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Quote Of The Day: Larry Summers To Elizabeth Warren - "Insiders Don't Criticize Other Insiders"

Tyler Durden's picture




 

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

A couple of weeks ago, Princeton and Northwestern released a very important study that proved statistically what many of us already knew about the American political process. It is nothing more than an oligarchy. 

It’s one thing to read an academic study showing how cancerous the political system is, it’s quite another to hear a description of how things work from one of the biggest crony weapons of mass societal destruction himself, Mr. Larry Summers.

A recent review in the New York Times of Massachusetts Senator Elizabeth Warren’s new memoir “A Fighting Chance” recalls a stunningly despicable quote by Summers. In the spring of 2009, when the banker handout, I mean bailout, was a heated topic of discussion, Elizabeth Warren attended a dinner with Mr. Summers who at the time was the director of the National Economic Council and a top economic adviser to President Obama. This is what transpired:

After dinner, “Larry leaned back in his chair and offered me some advice,” Ms. Warren writes. “I had a choice. I could be an insider or I could be an outsider. Outsiders can say whatever they want. But people on the inside don’t listen to them. Insiders, however, get lots of access and a chance to push their ideas. People — powerful people — listen to what they have to say. But insiders also understand one unbreakable rule: They don’t criticize other insiders.

What is so incredible about the quote above is that it essentially proves correct everything I and many others have been saying about how “things work” in America these days. The statements above describe a petty, childish oligarchy of arrogant fools. This small club of people call all the shots and do not listen to “outside” ideas whatsoever. This is why nothing changes. This is why the same people are recycled through positions of power over and over again no matter how badly they screw up and how many millions of lives they ruin. This is why there is a two-tiered justice system in which the rich and connected never go to jail, while the average citizen can have his home raided by police for a parody Twitter account. This is why the 0.01% have been able to loot all of the nation’s wealth while median inflation adjusted wages have been declining for 40 years.

The reason is because the “status quo” in America consists of a deranged, immoral, arrogant, selfish fraternity of inept children who protect each other at the expense of everyone and everything else. Until the status quo gets the boot, this nation will continue to decline. Forget reforms, the entire status quo needs to be tossed aside once and for all. The insiders must be turned into outsiders.

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Tue, 04/29/2014 - 22:25 | 4710563 Osmium
Osmium's picture

Somebody send Summers a nail gun.

Tue, 04/29/2014 - 22:26 | 4710570 aka Gil
aka Gil's picture

Insiders must be turned into compost. There, fixed it.

Tue, 04/29/2014 - 22:33 | 4710603 e_goldstein
e_goldstein's picture

Insiders must be turned inside out.

Tue, 04/29/2014 - 22:38 | 4710635 Four chan
Four chan's picture

insider is just a term for one engaged in a reacharound.

Tue, 04/29/2014 - 22:48 | 4710675 wee-weed up
wee-weed up's picture

And to think Obozo wanted this turd to be FED chief!

Tue, 04/29/2014 - 22:53 | 4710683 Soul Glow
Soul Glow's picture

Obama makes no decisions.  No President has since Kennedy, and obviously the establishment didn't like that.  

All Presidents are puppets.  Even Bush Sr.

Tue, 04/29/2014 - 22:54 | 4710695 Ignatius
Ignatius's picture

A senior puppet is my guess.

Tue, 04/29/2014 - 23:00 | 4710719 Soul Glow
Soul Glow's picture

Like father like son.

Tue, 04/29/2014 - 23:00 | 4710721 prains
prains's picture

it used to be every month I'd ask the zombies to eat an Oligarch, then it was every week, now it's almost daily I implore the zombies to eat the oligarchs before they succeed in making the World Woar 3.0 go hot in Ukraine and WE ALL SUFFER because of them

Wed, 04/30/2014 - 06:36 | 4711172 HardAssets
HardAssets's picture

When the meme got out there in the minds of enough people, that it wasn't really 'their government' or 'the Peoples' revolution', the USSR crumbled.

The same thing will happen in the USSA. Its inevitable since it is a system of theft for benefiting the very few. They steal wealth, power, freedom, and security.

The American people are likely among the most lied to in the world (and by a very sophisticated liar system). The oligarchs are doing all they can to keep Americans in the dark for as long as possible. But eventually that will fail, as more theft is needed to maintain their system. The previously 'dumb, fat, and happy' will finally figure it out.

Wed, 04/30/2014 - 06:42 | 4711190 UselessEater
UselessEater's picture

Are you sure? Was it possibly a meme by design?

Is it just the "Americans" being kept in the dark?

I'll re-post my questions/comments because I think being "awake" means staying "continuously awake".

As one poster said: Putin -The guy would bleed on their flag to keep its red stipe. I doubt any american politicians would do that.

Yet Putin has not shown a hint of protecting inherent inalienable rights or creating them but somehow Russia is better than the USA??? What? A fry pan is nicer than a fire?

No, today Putin of the former soviet KGB is getting better PR than Obama another mere puppet of a global front run by the BIS etc which has decades of experience and interferance with EVERYONE including Russia, China, and the rest of the BRICS. So how come Russia was not on the 7 countries in 5 years memo????... and your private property rights will improve under WHO? Putin?

sample: http://www.globalresearch.ca/we-re-going-to-take-out-7-countries-in-5-ye...

 "Russia is more beholden to international bankers than perhaps any nation on the planet."

http://personalliberty.com/russia-dominated-global-banks/

Used to voting red/blue? Now you get to vote east/west how awesomely symmetrical?

Look at the older comprehensive texts like Tragedy& Hope and Committee of 300.... then wish for the Putin "independant free world" its soooo free of the same shit, just a little less predictable for TPTB but perfect for their years of war/marxist interferance and support in Africa and South America.

Wed, 04/30/2014 - 09:57 | 4711764 joe90
joe90's picture

Great link, I've been sitting on the fence re Putin.  It's hard not to get suckered into this "good guy" "bad guy" thing.  We must be hard wired for it, it's tribal and permeates sports, movies, folklore.

Wed, 04/30/2014 - 00:13 | 4710860 james.connolly
james.connolly's picture

Ronald RAYGUN ( a USA president ) was fond of saying
.."Insiders, DON'T KISS AND TELL"

Sailors say "Loose lips sink ships"

What's new here Unicorns? Absolutely god-damn
fucking nothing.

Move along,

Wed, 04/30/2014 - 03:22 | 4711052 SAT 800
SAT 800's picture

It doesn't have to be "new" oh great and wise James; it only has to be timely and important.

Wed, 04/30/2014 - 05:18 | 4711130 Notsobadwlad
Notsobadwlad's picture

There will come a time when ALL people will be able to read the thoughts of others. This changes the status quo.

Wed, 04/30/2014 - 03:20 | 4711050 SAT 800
SAT 800's picture

The insiders must be turned in outsiders; not necessarily; corpses would do fine.

Tue, 04/29/2014 - 22:25 | 4710567 NoDebt
NoDebt's picture

"The statements above describe a petty, childish oligarchy of arrogant fools."

Who would feel any other way when absolute control is so nearly within their grasp?


Tue, 04/29/2014 - 22:50 | 4710676 aVileRat
aVileRat's picture

I think George Washington was right to say, the true measure of a man is when he can have absolute power, and realizes when to turn it down.

Summers is without question one of the worst examples of the whole Economics profession and I think only is matched in his welterweight insight by Stiglitz or Krugmann for a mediocre mathmatician who is an excellent yes-man.

Yellen, we may all laugh at how she stammers or looks like your grandmother at Beamers, but she (unlike Bernak) came up with the original proofs, along with her Husband  that stated the QE monkeywork does not work in the end. Federal policy can temper euphoria, but all hangovers need a serious controlled reset and burst of innovation capital towards real hard asset factor productivity. Summers would have given no shits about yanking the rug out to give Obama enough headroom to push agressive taxation policy forward, then backing all the way back up the yield curve just to save his skin.

Best case? Yellen collapses the P/E's and bank's will be forced to collapse their repo chains as ROA's are rerated (like BoA's "discovery", well known to all who were short that dogshit going into March). The lack of financial capital flowing puts everything leveraged back into 1996 Japan like "recovery", which at that point will be when US Federalists will need to debate Presidential and Corporate reform. If the US goes towards commod. rent seeking and price controls like 1970, then it's game over. I got a long saying they will, with the Keystone denial + climate reforms that Obama wants to be his legacy being "just the tip".

 

 

 

 

 

Tue, 04/29/2014 - 23:00 | 4710722 NoDebt
NoDebt's picture

Understood and agreed on most of it.  Where I agree most is when you used the magic word:  Japan.  Focus on that and I think you will be closest to right in the long term.  

Tue, 04/29/2014 - 22:26 | 4710569 One And Only
One And Only's picture

Larry Summers looks like Hillary Clinton with shorter hair.

Tue, 04/29/2014 - 23:10 | 4710742 wee-weed up
wee-weed up's picture

Ouch! Damn, he's ugly and fat, but don't crucify the turd with that burden!

Wed, 04/30/2014 - 00:35 | 4710895 QQQBall
QQQBall's picture

Larry has bigger Moobz

Wed, 04/30/2014 - 00:46 | 4710907 fnord88
fnord88's picture

and Hillary probably has bigger balls ( not in a good way!!)

Wed, 04/30/2014 - 02:01 | 4711006 Manthong
Wed, 04/30/2014 - 01:10 | 4710939 VegasBob
VegasBob's picture

That fat fuck Larry Summers was probably born with Bill Clinton's dick in his mouth...

Wed, 04/30/2014 - 03:25 | 4711060 AlgorithmOfCons...
AlgorithmOfConsciousness's picture

Summers o'plenty inside the ego of Larry.

Tue, 04/29/2014 - 22:27 | 4710582 Ferrari
Ferrari's picture

Nothing new under the sun. I believe TPTB circa 1914 believed they had it all figured out too, and look how that turned out for everyone.

Tue, 04/29/2014 - 22:36 | 4710625 NoDebt
NoDebt's picture

TPTB circa 1914 won HUGE over the last 100 years.  HUGE.  

THEY won, not you and me, but there is no denying the system they set up is one of the most successful in the history of the world for perpetuating their own dominance.  It survived two world wars, a depression, the thread of nuclear annihilation a second depression (2008-current) and The House of Morgan still stands today with as much prominence as it did 100 years ago, if not more.

So I ask... how did it turn out from THEIR perspective?

Tue, 04/29/2014 - 22:52 | 4710687 Edward1290
Edward1290's picture

It turned out great for THEM........they stole all the wealth thru their 'debt based fiat money system'....they will go into hiding for a generation or two and then come back out and introduce another 'debt-based fiat money system'......and fleece the world all over again........same as it ever was........

~

Tue, 04/29/2014 - 22:57 | 4710713 john39
john39's picture

game is not over yet.  appearances can be deceiving.  they are living on borrowed time, and the tock is ticking...

Tue, 04/29/2014 - 23:14 | 4710755 NoDebt
NoDebt's picture

Given current rates, I suspect they can keep borrowing against that ticking clock for a LONG time yet.

How far would you go to borrow against another guaranteed decade of life?  Another year?  Another month?  Another day?  

If the interest rate is almost zero, you would probably be able to sustain it much longer than most people would suspect.

Wed, 04/30/2014 - 02:06 | 4711009 UrbanMiner
UrbanMiner's picture

Summers is a Pig Beast akin to the Uruk-hai Orc's of Lord of the Rings, raised from the bowels of the earth, soulless and devoid of compassion. How these fiends survive as long as they do is a wonder to me, with all the disenfranchised folk you would think he would be on someone's list....

Wed, 04/30/2014 - 07:11 | 4711226 Infinite QE
Infinite QE's picture

He survives because he is the public face of an even uglier, sub human Orc cartel.

Tue, 04/29/2014 - 22:28 | 4710584 Stockmonger
Stockmonger's picture

Unbreakable rule #2: Is it good for the Jews?

Tue, 04/29/2014 - 22:43 | 4710656 BeanusCountus
BeanusCountus's picture

Its not "the jews". People of influence that corrupts cross every line of nationality, race and religion. The sooner everyone gets that the faster the problem will be solved.

Wed, 04/30/2014 - 07:09 | 4711223 Infinite QE
Infinite QE's picture

How many non Jews are owners of the global banking cartel?

Wed, 04/30/2014 - 08:46 | 4711411 marathonman
marathonman's picture

Fascinating question.  My guess is not many.

Wed, 04/30/2014 - 03:13 | 4711044 Mr Poopra
Mr Poopra's picture

You mean Zionists.

Tue, 04/29/2014 - 22:28 | 4710587 shinobi-7
shinobi-7's picture

Good luck with that! The system will crumble long before insiders have second thoughts. Here in Japan, we are much further down the drain and what will follow Abenomics is super-Abenomics, not a rethink of what is wrong. There is too much wrong and too many vested interest.

Tue, 04/29/2014 - 22:55 | 4710701 Sambo
Sambo's picture

We need seven more samurais to protect against these bandits.

Tue, 04/29/2014 - 22:38 | 4710589 gimli
gimli's picture

I have that particular exchange on video:

https://www.youtube.com/watch?v=VgsK9fuO2a8

Wed, 04/30/2014 - 08:12 | 4711312 Scarlett
Scarlett's picture

Jesus, Larry Summers looks pissed at the end.

Tue, 04/29/2014 - 22:31 | 4710592 LetThemEatRand
LetThemEatRand's picture

Say what you will about Warren.  Who else with an audience that isn't already convinced (e.g., Ron Paul) is calling out these fuckers?

Tue, 04/29/2014 - 22:37 | 4710628 Van Halen
Van Halen's picture

Warren's about as insider as you can get. And very good at hiding it.

Tue, 04/29/2014 - 22:39 | 4710636 LetThemEatRand
LetThemEatRand's picture

Yes, this was an elaborate plot of her part.

Tue, 04/29/2014 - 22:42 | 4710647 Van Halen
Van Halen's picture

LTER, If I read you correctly, you gotta hand it to her: She's creeping around back there being the architect of a lot of the crap that's screwing up things today while her media team work relentlessly to make her 'defender of the common man'.

Tue, 04/29/2014 - 22:44 | 4710651 LetThemEatRand
LetThemEatRand's picture

What makes you say that, exactly?   Does Ron Paul have a secondary agenda when he calls these fuckers out?  

Wed, 04/30/2014 - 00:12 | 4710842 mccvilb
mccvilb's picture

VH, I admit Warren knows how to talk the talk. My ladyfriend, a grounded, educated woman, despises her; it's amazing çause nothing bothers this woman. She says she's a fucking elitist, her words, and she seldom if ever swears. Me, I can't see it, yet I have to say over the years my friend's instincts have proven to be spot on.

Liz Warren does have a little Mitt in her and she lets it out on occasion. The problem is whenever I listen to her I find myself comparing her to others of the opposite gender like Hillary, Palin, Pelosi, Feinstein or Bachmann and boom, in my mind she suddenly becomes a freak of nature. Up until this year I had two others I used as benchmarks; my homies, Collins and Snowe, but Snowe retired and Collins voted for sanctions against Putin, and this after I took time out to write to her! Fuck me. LOL.

Rock on, brother.

Tue, 04/29/2014 - 23:13 | 4710749 wee-weed up
wee-weed up's picture

Feauxcahontas [Warren] will lie to anyone for a vote!

Tue, 04/29/2014 - 23:46 | 4710827 LetThemEatRand
LetThemEatRand's picture

The jury is still out on Warren, but her quote is devastating to Summers and calls out an entire world of deception in a single line.  Summers is a powerful player in that world.

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