Larry Summers Lashes Out At The Fed: "Tweetstorms" Why Yellen Should Not Raise Rates

There was a time when former Harvard head and Democratic administration darling, Larry Summers, would draw out a crowd at every public appearance. Those days are gone, however, and now the formerly corpulent cogitator is forced to resort to Twitter for his rants, such as the one he unleashed early this morning when in "tweetstorm" of 11 consecutive tweets he slammed Yellen for even daring to think about tightening, and why a rate hike in September, or any other month, would be a big mistake.

This is what he said:


While we are curious what Summers' recommendation would be to burst the unprecedented cross-asset bubble without a rate hike, we are confident that  Larry has no reason for concern: this time the Fed will "listen to you", because unless Yellen wants to unleash a fiasco in the market which has put odds for a September hike in the teens, there will be no hike in 5 hours.