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Larry Summers Says European Debt Crisis Among Risks To US Economic Outlook
Headlines for now, but we get it. Although hold on, wasn't it the ever reliable Timmy G who just last week said the US will not be impacted by the European crisis? Which of these pathological truth tellers to believe...so difficult to decide.
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That's a laugh and a half... the "European debt" crisis
Hmmm pot and kettle..
What about the 32 bankrupt states in the US!
The direct impact will be minimal, but the indirect impact will be severe...see, they're both right.
Ahh yes. Well done. Their reputations are saved!
You could almost forget that the US is also in a shitload of trouble, Asia is still a bubble that can't support on its own.
...
It's just a contest against who is worst of so the other ones can pretend to be fine.
I'm not sure about UBS but what I do know is that the interventions appear to have less and less effectiveness. Euro spikes, shorts cover......then reshort. Look at today for example. At some point the central banks will step in, if they haven't already, sees to be recovering from it's lows rather quickly. Traders will simply reshort.
I suppose the central banks can keep this up indefinitely. Whats to stop them?
Which of these pathological truth tellers to believe...so difficult to decide.
Rhetorical.
Summers also went on to use European crisis and high unemployment as rationalization to maintain stimulus spending/expansion.
Top White House economist Lawrence Summers said on Monday the United States must assure investors it will curb the budget deficit over time, while delivering short-term fiscal stimulus to boost growth.
Appropriate short-run expansionary budget policy can make an important contribution to establishing the confidence necessary for sound growth,....."
One wonders how Larry (or anyone in the adminstration) defines "sound growth"?
So he is saying that they will literally print money ?
Fiat bugs claim to fame is that all stimulus is debt money so no money is printed but how do you reduce the deficit and provide debt money stimulus at the same time ?
Summers is smart, and to hedge the "recovery" by implicating the Eurozone is good politics. It actually plays well against Timmay's comments in a good cop bad cop sort of way.
Your money is being held by a kid named Larry Summers. Real fucking brat, but I'm sure your goons can get it off him. I mean, he's fifteen.
... and he's always right. </sarcasm>
Larry summers was in the Greenspan group who kept the interst rates so low so long, and it was his opinion that derivaties needs no regulation and defended this position agressively,where this year greenspan admitted it was a mistake, still Larry doesnt say anything about his past mistakes,sins. Now he has a mouth so he speaks, timmy was also in the same group, this is a group of people who has secret agenda.
Did they teach English at your HS?
They both are right [vomit], how dare anyone doubt The Brilliant Summer and Turbo Tim
As a requirement for their professional certification, all economists should be required to manage their own retirement portfolios. Then, a a prerequisite for appearing in any form of media, they would be required to disclose their results.
Larry Summers says, "gobble gobble gobble gobble". He loathes the genocide of his kind every Thanksgiving.
Obama stepping up the rhetoric re North Korea just as the Okinawa base situation hits Gov crisis level ahead of elections. Something amounting to 100K okinawan's rally last month againt the betrayal of the government promise to relo the base. The Gov now conveniently points to the building tensions on the peninsula as justification for NOT moving the base. Meanwhile, the Russians committ to sending the S-300 to Iran and back Syria while Turkey continues to break with the West.
http://news.bbc.co.uk/2/hi/8642665.stm
Sounds like a 'preemptive justification'... Just-in-case, 'the US citizen' finds out that their tax dollars have been promised to yet another bail out. "Now we're bailing out... EUROPE!???"
What an arrogant cunt, as if the Euro problem is the only thing for the US to worry about. Awaiting the dollar and pounds turn to get trashed......
Just watch, these f*cking morons will blame them for our inability to regulate and our debt.
Translation: None of them has any freaking idea what the heck is going on.
Absolutely but luckily they know the solution every foreseeable problem which may arise.
Print money.
http://preview.bloomberg.com/news/2010-05-23/hsbc-shares-suffer-euro-collapse-as-greek-debts-roil-bank-stock-valuations.html
"Buy the European dips, please," says Bloomie.
Its too funny, FORD headlines all over the place that they are insourcing jobs from Mexico back to the US, to two plants in Michigan. Its a total of 160 jobs, ROFLMAO
Benny and Timmy really got the job growth rolling now. 160 freaking jobs making national headlines to stymie more of the sheep into spending their money on crap.
160 jobs, ROFLMAO
at 14.00 bucks an hour . bring on the housing boom
Complete and utter lawlessness on all levels.
Italy going to ban transactions over €5000 in bid to curb tax evasion.
Yeah sure, I bet it is cos they haven't got enough €s!
This is simple.....
THEY got what THEY want....
And are now on GLIDE......
There. I fixed it for you.
Ah, the gentle leadership of the Larry and Tim Show! Meanwhile, heard on the streets and airwaves of Rome this weekend (NPR report this morning), the words echo a chant heard more and more regarding European politicians… “Liars, liars… all liars.” This instance refers to the incredible disconnect between the warm optimism of the Berlusconian government and the volcano of debt and corruption swamping Italy.
When will “liars, liars… all liars” begin a similar widespread use concerning the duplicity of America’s leaders?
Example: the politicians’ “financial reform” bill is a lie. The Obama Adminnistration and its substantial majories in Congress that enabled record bailouts and payoffs to Wall Street, driving taxpayer money into the hands of the oligarchs, did not pass “reform” but a promise not to ripoff Main Street again. The reform is “intended” to do this, it is “planned” to do that, it is “designed” to ameliorate such and such--all weasel words to say the politicos did not fix the financial piracy that led to financial crisis.
Obviously, if you believe that the oligarchs are running the government, then you know that the “reform” bill has their support and their fingerprints all over it.
Specifically, the bill gives the Fed additional permanent power, not just emergency or shadow power as it now enjoys, to centrally control for the banker cabal’s nefarious benefit all business activity emanating in this nation. It will:
Empower the Federal Reserve to supervise the largest, most complex financial companies to ensure that the government understands the risks and complexities of firms that could pose a risk to the broader economy.
Allow the government in extreme cases to seize and liquidate a failing financial company in a way that protects taxpayers from future bailouts.
For instance, have you ever wondered why Best Buy, say, survives and a Circuit City fails, or why a Bed and Beyond survives to gobble up a Linens ‘n Such, or why a Six Flags survives bankruptcy only to wave again? It was only a short while ago, back in December 2005, after a prolonged and highly public proxy battle, that Washington Redskins owner and Six Flags shareholder Daniel Snyder—look up his bio--wrested control of this giant theme park chain and then drove it into bankruptcy. Now, all is to be well after a leadership shakeup with former ESPN executive Mark Shapiro named CEO. “Faced with over $2 billion in debt, the new executive has bold plans to reinvigorate the Six Flags brand and pump up the bottom line.”
Why is it, that just like the Snyders, the legendary financiers such as Carl Icahn always find the money and the court permission to buy up somebody else’s failing business in hard times, such as Icahn’s buy of the bankrupt Fountainebleau Las Vegas construction project for $150 million—“a mammoth discount on the 2$ billion already spent on the unfinished casino tower,” amounting to 8 cents for every dollar?
Why is “recession” always forcing old hand business owners out of business and their businesses into the new hands of the flush global financiers?
Says Ron Paul: "The Federal Reserve behind the scenes has the power to create money out of thin air. It's very bizarre. They can bail out their friends and let the people they don't like fail, and create a trillion dollars or more out of thin air in order to prop up some companies at the expense of others ... It's absolutely bizarre…”
I have no evidence, nor does Congress, as to which “failed” companies and failed “friends” are getting free largess from the Fed and which of their competitors are being bankrupted and destroyed: but I have my suspicions and will continue to do so until Bernanke opens up his books and Congress, once and for all, cuts off Bernanke’s money source for his friends by shutting down the Fed.
The new world is shaping up to be 6isneyland from hell. Debtland to the right, gulag casino to the left........
Good post. This song popped into my head as I was reading:
http://www.youtube.com/watch?v=K3QK9E2DMoI
"Start trouble, spread pain
Piss and venom, in your veins
Talk nasty, breathe fire
Smell rotten, you're a liar
Sweat liquor, breathe snot
Eat garbage, spit blood
Diseased, health hazard
Scum bag, filthy bastard
Greasy face, teeth decay
Hair matted, drunk all day
Abscessed, sunken veins
Rot gut, scrambled brain
Steal money, crash cars
Rob jewelry, hock guitars
Rot in hell, it's time you know
To your master, off you go
You're a liar
A fucking liar
Filthy liar
Liar
You fucking liar
Liar"
Gotta love it.
Maybe all the good people who don't post here, the proletariat who pay no attention to economics, politics, or global armaggedon are on to something.
If it weren't for the posters here quoting summers, timmay and ben among other economic prestidigitators, I would be spared their self-serving contradictory mutterings.
Today's 26-week Bills went off at .22% high with 98.6% alloted at the high. Timmy's debt flipping getting expensive even with flight to safety in full swing.
Summers is a fat tard of a joke.
How/why does anyone care what he thinks?
summers and the great white harvard hope .. a large hole in the ground .
his promotion the result of screwing up the harvard trust funds
Keep the people confused, by lying. Always lying, these scull and boners.
As the rapidly approaching sun rise becomes ever harder to conceal.
did anyone watch that speech? LS looked like someone who had just lost his puppy. I guess he was not one of hundreds sent to China, where the real action is today. Instead LS was at Hopkins speaking to young minds.
Still waiting for a venue where someone asks him what he did to get over $5M from a hedge fund when he constantly spews bile about the problems of Wall Street. Are we to believe Larry has given that money back???
Anyone notice the ease of which Pimpco et al now groups the U.S. and UK in with the other PIIGS?
Don't listen to this Larry Summers scumbag. While at Harvard he was involved in a scam with a fellow economist who was advising Russia on their direction for economic growth while playing stocks that would benefit the new agenda. Total piece of shyte... Typical he ends up in government with the rest of the pile.
NEITHER OF THE TWO!
PITY AMERICA CAN'T FIND BETTER PEOPLE TO HANDLE THE CRISIS
the two are by design of course they could find better people .. but they would last a week as they told the truth, o'neil lasted a few months as he tried to expose the scrub and company
liers and scum bags are the toast of the government and provide probable denial that makes the whole consort fools of the first order