Obama is replacing his chief economic adviser – Larry Summers – with Gene Sperling.Sperling is currently a counselor to Treasury Secretary Timothy Geithner, and is now being appointed as Obama’s chief economic adviser. He’s been there before: Sperling…
Posts Tagged ‘Larry Summers’
Larry Summers “Basically Doesn’t Believe in the Government Helping Small Business” … Will His Replacement Be More of the Same?
December 31st, 2010 |
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Everyone knows that Larry Summers helped the big Wall Street players and shafted small businesses. And so this shouldn’t make me mad, because it’s not news.But reading Jonathan Alter’s confirmation in his new book The Promise, infuriates me:”The inabil…
Extreme Inequality Helped Cause Both the Great Depression and the Current Economic Crisis
December 17th, 2010 |
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It is clear that when banks become too big, it harms the economy. Economist Steve Keen says that “a sustainable level of bank profits appears to be about 1% of GDP”, and higher bank profits lead to a Ponzi economy and a depression.But most mainstre…
The Fraud Started At the Very Top: With Government Leaders
November 2nd, 2010 |
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The government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are.But it is not only a matter of covering up fraud that has already happened. The government also created an environment which greatly encouraged fr…
Why Are Home Sales Plummeting?
August 27th, 2010 |
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Why are home sales plummeting?On the surface, it is because the government’s tax-credit for first-time home buyers lapsed in April. It takes a couple of months lag-time between buyer purchase decisions and the actual close of escrow, and so the expir…
Even Clinton Slams Clinton Retreads: Summers and Rubin Must Go
April 18th, 2010 |
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Larry Summers and Robert Rubin served as Secretaries of the Treasury under Bill Clinton (Rubin between January 11, 1995 – July 2, 1999, and Summers between July 2, 1999 – January 20, 2001).Both conservatives and liberals alike have called Summers a…
Geithner: ‘We Saved the Economy, But We Kind of Lost the Public Doing It’ | Me: We Can Save the Economy, But Only If We Kind of Lose Geithner
March 8th, 2010 |
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Tim Geithner claims:We saved the economy but kind of lost the public doing it.Simon Johnson wrote: a more accurate essay entitled:They Saved The Big Banks But Kind Of Lost The Economy Doing It.My take on it is pretty straightforward:We can save the eco…
What Do Rising Sovereign Credit Default Swaps Mean?
February 8th, 2010 |
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Here are the CDS of Greece, Portugal, Spain and the U.S.:[click here for full image]Rolfe Winkler argues that – in the short-run – the PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) will slash their budgets and get bailed out by the EU.S…
Falling flat
February 5th, 2010 |
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More evidence that America is experiencing a jobless recovery
A WEEK ago, Americans were told that their economy had expanded for a second consecutive quarter, and rapidly at that: output grew at an annual rate of 5.7%. This week, they are reminded that a return to growth has yet to benefit the jobless. The economy lost 20,000 jobs in January, a decline driven by the loss of 75,000 jobs in the construction sector. Economists had forecast an increase in employment of around 15,000. The unemployment rate, based on household rather than establishment data, showed a slight improvement, dropping from 10% to 9.7%, but nearly 15m Americans remain unemployed. As Larry Summers put it in Davos last week, the American economy is experiencing “a statistical recovery and a human recession”.
Several positive trends continued in January. Firms added 52,000 temporary workers and increased hours, just as they did in December, hinting at growing if cautious optimism. Employment rose in health, education and professional services, and retail employment grew by 42,000 in January, on a seasonally adjusted basis, after declining in December. Manufacturing employment also grew, by 11,000, the first increase since the beginning of recession. Analysts point out that the adjustment of the data is tricky around the holiday season, and actual underlying employment may have grown in January. …
Larry Summers Is Like a Guy Who Yells That the Sun Really DOES Revolve Around the Earth and that the Current Orbit is Just a Temporary Aberration
December 14th, 2009 |
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Two leading White House economic advisors – Larry Summers and Christina Romer – are giving very different views on the economy.As Fox news summarizes: “Everybody agrees that the recession is over,” said Larry Summers, director of the National Economic…
Chip Shot: Will Innovation Fuel the U.S. Economy?
December 1st, 2009 |
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Last night in Washington, D.C. Intel kicked off a two-day event with The Aspen Institute and PBS’s NewsHour on the role of innovation in America’s economic future. Speakers included PBS’s Gwen Ifill and Education Secretary Arne Duncan, Intel CEO Paul Otellini, Newsweek’s Jon Meacham with John Kao and Sir Harold Evans, and Judy Woodruff with Obama Economic Policy advisor Larry Summers. View videos here and follow the discussion on Twitter (hashtag: #innovateUS).
Congressman DeFazio: “We May Have To Sacrifice Just Two More Jobs (Summers and Geithner) To Get Millions Back For Americans”
November 19th, 2009 |
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Congressman DeFazio said yesterday:We think it is time, maybe, that we turn our focus to Main Street … Unfortunately, the President has an adviser from Wall Street, Larry Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who don’t …
Steve Keen Out-Thinks Larry Summers
September 20th, 2009 |
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Inside the beltway and among mainstream economists, Larry Summers has the reputation of being a genius.But Australian PhD economist Steve Keen points out a huge gap in the thinking of Summers – and all neoclassical economists.Specifically, in an essay …
Michael J. O’Neil: The Gates/Crowley Rorschach Test
July 24th, 2009 |
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Was this an instance of racial profiling? Did Gates overreact to a reasonable police request? The truth is that we simply do not have enough information to know what really happened in this case.
Rob Shapiro: Solving the Problem with Jobs and Wages
July 23rd, 2009 |
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The way to ensure the next expansion will create jobs is to make medical cost containment the center of health care reform the development and broad use of alternative fuels the center of energy policy.
Sen. Fritz Hollings: The Solution
July 21st, 2009 |
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The administration now says it underestimated the severity of the economic downturn. But the truth is it overestimated the effect of stimulation.
Hale “Bonddad” Stewart: The Black Swan Myth
July 16th, 2009 |
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I’ve been seeing more and more people comment that we’re in a black swan situation. The phrase black swan “refers to high-impact, hard-to-predict, and rare…
Arianna Huffington: Shattering the Right vs. Left Prism Once Again: The Wall Street Journal Goes After Goldman and the Bank Bailout
July 16th, 2009 |
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Reading the opinion section of the Wall Street Journal this morning is convincing proof that those who want a progressive financial policy and those who simply want to save capitalism are in agreement about the madness of the administration’s Wall Street policies. There, on the editorial page of the capitalist Bible, was a piece taking repeated shots at Wall Street darling Goldman Sachs. And, over on the opposite page, a two-fisted op-ed by former hedge-fund manager Andy Kessler in which he labels the government bailout of Wall Street “a dumb move” and “a bust.” We’ve now reached the point where the only people defending the administration’s Wall Street policies are the people benefiting from them — or their good friends, Tim Geithner and Larry Summers.