Larry Summers: "Welcome To The Non-Recovery" Or "Fiscal Stimulus Or (Another US) Bust"

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 06/12/2011 - 18:09 | 1363559 Noah Vail
Noah Vail's picture

". . . perhaps 3 of those who read the following drivel will take him seriously. Two of them are Krugman and Koo. We are taking bets as to who the third one will be..."

 

Not me, I won't bother to read it. That's what we have you for, Mr. Durden, to wade through the cesspools so we don't have to. LOL

Sun, 06/12/2011 - 18:25 | 1363592 bigdumbnugly
bigdumbnugly's picture

the third one was krugman again.

he reread it one more time it was so riveting.

Sun, 06/12/2011 - 19:31 | 1363691 cosmictrainwreck
cosmictrainwreck's picture

riveting

Mon, 06/13/2011 - 01:11 | 1364108 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The third one was Geithner, and it was so riveting he did not pay his taxes again so he could buy his icloud, because he believed that would stimulate the economy.

Sun, 06/12/2011 - 19:54 | 1363732 drbill
drbill's picture

+3

Laughed so hard I almost dropped my copy of Keynes' "General Theory"!

Sun, 06/12/2011 - 21:06 | 1363818 Hernando
Hernando's picture

As much as I wish to laugh at Summers, I can't help but remember that this clown - traitor - idiot savant along with Greenspan, Paulson, Senator Gramn of Texas, Mozilo and Rubin have destroyed the greatest country in history.

 

This clown along with his fellow traitors deserve a military firing squad to set an example for history.   As things get much worse over the next few years, the cries for justice will become much louder and so will the viability of the firing squad option.

 

 

Sun, 06/12/2011 - 21:20 | 1363827 Ned Zeppelin
Ned Zeppelin's picture

Couldn't have said it better - one can only hope that justice will have its day. 

Sun, 06/12/2011 - 23:37 | 1364001 TruthInSunshine
TruthInSunshine's picture

I'd hate to see Obama being generous to  Wall Street...

Seriously...could they have had it any better?

 

Obama Seeks to Mend Fences and Win Back Wall St. Cash
  • By NICHOLAS CONFESSORE 10:19 PM ET

President Obama has started an aggressive push to win back the allegiance of a vital source of campaign donations in 2008.

 

 

Mon, 06/13/2011 - 01:45 | 1364137 Ben Dover
Ben Dover's picture

Justice is a fiction here. Firing squads and justice will be served upon many, but not upon the most diserving. W0rd.

Sun, 06/12/2011 - 18:09 | 1363564 SpiritBlade
SpiritBlade's picture

Great points,

We are entering into the days when folks are finally bailing off the fence to their respective sides. Some will go towards J. Taggert, others Hank Reardon.

I would certainly hope most of our esteemed collegues side with Mr. Galt on this. Perhaps with a smattering of Ragnar;)

Lets embrace the total collapse as a new beginning

 

III%

 

Sun, 06/12/2011 - 19:05 | 1363639 Dejean Splicer
Dejean Splicer's picture

I'll just embrace my metal, bitchez!

~O~

Sun, 06/12/2011 - 22:21 | 1363915 Freddie
Freddie's picture

Summers was part of it with Hussein.  Funny watching all the little ass boys here on ZH trying to disown their hope & change votes.

Sun, 06/12/2011 - 18:10 | 1363567 SloMoe
SloMoe's picture

My god, he has no shame, conscience or memory...

Sun, 06/12/2011 - 19:29 | 1363681 zaknick
zaknick's picture

My thoughts exactly. My guess is you will get this kind of in your face charlatans until the mob is literally taking control of everything. This fight over cuts in Washington...if I'm correct about the pain headed for a neighborhood near you, lots of people are going to be joining us in constantly saying WTF to the "news".

Good...

Sun, 06/12/2011 - 19:46 | 1363715 macholatte
macholatte's picture

Perhaps Bonzai can do something with this:

http://www.time.com/time/covers/0,16641,19990215,00.html

Sun, 06/12/2011 - 20:06 | 1363745 Problem Is
Problem Is's picture

What a bag of incompetent ass holes...

Fuck ups and fucktards, one and all...

Sun, 06/12/2011 - 23:23 | 1363982 williambanzai7
williambanzai7's picture

Mon, 06/13/2011 - 04:56 | 1364221 macholatte
macholatte's picture

 

   Thanks   :)

Sun, 06/12/2011 - 21:42 | 1363851 ElvisDog
ElvisDog's picture

Totally agree. Does he really believe or think that we believe that the answer to a debt saturated economy is to take on more debt? I also like this comment:

The underlying rate of inflation is still trending downwards

WTF? I suppose the underlying rate of home prices is trending downward. But energy, food,  medical care, education expenses? Not so much. The University of Washington just announced plans for a 20% tuition increase.

Sun, 06/12/2011 - 18:12 | 1363571 Conrad Murray
Conrad Murray's picture

The central irony of financial crisis is that while it is caused by too much confidence, borrowing and lending, and spending, it is only resolved by increases in confidence, borrowing and lending, and spending.

Those who can, do. Those who can't, spray shit into the air like Tubgirl.

Sun, 06/12/2011 - 18:47 | 1363619 TheGoodDoctor
TheGoodDoctor's picture

Conrad, have you seen the latest South Park?

Sun, 06/12/2011 - 21:22 | 1363829 Ned Zeppelin
Ned Zeppelin's picture

I remarked how this latest "everything is shit" episode is different from any other, and bit unnerving at that. Even the South Park boys have noticed a turn of events. 

Sun, 06/12/2011 - 19:14 | 1363655 moonstears
moonstears's picture

Everybody knows he's right, more spending and credit will fix it, just as we all know more unprotected sex cures syphilis. :) 

Sun, 06/12/2011 - 18:15 | 1363572 AladdinSaneGirl
AladdinSaneGirl's picture

He's saying to increase government spending on socially-useful tasks such as improving infrastructure, and increasing exports. This sounds a better way to stimulate the economy than printing more money for the banks ... if I've understood it correctly. At least engineering, construction shares would get a boost, presumably also oil and miners ...

Sun, 06/12/2011 - 18:51 | 1363622 docj
docj's picture

Sorry, we already tried that.

http://www.recovery.gov/About/Pages/The_Act.aspx

It failed then. Miserably. And sequels allways suck worse than the original, even when the original, uh, sucks.

Sun, 06/12/2011 - 22:31 | 1363925 Freddie
Freddie's picture

I know a bunch of local towns with brick & paver street sections, sidewalks, solar street lamps and other crap.  Largely with African American labor.   Anyone remember in 2008 where hussein's team said white men would not get any of these inrastructure jobs?  I saw a lot of em in progress and they were all like that.

 

Oh and all these paver streets fall apart fairly quickly.  They can work on a driveway but not on streets.  They crack and crumble.

Sun, 06/12/2011 - 23:54 | 1364034 Prometheus418
Prometheus418's picture

They're working on the highway between my home and work (again.)  While there are white folks on the crews, what I did notice was that while I was driving past, there were fifteen people on the crew.  One was operating a machine, and the other 14 (yes, I counted) were standing there slack-jawed and idle.  

Nor were they doing a long-term job on the highway.  They stripped about two inches off the surface, and were replacing the concrete with asphalt, poorly.  Wavy lines, and poor blending between the lanes.

Hooray for government progress!

Sun, 06/12/2011 - 18:16 | 1363575 lizzy36
lizzy36's picture

Obama promoting exports, by devaluing the USD is the version of winning the future the smartest man in the room subscribes too.

Thanks i will pass.

Btw, has the smartest man in the room ever been right about anything? bueller?

Sun, 06/12/2011 - 20:04 | 1363741 Problem Is
Problem Is's picture

"Fat" Larry knows what's good for lunch...

         "Fat" Larry knows which meeting to sleep through...

Sun, 06/12/2011 - 18:18 | 1363578 Smiddywesson
Smiddywesson's picture

Sorry, I can't read his drivil.  He doesn't deserve a serious read.  

I know these fellas have all the best arguments for xy and z, but they are complete failures, deserving my mute button.

Sun, 06/12/2011 - 19:12 | 1363645 Dejean Splicer
Dejean Splicer's picture

Ignoring will get us nowhere.

Put your spurs on, grab a fistful of mane, and dig your spurs into the loins of the beast.

Sun, 06/12/2011 - 18:18 | 1363579 Wombat
Wombat's picture

I guess European banks were "shovel-ready projects."

Sun, 06/12/2011 - 19:49 | 1363726 macholatte
macholatte's picture

 

           :)

Sun, 06/12/2011 - 20:35 | 1363787 nmewn
nmewn's picture

Winner!

Sun, 06/12/2011 - 18:24 | 1363581 apberusdisvet
apberusdisvet's picture

The man who came close to destroying Harvard's endowment should be consigned to the padded room where he and Timmah can argue over Anthony' s weiner, while Barney gives pointers.

Sun, 06/12/2011 - 20:00 | 1363738 Problem Is
Problem Is's picture

How about that padded room being the cell next to Bernie Madoff...

Sun, 06/12/2011 - 20:01 | 1363739 JustPrintMoreDuh
JustPrintMoreDuh's picture

Bwarny Fwank would more likely provide lip service re: the weiner.

Sun, 06/12/2011 - 18:23 | 1363584 Hedgetard55
Hedgetard55's picture

" Reduced income and tax collections are the most critical cause of unacceptable budget deficits now and in the future."

     Fuck you Larry. Out of control spending is the problem, something a brain dead libtard like you will never admit. You and your University represent everything I despise in this world.

    

Sun, 06/12/2011 - 18:32 | 1363601 Masked Man
Masked Man's picture

Larry Summers is hardly a liberal in his economic and social views. Read up on him.

Sun, 06/12/2011 - 19:24 | 1363667 jo6pac
jo6pac's picture

Yep, pure Shock Doctrine and we've been set up for the great fall.

Sun, 06/12/2011 - 19:33 | 1363684 Spastica Rex
Spastica Rex's picture

Anyone not calling for an end to all government services (except the millitary) is a liberal.

Sun, 06/12/2011 - 20:13 | 1363755 Terminus C
Terminus C's picture

and the military needs to be cut to one third of its current size.

Keep the nukes, fuck the rest.

Mon, 06/13/2011 - 09:27 | 1364547 falak pema
falak pema's picture

how about justice? I mean real justice not GWB type justice...

Mon, 06/13/2011 - 09:59 | 1364610 Urban Redneck
Urban Redneck's picture

Reduced income and tax collections are the most critical cause of unacceptable budget deficits now and in the future.

Well at least he readily admits to the philosophy I have accused him of- 

Increased banker income and tax collections are the most critical cure for unacceptable budget deficits now and in the future.

Sun, 06/12/2011 - 18:27 | 1363586 Sudden Debt
Sudden Debt's picture

Why do you think that they bailed out Europe?

Because the derivative bombs fuse is there.

Which the US created to their benefit but a bust will also be their demise.

They didn't save European banks because Europeans are smarter, better looking...

They saved the banks because the world economy would be destroyed and the reserve currency would go up in flames.

The fact that this was more important then to create jobs and save the US economy just shows the threat.

And it's not over. it keeps on getting worse. So when it implodes it will be worse for the US economy than if they wasted the money on creating US jobs without content. The US industrial base belongs to China, deal with it and move along.

And because the European economy is actually recovering very well, there might well be no QE3 if it holds.

Sorry guys, the FED won't do a QE3 just to save the US economy. It will have to do it on it's own.

So deal with it or move to Europe.

 

Sun, 06/12/2011 - 18:35 | 1363606 Caviar Emptor
Caviar Emptor's picture

The banks on both sides of the Atlantic were complicit. The bankers on both sides lined their pockets by pretending that more securities were needed to insure other securities which insured yet further securities against default. It was a gravy train that made many rich. And now it has stopped and taxpayers on both sides have to deal with the mess.

Sun, 06/12/2011 - 18:24 | 1363588 Masked Man
Masked Man's picture

Reuters.com has been running a banner announcement all weekend long that Larry Summers is going to be writing a column on the "jobs crisis" on Monday. It sounds like it's going to be a regular column as the media is finally (after 3 years) waking up to the unemployment problem.

Larry Summers has spent most of his life in academia. He hasn't worked an honest day in his life. What exactly qualifies him to be writing a column about jobs?

Sun, 06/12/2011 - 18:42 | 1363617 Libertarians fo...
Libertarians for Prosperity's picture

as a man, he has the inherent ability to understand everything.

Sun, 06/12/2011 - 19:24 | 1363669 lynnybee
lynnybee's picture

 " What exactly qualifies him to be writing a column about jobs? "     NOTHING !  ABSOLUTELY NOTHING !   he's an idiot, along with his criminal co-horts Robert Rubin & Alan Greenspan ........ all i see is that TIME MAGAZINE cover of those 3 so-called Masters of the Universe .     As my Dad used to say when confronted with idiots, "what a horses' ass."

 

Do NOT follow this link or you will be banned from the site!