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Larry Summers Explains How He Would Fix The Economy (In 80 Seconds)
A physically deflated Larry Summers spoke with Charlie Rose about the US economy ("all we need is a few tenths of a percentage more growth..."), the political process ("nobody should be proud of the governance process..."), and the state of American education ("reward merit, remove tenure..."). The following 86 seconds summarizes the twice-denied would-be-central banker's thoughts...
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Ooh! Ooh! Ooh! I know how to make ALL the numbers go up!!!
I thought this was the guy who bankrupted Haaaavaaad University. Now he's speaking on behalf of Haaaavaaad University? Why?
Haaaavaaad University should not be confined to the limited talent pool of the United States, rather it should seek out other locations and become Haaaavaaad International University.
Any day now....
Larry Sommers - henchman for Robert Rubin to get Glass-Steigal repealed.
I nominate him for the Douglas Feith Dumbest Fuck in the World Award for 2014.
I'm impressed. he seriously meets all the qualifications of being a Top Central Banker... he has all the answers, knows how to convert words into action, delegate responsibility, listens and plays well with others, is a team kind of guy who leads by example, tremendously humble...
What have we done by selecting a lady whose claims to fame (as outlined by the prez hisself) is that she saw all the problems a comin', spoke vociferously there about, laid the ground work for recovery, has displayed a credible history and track record in the private sector...
Looking awful thin...
To whom has he sold all his blood subsequent to loosing the Fed chairmanship...
Satan?
choking sounds
We're so fucked
Do they have valid birth certificates?
A few tenths of a percent of GDP are what Ben and Barry rape and pillage every week. WTF?
Larry Summers is the equivalent of a used car salesman.
His only problem........the car lot is empty and he's resorted to selling mere hopium minus the change.
Larry 'Gibson's Paradox' Summers who blew a $2 billion hole in the Harvard endowment and who helped to rig the gold market with Goldman's Bob Rubin while at Treasury is now telling us how to fix the economy.
He's already fixed the economy with an endless series of bubbles that he helped facilitate.
Summers - your name will be remembered in shame.
Entitlement costs mean nothing...they have no impact on our ability to pay our bills as a country, especially since the government borrowed the funds to pay for other shit. Bwaahahahahaha! No wonder htis guy fucks up everything he gets involved with.
I should have the yenta next door whip up some nice matzah ball soup to send to him.
It seems to help with a cold.. it might help with a sick economy or a fatigued ego..
$134,000 Gold Price
http://twoshortplanksunplugged.blogspot.com.au/2013/10/134000-gold-price.html
Being burned at the stake would be too good for Larry Summers. One of the architects for the demise of the USD.
The growth paradigm pushers are all lying - and this includes Summers.
They prey on people that don't know that America's organic (non marginal debt induced) growth has been engative for more than 30 years excluding the 2008 default puking. This is shown, in all its glory, in the following chart:
http://www.keepandshare.com/doc/6458432/us-organic-gdp-trend-analysis-48...
Summers is a criminal who belongs behind bars. He works for an international banking cartel that is applying Sun Tzu's Art of War techniques to enslave you and yours to mathematically inextinguishable debt.
It's all fraud, it's all by design and Summers is there to make sure you and yours get hurt badly.
Debt Money Tyranny
http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77
Summer sand his buddies blowing the world's largest credit bubble is the reason we are in this bind and can't get out...
Weapons Of Mass Debt
http://www.keepandshare.com/doc/3324744/wmdebt-graph-3-79k?tr=77
Other relevant terms in the thesaurus;
charlatan
mountebank
grifter
con artist
bunco
flimflam man
fleecer
bilker
well you get the idea
Hell hath no fury like a woman scorned....
Haaaavaaad International University? It's already the globalist's University of choice.
Globalist and Globalist wanna-bees. Worldwide opportunities and Larry's got to payback for the financial indiscretions to his alma mater.
Harvard International School of Law.
Harvard International School of Business.
Harvard International School of Government.
Harvard International School of mother fucking Finance.
Plant the seeds Larry.
Mr. summers I would throughly enjoy WHOOPing your ass motherfucker.....
What a fool. Listening to this guy is like going to sex ed and being taught if you only stick the tip in you'll be OK.
Hey, in today's new sex curriculum, only sticking the tip into planet Urectum is OK.
And brother, this ain't your President Clinton's definition of "is".
But how much more will that allow me to borrow and spend?
Sincerely,
Your local congress critter.
I don't have javascript or whatever and cannot see the video.
For once I am thankful...
That means you also missed the Puffs tissue commercial at the beginning.
Thanks for the Google profiteering update. lol.
Fuck you, Larry.
You mean, rule of law Larry who said that the US was obligated through contracts to pay AIG bonuses after bailing the firm out?
Or this Larry,
'Dirty' Industries: Just between you and me, shouldn't the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Least Developed Countries]? I can think of three reasons:
1) The measurements of the costs of health impairing pollution depends on the foregone earnings from increased morbidity and mortality. From this point of view a given amount of health impairing pollution should be done in the country with the lowest cost, which will be the country with the lowest wages. I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that.
YEah, I guess you have a point. FUCK YOU LARRY!By printing different numbers? Great work Larry
Seems preferable to Yellen. Putting my testicles in a blender seems preferable to them both...
that was a load of shit
Maybe not.
They don't call him Larry the Canary for nothing.
His mouth moves way too much when he talks. He would make a terrible ventriloquist.
Hey Larry the liar - since US inflation data is understated by at least 2% to 3%, we need at least a point or two of growth to not be in a shrinking economy.
What US economists do best is to lie on behalf of fake US statistics. Or on behalf of the big banks. And nobody does it better than Summers whose main criteria for any policy is "What would Goldman think?"
Joseph Stiglitz couldn't believe his ears. Here they were in the White House, with President Bill Clinton asking the chiefs of the US Treasury for guidance on the life and death of America's economy, when the Deputy Secretary of the Treasury Larry Summers turns to his boss, Secretary Robert Rubin, and says, "What would Goldman think of that?"
Huh?
Then, at another meeting, Summers said it again: What would Goldman think?
A shocked Stiglitz, then Chairman of the President's Council of Economic Advisors, told me he'd turned to Summers, and asked if Summers thought it appropriate to decide US economic policy based on "what Goldman thought." As opposed to say, the facts, or say, the needs of the American public, you know, all that stuff that we heard in Cabinet meetings on The West Wing.
Summers looked at Stiglitz like Stiglitz was some kind of naive fool who'd read too many civics books.
http://www.gregpalast.com/larry-summers-goldman-sacked/
Here's a hint: Goldman is codeword for the real crooks upstairs. Goldman is just one of many proxy banks. A single tentacle of the squid, if you will. Larry was asking what the head squid would think in a roundabout sort of way.
Oohh oohh oohh! If people had more money they could spend more money and make the economy grow.
So simple, where's my Nobel Prize?
Funny how they all become reasonable with a new perspective after they boned ya.
Sharing your personal experience with us is invaluable. Just remember, it's not your fault and you'll be o.k.
Thanks Teddy
The only way that education will improve in this country is to completely take the federal government out of it. Larry can go play with himself. That will improve things just as much as anything else he suggests!
Larry Summers> aka poster boy of Hypocrisy. You excuse yourself from the job, then you critisize it!
Grow some balls Larry! Take the(Fed. equity< nominal inflation BULL) by the horns Larry!
Hubris at its extreme...
Definitely! The worst part is realizing this guy actually believes what he is saying. Pompous, pampered, arrogant asshole that hasn't done a real days work his whole life.
Miffed;-)
It all started when Summers was the President of Harvard and finally had kids of his own. He was thus in a position to exert just a little independent thought based on his own observations. He therefore made the accurate but very politically incorrect obervation - to the uber politically correct faculty at Harvard! - that boys and girls really are different. He merely mentioned how he had learned that they are not the same, and don't merely seem different because of how they were raised. Needless to say, his days were numbered after that. He was shunned and eventually expelled.
This is an example of how we live in a system that either corrupts or expels honest and independent minded men of principle - and we here at ZeroHedge all know the reason why.
At Hahvuhd, telling the truth has consequences. (all unpleasant)
Man of principle...
Yeah, that's exactly how I'd describe Larry Summers...
You need to give up huffing glue.
Nice blog, will return there when I get the time.
It seems strange that for a faculty that believes men and women are the same the different sexes don't all share communal bathrooms together.
Ahh, but we have California where students can use the bathroom of the sex they associate themselves with.
Unisex airliner style bathrooms would end the problems.
Not the size, but the access.
I was wondering if he would come over and assist me with 'fixing' my guillotine.
Pathetic little man! Liar, and whore to Wall-Street! A few tenths of a percent of growth? Debt fulled growth, government spending induced growth?
Listen to a man who lies with his every word!
Hire the Chinese to fix it. They're obviously a lot fucking smarter and more competent than this weasel.
They'll certainly work for less and won't complain about the smog as much; have them start by getting rid of "Ler".
A "few tenths of a percent"...fine, Jabba, I'll spot you the whole ten: 1% of 2012 GDP, you can even round it up to the nearest $10B, since you guys did such an awesome job getting paid to not punish JPM for fucking the economy. But that's only $160B, Larry (I know you want Bennie to print more than that!).
With that you could:
- Fund two years of SNAP benefits (assuming levels stay at 2012 numbers, yeah right)...mmmm boy!
- Fund the military through Valentine's Day!
- Fund SS/Medicare through...January, tops.
- Shut down the government 6 more times!
- Fund part of the interest on the national debt for 2013, you duplicitous asshole.
..
I think what Larry was inferring was that those percentage points could be levered up 50 x by purchasing mbs and then selling them to pensioners. As they fail then you could short them out the back door and GET FILTHY FUCKING RICH.
It is perfectly clear to me, he is god damn genius. COUGH.
Step 1: drop out of running for chairman of federal reserve
he reportedly has flesh eating bacteria and was given 3 years to live.
So it'd kinda be a 'mercy killing', is what you're saying?
Industrial Production up 100% in China since 2007. And down 1%, guess where?
http://www.nytimes.com/interactive/2013/10/18/business/In-the-Developed-...
Fuck you Summers. You're nothing but a failed, crony capitalist. A talentless retread.
We cannot even agree what is meritorious in teaching in this country, and we're supposed to measure/evaluate it and reward or punish teachers based on merit?
For goodness sakes, we hand out Nobel peace prizes to {Man Bear Pigs}!
Of course. In the absence of standards everybody has the opportunity to be treated equally.
vote liberal
holy shit medial center... I'm having a brain aneurysm
Point well taken.
Larry for President!
Ha ha ha.
Regarding the teaching profession and rewarding teachers for performance, if he is referring specifically to the performance of the students that won't work in the south. We have too many stupid minorities with absolutely no ambition to learn. They see their dead beat dads and their piece of shit baby mommas drawing welfare and look forward to that themselves as soon as they can drop out of school.
You get what you test for.
There is a difference between education, and grading. Government run educational systems are designed to grade, not to educate.
Summers: "Size matters. If it's a mere 1/10th bigger, the outcome improves. We need either more motivation to inflate more, or use something like Viagra".
His female competition (who won, BTW) have convinced TPTB that it is what you do with what you got that matters more. It's not just the size of the boat, but the motion of the ocean. Time for VoM to pick up the pace of things. His winning competition convinced TPTB that they can inspire people to do just that.
Maria Muldaur "It ain't the meat, it's the motion"
http://www.youtube.com/watch?v=hvrupRQD44I
How can we get him off the stage?
Harvard Retard
They all eat shit. Imvho.
all we need is a few tenths of a percentage more growth, Summers explains.. We already saw different versions of that movie. They all round up tenths of a percentage to become a criminal.
What the fuck no mathmatics? Growth is only cool if it's not a tumor yo.
how quick would the economy recover if instead of buyin 45 b a month of literally worthless mbs we spent 45 b a month on real infrastructure?
At the very least we could stop the bridges from falling into the Mississippi River and other rivers.
How pathetic are we, when we build better infrastructure in Afghanistan, than our own nation. We should pass the torch of Empire to China and let them bankrupt themselves being international policeman.
We could go back to building a solid,independent nation that makes things to supply the needs of its citizens, in its own domestic factories. Self sufficient and independent.Sort of like the first 3/4 of the twentieth century.
'If I were tasked with fixing the economy, first and most importantly I'd start off with a nice, long nap. Its hard to think straight when you are tired and there is far too much riding on the success of this endeavor. I'd awake feeling refreshed and invigorated, so next I'd probably send out for a snack or a light meal. Nothing heavy, mind you- just a small sandwich, some pasta, a meatloaf, a couple-dozen Little Debbie cakes and a pint of Half-and-Half to wash it all down with. Then we can get the whiteboard and dry-erase markers all arranged so that when I get finished taking my monster dump, we can all get down to some SERIOUS brainstorming on this whole economical thing. Sometimes though, when I really strain to drop a duece, my blood pressure falls and I need to lie down and elevate my feet for a few minutes. This always makes me sleepy, so sometimes I'll nod off for a few minutes here- kind of a power nap thing. Then when I wake up, I usually have to shit again, which always makes me hungry. So I'll send someone out for a quick pizza run, while I catch a quick cat-nap. Leonardo DaVinci used to do this all the time and he was also a genius. By the time the pizza gets here and I have an assistant call the group together, someone is always late or can't make it, which REALLY throws a wrench into our progress but hey- we're government servants, right- not government slaves. And tomorrow is another day at the Endless Trough of Plenty...
A Nobel in Economics for you!
What the hell is going on.
Arrest him before he gets away.
Just a little more growth was all Madoff needed too. That is how a ponzi scheme works.
WTF kind of a goal is it to limit debt increases to GDP increases? Even that will be impossible for the US, and seems to assume that dipshit academic concept that one can borrow their way to prosperity.
Sent from the bottom of a well, where I plan to dig deeper to get myself out. I love economic theory!
This guy lost a billion for Harvard.
Why does he get booked as a guest?
Exactly right, he can't even manage a Trust Fund, how could he manage the world's largest economy, er world's largest Ponzi scheme?
Our current economy demands an infinite number of new suckers buying into our currency forever.
Problems is we don't have an infinite supply of suckers on a finite planet and at some point everybody will realize its just freakin paper with old dead guys on it.
Larry Summers is the epitome of what is wrong with America, insular good old boys running a scam on the rest of the world including their own fellow citizens.
Psychopaths in suits....
Summers should be in prison for fraud.
Smoke, mirrors and sleight of hand + smoke, mirrors and sleight of hand is still not going to cut it.
I wasn't goint to watch but I did -- one word comes to mind to describe him: lying cunt.
All gov't stimulus suggestions.
How trustworthy is an 'advisor' that says "UH" between every other word?
I just had dinner and can't watch that serial asshole, or I'll throw-up.
So which is it?
It takes 80 seconds for him to explain how he would fix the Economy? or
He thinks he can fix the Economy in 80 seconds?
He had 4+ years at it and hosted the greatest redistribution of wealth and the worst limpdick non-recovery in American History.
Nothing he can say or do in 80 seconds is going to change that.
If the point of Economics is a decent standard of living for a lot of people, a reasonably healthy Middle Class, a single job which pays the bills rather than two part-time wearing kneepads and cashing Food Stamps, and you can carry your own debt, and not have to worry about continually getting fucked every which way, for your Country's debt and the trillion$ needed to wallpaper over the Financial System's bad debt assets..... then this asshole has been wrong about everything in his life. And the economic Belief Systems he and his Plutocratic buddies have been peddling for 30 years, are worse than wrong.
Why is this pecker still getting interviews, and who could possibly still be interested in the opinion of the Poster Boy for Horseshit Economics after he and his Oligarchical in-bred friends decimated the Country, and since then have been gorging themselves at the Trough of Plenty.
This guy is such an Epic Asshole, ya can't tell if he is yawning or farting....
.... and he is up wayyyy past his bedtime.
Finally. Now I understand what Larry meant when he said that one man washing his rental car before returning it could change everything... like the butterfly effect. Kind of a Lorenz Attractor to the Hertz #1 Gold Club where the jobs lost in the car clean-up shop are replaced by the additional $2.00 in quarters income to the owner of the car wash. You could wash a rental car in 80 seconds -economy fixed. I get that part. The car wash guy, well he gets to go on SNAP guaranteeing a rising stock price for Wal-mart and JPM... assuming no Xerox glitches, we should be good as the S&P rises. Any further questions?
http://tradewithdave.com/?p=18383
Reward teachers for performance? How about getting students who are willing to learn?
A few tenth of a per cent?
Well I got this figures from your own government
year Income Expenditures Deficit
2008 2535991 2982544 -458553
2009 2104989 3517677 -1412688
2010 2162706 3457079 -1294373
2011 2.303.466 3.603.059 -1.299.593
.....
see:
http://www.whitehouse.gov/omb/budget/Historicals/
You got the idea? How can one be so clueless?That means the US made 15¢ new debts each dollar "spend" in 2008, 0.4¢ 2009, 0.37 ¢ 2010, 0.36¢ 2011
There is just one thing to name the sade state of the USA. you're bankrupt (but don't despair, we in Europe are bankrupt too)
"Fix It?" This little Fuck of a man screwed it all up! Brooksley Bourne can fix it. She's 100X smarter than Summers/Bernanke/Greenspan all rolled into one. Bourne should head the FED and Jacob Lew should bowdown and lick her boots every day.
He clearly has as much of an idea about education as he does about economics. Fuck all.
See the way his eyes keep flicking down to the same spot regularly? I'll bet there's a monitor there showing the camera feed of his own face and he just can't get enough of himself.
That's exactly the sort of guy he is. Never admits he fucked up, thinks he's king of everything, absolutely loves himself. Narcissistic asshole. The last person to ever give power to. http://en.wikipedia.org/wiki/Narcissistic_personality_disorder