Yellen is quiet and Summers is … well, Summers – quite opinionated. It is doubtful that other respected candidates like Jeff Lacker at the Richmond Fed or Thomas M. Hoenig from the Kansas...
  • 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...
  • King campaign seeks removal of Republican ad attacking him

    09/26/2012 7:55:41 PM PDT · by Republican Wildcat · 4 replies
    BDN Maine ^ | Sept. 24, 2012 | Matthew Stone
    PORTLAND, Maine — Angus King’s campaign called on the state’s TV stations Monday to pull two Republican ads from the air that it says offer an inaccurate and misleading portrayal of King’s involvement in a 22-turbine wind project in the western Maine town of Roxbury. King and business partner Rob Gardiner held a 10 percent stake in the project until early 2011. At a Monday news conference, King campaign manager Kay Rand said the campaign is filing formal complaints with the TV stations airing the ads claiming that the stations are required to remove the ads under federal law. “Initially,...
  • New Republican ad continues wind assault on King

    09/24/2012 9:18:20 PM PDT · by Republican Wildcat · 4 replies
    Bangor Daily News ^ | September 21, 2012 | Matthew Stone
    The National Republican Senatorial Committee is out with another ad targeting Angus King and his wind energy business. The spot, titled “Smooth Operator,” asks, “Angus King got a sweetheart deal for his windmills. What did Mainers get?” The spot then features five unidentified residents from the area of the 22-turbine Record Hill wind project in which King and business partner Rob Gardiner held a 10 percent stake until January 2011. They accuse King of profiting from a wind turbine installation that’s changed the area where they live. “‘We all need to get used to seeing turbines where we used to...
  • Maine: Angus King - It's Good to be King (ad)

    09/20/2012 9:22:23 PM PDT · by Republican Wildcat
    US Chamber ad via YouTube ^ | 9/18/2012 | US Chamber
    Angus King isn't worried about issues affecting middle class Mainers. King said, "When I'm Campaigning, nobody talks to me about health care or even the economy." Who is King talking to?
  • US Chamber Airs Anti-King TV Ads in Maine

    07/26/2012 8:32:21 PM PDT · by Republican Wildcat · 3 replies
    MPBN ^ | 07/26/2012
    The 30-second ad portrays King as a free-spending liberal, calling him the "king of spending," while Maine's former governor says the ads are negative attacks by outside money "trying to influence Maine voters." PORTLAND, Maine (AP) _ The U.S. Chamber of Commerce has begun airing TV ads in Maine taking on independent Senate candidate Angus King. The 30-second ad portrays King as a free-spending liberal during his years as Maine's governor, calling him the "king of spending.'' The ad says government spending skyrocketed under King, and that he left the state with a billion-dollar shortfall when he left office. King...
  • In early Obama White House, female staffers felt frozen out

    09/20/2011 3:51:55 PM PDT · by neverdem · 46 replies
    Washington Post ^ | September 20, 2011 | Peter Wallsten and Anne E. Kornblut
    Friction about the roles of women in the Obama White House grew so intense during the first two years of the presidentÂ’s tenure that he was forced to take steps to reassure senior women on his staff that he valued their presence and their input. At a dinner in November 2009, several senior female aides complained directly to the president that men enjoyed greater access to him and often muscled them out of key policy discussions. Those tensions prompted Obama, urged on by senior adviser Valerie Jarrett, to elevate more women into senior White House positions, recognize them more during...
  • Ron Suskind Book 'Confidence Men': Tim Geithner Ignored Obama Order On Banks

    09/16/2011 8:31:25 AM PDT · by tomd2 · 5 replies
    Forbes ^ | 9/16/2001 | ANTHONY McCARTNEY
    A new book offering an insider's account of the White House's response to the financial crisis says that U.S. Treasury Secretary Tim Geithner ignored an order from President Barack Obama calling for reconstruction of major banks. According to Pulitzer Prize-winning author Ron Suskind, the incident is just one of several in which Obama struggled with a divided group of advisers, some of whom he didn't initially consider for their high-profile roles. Suskind states that Obama accepts the blame for mismanagement in his administration while noting that restructuring the financial system was complicated and could have resulted in deeper financial harm....
  • 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...
  • Gene Sperling: Obama's new economic whisperer

    01/09/2011 10:55:10 AM PST · by thecodont · 9 replies
    Associated Press via San Francisco Chronicle / ^ | Friday, January 7, 2011 | By JIM KUHNHENN, Associated Press
    (01-07) 09:56 PST WASHINGTON (AP) -- He has helped write popular television dramas and has stroked many a sweet drop shot on the tennis court. He has written a book about education in developing countries. And now, for the second time in his career, Gene Sperling, never formally educated as an economist, will rise to one of the top economic posts in the U.S. government. Read more:
  • 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,...
  • $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.
  • Obama Tells Jon Stewart: Summers Did 'a Heckuva Job'

    10/28/2010 10:17:25 AM PDT · by FromLori · 17 replies · 1+ views
    WSJ ^ | 10/27/10 | Mary Lu Carnevale
    President Barack Obama, taping Comedy Central’s “The Daily Show” with Jon Stewart, gave a shout-out to Lawrence Summers – one the outgoing director of the White House National Economic Council probably could have done without. Mr. Summers did “a heckuva job,” Mr. Obama said. Mr. Stewart quickly admonished: “You don’t want to use that phrase, dude.” The reference, of course, was to former President George W. Bush’s praise of then-FEMA director Michael Brown’s management of Hurricane Katrina relief efforts – a job widely considered bungled.
  • Obama Administration Has Been An ‘Academic Exercise’

    09/22/2010 7:35:08 AM PDT · by Slyscribe · 30 replies
    IBD's Capital Hill ^ | 9/22/2010 | Ed Carson
    A day after President Obama declared that his administration is not “some academic exercise,” Lawrence Summers announced plans to step down as director of the president’s National Economic Council and return to Harvard University. Christina Romer just left her post as head of the White House Council of Economic Advisers to go back to the University of California, Berkeley. The current administration has suffered from a historic lack of private-sector experience,
  • With Whom Will Summers be Replaced?

    09/22/2010 6:52:47 AM PDT · by CincyRichieRich · 23 replies
    9-22-10 | Self
    Summers is out at end of year. I heard he wanted to extend the tax cuts to everyone, and Obama the commie was against it. Summers has been partially on target, but mostly he's still a Keynesian and water carrier. Atlantic Monthly says Obama shouldn't get an ex-CEO to be his financial advisor...duh, like the blue blood lib mag is gonna say differently. I say Obama will put another PhD there to theorize because he's too arrogant and hateful to do otherwise. He thinks he just didn't have the right person to the post to make his beliefs become reality.
  • The Party of Know-Nothings

    08/31/2010 3:30:02 AM PDT · by Scanian · 3 replies
    The American Thinker ^ | August 31, 2010 | Jeffrey Folks
    "Ideas may be cut loose from experience in two senses: either they have no roots in experience, or they are not submitted to the test of experience. Either way, they are free to be foolish." So wrote Jeane Kirkpatrick in the Introduction to her landmark book, Dictatorships and Double Standards (New York, 1982, p. 10). Kirkpatrick's statement applies perfectly to the band of naďve idealists now in change of our government. The youthful dreamers guiding the Obama administration have almost no private-sector experience. Like Obama himself, the Cabinet and host of czars who direct policy have spent their lives in...
  • Unemployed group blasts Geithner's handling of economy [ UCubed ]

    08/24/2010 6:52:33 PM PDT · by SunkenCiv · 11 replies
    The Hill ^ | Monday, August 23, 2010 | Jay Heflin
    UCubed, a group representing unemployed and underemployed workers, sharply criticized Treasury Secretary Timothy Geithner for his handling of the economy after the Labor Department last week announced that jobless claims had unexpectedly jumped to 500,000. "The pace of job losses is increasing, and Secretary Geithner doesn't have a clue on how to end this grave recession," said Rick Sloan, the group's acting executive director, in prepared remarks. Sloan noted a September 2009 interview with ABC where Geithner predicted that in 12 months jobs would be easier to find and income growth would accelerate. "Geithner was delusional then and he's even...
  • But He Can't Fire Soros

    08/24/2010 8:54:58 AM PDT · by jazminerose · 5 replies ^ | 8/24/10 | Joy Tiz
    Joy Tiz ©2010 We’ve tried 19 months of government-as-community organizer. It hasn’t worked. Our fresh start needs to begin now. -John Boehner House minority leader, John Boehner called out the community-organizer-in-chief for his calamitous management of the nation’s economy. "I have had enough – and the American people have had enough – of Washington politicians talking about wanting to create jobs as a ploy to get themselves re-elected while doing everything possible to prevent jobs from being created." Not that the moribund media would tell you, but Boehner delivered his remarks at a speech before the City Club of Cleveland....
  • Dollar Plunges As Everyone Now Figures Return Of Quantitative Easing Is A Done Deal

    08/24/2010 8:16:05 AM PDT · by blam · 11 replies
    The Business Insider ^ | 8-24-2010 | Joe Weisenthal
    Dollar Plunges As Everyone Now Figures Return Of Quantitative Easing Is A Done Deal Joe Weisenthal Aug. 24, 2010, 10:45 AM Today the weak economic data is not prompting a flight-to-the-dollar. Today the weak economic data is causing dollar selling, because it's becoming crystal clear to folks, as ForexLive notes, that quantitative easing II is now a done deal. No more baby steps or holding the balance sheet steady. There's no excuse for the Fed Board of Governors to be have an unclear picture of the economy's direction anymore. And we may not have to wait for very long. Bernanke...
  • (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.
  • Today's "Mancession" will change everything

    06/17/2010 12:48:40 PM PDT · by Thebaddog · 32 replies · 872+ views
    Fortune ^ | 6.17.10 | Nancy Koehn, Professor, Harvard Business School
    Three-quarters of the seven million jobs that have vanished in the recession belonged to men. The male unemployment rate is now 9.8%, vs. 8.1% for women. The trend got Larry Summers, the President's top economic adviser, speculating recently, "When the economy recovers five years from now, one in six men who are 25 to 54 will not be working." Ouch. While the decline in construction and manufacturing is hurting men in the workforce, expansion of health care and education is helping women. It also helps women that we are traditionally paid less (earning 78% less than men, on average). It's...
  • 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...
  • Summers on Demand (Pay people for not working, and more people will work!)

    04/16/2010 6:47:48 AM PDT · by Cheap_Hessian · 1 replies · 329+ views
    The Wall Street Journal ^ | April 15, 2010
    Even when we disagree with Larry Summers, we've long thought of him as a better economist than politician. But after reading his nearby letter to the editor, we may have to reverse our judgment. The senior White House aide is abandoning his former economic views to serve the Democratic Party's current political purposes. Earlier this week, we quoted an essay by Mr. Summers published in 1999 in which he explained that unemployment insurance creates an incentive for workers to delay going back to work. The share of America's jobless out of work for 27 weeks or more reached a new...
  • Expect snow job from White House on jobs report

    03/05/2010 3:08:51 AM PST · by Scanian · 10 replies · 538+ views
    NY Post ^ | March 4, 2010 | John Crudele
    WASHINGTON may have gotten blizzards last month, but that's nothing compared to the snow job we'll probably get from the Obama administration tomorrow. At 8:30 a.m. the Labor Department will announce the nation's jobs report for February. The experts are expecting another loss -- this time 20,000 jobs compared with the 50,000 positions that disappeared in January. I'm not even going to try to guess whether the experts' predictions will be high or low compared with the announced number. With things like seasonal adjustments, arbitrary guesses on the formation of new companies and millions of temporary census jobs being created...
  • 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...
  • The Truth about ObamaCare

    01/13/2010 3:07:22 AM PST · by Scanian · 1 replies · 365+ views
    The American Thinker ^ | January 13, 2010 | John Lilly
    A senior Obama Administration official almost let the cat out of the bag about the real impact of Obama-style health care "reform." Here's the background. The three most important things in real estate are location, location, and location. In health care, one could argue that it's reimbursements, reimbursements, and reimbursements. One in every six workers receives a paycheck that depends on physician and hospital reimbursement for services. Except for Medicaid, Medicare reimbursement rates are the lowest of all entities that reimburse physicians and hospitals. All private insurance and Medicare Advantage reimbursements are higher than traditional Medicare ones. Medicare and Medicare...
  • 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,"...
  • Larry Summers Was a Total Financial Screw Up as President of Harvard

    12/18/2009 8:28:08 AM PST · by FromLori · 15 replies · 717+ views
    Economic Policy Journal ^ | 11/17/09 | Robert Wenzel
    <p>As vanishing credit spurred the government-led rescue of dozens of financial institutions, Harvard was so strapped for cash that it asked Massachusetts for fast-track approval to borrow $2.5 billion. Almost $500 million was used within days to exit agreements known as interest-rate swaps that Harvard had entered to finance expansion in Allston, across the Charles River from its main campus in Cambridge, Massachusetts.</p>
  • It's not the government's recovery

    12/14/2009 12:25:50 PM PST · by GOP_Resurrected · 246+ views
    First Trust Portfolios ^ | 12/14/2009 | Brian Wesbury & Bob Stein
    This past weekend, President Obama’s top economic advisor, Larry Summers, said the “recession is over.” But in the next breath he called for more government action to stimulate the economy, in particular, the pace of hiring. As far as the Administration is concerned, it is government stimulus that brought us this recovery. Now, it’s just a matter of piling on even more government spending to generate job growth. In one sense we agree completely with Mr. Summers. The recession is over. In fact, the economy has been growing since June. This came as no surprise to us. “An economic recovery...
  • Harvard ignored warnings about investments

    11/29/2009 6:24:51 AM PST · by Saije · 13 replies · 1,039+ views
    Boston Globe ^ | 11/29/2009 | Beth Healy
    It happened at least once a year, every year. In a roomful of a dozen Harvard University financial officials, Jack Meyer, the hugely successful head of Harvard’s endowment, and Lawrence Summers, then the school’s president, would face off in a heated debate. The topic: cash and how the university was managing - or mismanaging - its basic operating funds. Through the first half of this decade, Meyer repeatedly warned Summers and other Harvard officials that the school was being too aggressive with billions of dollars in cash, according to people present for the discussions, investing almost all of it with...
  • Did Timothy Geithner & Larry Summers fail? Poll

    11/19/2009 10:15:57 AM PST · by DBlake · 8 replies · 1,402+ views
    Youpolls ^ | 11-19-2009 | ABCNews
    Echoing comments made by a Democratic lawmaker Wednesday night, two Republican members of the Joint Economic Committee today called for Treasury Secretary Timothy Geithner to resign.
  • The 'stimulus' for unemployment: How Washington goosed joblessness

    11/17/2009 3:22:55 AM PST · by Scanian · 4 replies · 468+ views
    NY Post ^ | November 17, 2009 | Alan Reynolds
    Why did the unemployment rate rise so rapidly -- from 7.2 per cent in January to 10.2 percent in October? It was clearly the administration's "stimulus" bill -- which in February provided $40 billion to greatly extend jobless benefits at no cost to the states. As Larry Summers, the president's top assistant for economic policy, noted in July, "the unemployment rate over the recession has risen about 1 to 1.5 percentage points more than would normally be attributable to the contraction in GDP." And the rate has moved nearly a percentage point higher since then, even though GDP increased. Countries...
  • Einhorn shorts US 'short-term thinking'

    10/20/2009 4:18:34 AM PDT · by Scanian · 10 replies · 652+ views
    NY Post ^ | October 20, 2009 | KAJA WHITEHOUSE
    Famed short-seller David Einhorn is bullish on gold because he's bearish on Obama. Members of President Obama's prized economic team, including Treasury Secretary Tim Geithner, are "quintessential short-term decision makers," Einhorn said, explaining his sudden fondness for gold. Watching Geithner, Federal Reserve Chairman Ben Bernanke and White House economic advisor Larry Summers on television recently, "my instinct was to short the dollar," Einhorn joked at the Value Investing Congress, a star-studded investment conference held in Midtown. Instead, he decided to invest in gold, even though futures hit a record price of $1,072 an ounce last week.
  • 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...
  • Harvard’s Bet on Interest Rate Rise Cost $500 Million to Exit

    10/18/2009 10:03:47 AM PDT · by the invisib1e hand · 22 replies · 1,045+ views
    the B-word ^ | 101809 | the B-word
    Verbotten. story here.
  • Geithner, Summers, Bair on Wall Street[Treasury Sec Geithner “We’ve got Unsustainable Deficits"]

    10/16/2009 6:36:00 PM PDT · by Son House · 20 replies · 1,479+ views ^ | October 16, 2009 | Elizabeth MacDonald
    In unprepared remarks given at a Wall Street conference hosted by The Economist magazine yesterday, Treasury Secretary Timothy Geithner delivered this eye-brow-raising comment: “We’ve got unsustainable deficits over a five- to 10-year window.” Economists have also projected this outsized deficit spending—a $3.6 tn budget, a $787 bn stimulus plan, and health reform veering towards $1 tn over a period of years--is putting the country on track to join Zimbabwe, Italy, and Japan when it comes to rising debt-to-GDP ratios. Geithner also said the US economy is slowly recovering, but the markets should not expect a V-shaped recovery, as the healing...
  • Summers challenges Wall Street to accept new financial regulations

    10/16/2009 11:35:51 AM PDT · by opentalk · 7 replies · 379+ views
    The Hill ^ | 10/16/09 | Silla Brush
    President Barack Obama's top economic adviser on Friday challenged financial institutions to "think about what they can do for their country" by accepting fundamental regulatory changes this year. Summers said the entire financial industry continues to benefit from trillions of dollars in bailout money, even as some of the biggest Wall Street firms report billion-dollar profits and continue to pay major bonus packages. There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support for the financial system," Lawrence Summers, director of the National Economic Council, said Friday....
  • OBAMAS Wrecking Crew

    10/01/2009 1:00:29 PM PDT · by no-llmd · 11 replies · 749+ views
    Power Line ^ | 10-1-2009 | Scott Johnson
    Many who backed Obama at the time of the financial crisis last Fall, are now, in private, expressing grave misgivings. (snip) I'm told that Treasury Secretary Tim Geithner and chief economic adviser Lawrence Summers have both complained to senior Wall Street execs that they have almost no say in major policy decisions. Obama economic counselor Paul Volcker, the former Fed chairman, is barely consulted at all on just about anything -- not even issues involving the banking system, of which he is among the world's leading authorities.(snip)(obama)is acting as if he has a blank check to do what he wants,...
  • CzarinaGate: Did Larry Steal Melissa’s Cookies?

    08/05/2009 5:40:20 AM PDT · by luckybogey · 1 replies · 300+ views
    LuckyBogey's Blog ^ | August 5, 2009 | LuckyBogey
    Hathaway’s abrupt resignation probably signals her recognition that the whole concept of a cybersecurity czar was misguided. “The status quo is no longer acceptable,” said the executive summary of her report. “Leadership should be elevated and strongly anchored within the White House to provide direction, coordinate action, and achieve results.” Having the old “Czar” report to both the national security and economic advisers shows that the White House is looking to insure “a balance between homeland security and economic concerns,” anonymous sources said. It also points out they’re trying to put out a fire [internal battle] in which Larry Summers,...
  • Summers and Geithner Hand the Republicans a Political Gift

    08/02/2009 2:57:07 PM PDT · by fiscon1 · 7 replies · 1,314+ views
    The Provocateur ^ | 08/02/2009 | Mike Volpe
    I suspect that Republican strategists all over the country are salivating right now. That's because White House advisor, Larry Summers, just handed them a political gift. In responding to a question about whether the president would raise taxes on the middle class he answered like this. of this economy. There is a lot, though, there is a lot that can happen overtime. But the priority right now, so it is never a good idea to absolutely rule things -- rule things out no matter what.
  • Summers defends Obama economic record

    08/02/2009 7:01:00 AM PDT · by Cheap_Hessian · 22 replies · 540+ views
    AP ^ | August 2, 2009
    WASHINGTON (AP) - 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."
  • McCaul Shows Sleeping Summers Saying "Obama Administration is Asleep at the Wheel" - Video 7/21/09

    07/21/2009 1:17:41 PM PDT · by Federalist Patriot · 3 replies · 517+ views
    Freedom's Lighthouse ^ | July 21, 2009 | BrianinMO
    Here is video from the House floor today where GOP Rep. Mike McCaul of Texas showed an enlarged picture of Obama top economic adviser Larry Summers sleeping, and then used it to say that it perfectly illustrates the fact the Obama Administration is "asleep at the wheel" when it comes to creating jobs. He then cited the higher unemployment rates under Obama, and the Cap and Trade bill that would put many more Americans out of work. McCaul was met with shouts on the House floor when he produced the picture. . . . . (Watch Video)

    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."