Fresh from his nap.
Love this story. Now that Geithner has removed his name from consideration, here’s a look at Larry’s chances to replace Bernanke.
Not good.
—
Bloomberg
Almost half of global investors say President Barack Obama shouldn’t select former Treasury Secretary Lawrence Summers as the next chairman of Federal Reserve Board, according to the latest Bloomberg Global Poll of investors.
Only 17 percent of the 862 surveyed say it would be a good idea to appoint Summers, 57, to replace [...]
SUMMERS: The World Is Stuck In A Vicious Cycle
Former Harvard president and former Obama economic advisor Larry Summers writes in the FT today that the debate between fiscal hawks and doves has paralyzed the global economy.
He refers to it as a struggle between “orthodox” fiscal hawks versus “demand support” views.
However you want to refer to them, their apparent inability to stop talking past each other has produced devastating consequences.
“International economic dialogue has [...]
Former Harvard president and former Obama economic advisor Larry Summers writes in the FT today that the debate between fiscal hawks and doves has paralyzed the global economy.
He refers to it as a struggle between “orthodox” fiscal hawks versus “demand support” views.
However you want to refer to them, their apparent inability to stop talking past each other has produced devastating consequences.
International economic dialogue has vacillated between these two viewpoints in recent years. [...]
pain’s credit rating has been downgraded as estimates on the size of the bailout it needs begin to mount up.
Fitch cut its rating on Spanish government debt by three notches to “BBB”, a sign it thinks Spain’s ability to honour its debts has weakened.
Earlier, there was strong demand for Spanish bonds at an auction on Thursday, seen as a key test of the country’s ability to raise funds.
However, it did [...]
From FT:
Larry Summers’ considerable intellect suggests that he would be an excellent contestant on the popular game show Jeopardy. Of course, on the show, the question offered by the contestant must match the answer on the board. Summers and I disagree on the answer that matches the question “What is President Obama’s budget?” Let’s see why.
http://www.youtube.com/watch?v=aJsgYnPs6qU&feature=player_embedded
I’d like a journalist or congress person to ask Bernanke if gold is so worthless and a gold standard so bad, why is it so hard to have an audit, why is it taxed so highly, why do central banks still hold it, why aren’t the swap arangements more transparent? I’d also ask why is it the only time the Fed spends discussing gold and a gold standard it’s to [...]
Barack Obama is scrambling to find a heavyweight US candidate to stand for the job of president of the World Bank, with the deadline for nominations looming.
Two credible developing country candidates – Ngozi Okonjo-Iweala, the Nigerian finance minister, and José Antonio Ocampo, the Colombian former finance minister and development economist – have already joined the race, together with the American economist Jeffrey Sachs, who has the backing of several developing countries.
The [...]
When we left the gold standard, we went on the oil standard – called the petro dollar
Countries selling into the US for dollars (Arabs/China/Exporters) have to do something with all their dollars, and much of it comes back in treasury purchases (funding our deficit) – hopefully investments in the US
Kissinger made a deal with the Arabs to limit oil investments here and in exchange they would buy treasuries over there with their dollars [...]
President Obama and his West Wing aides ignored a subpoena of documents pertaining to the Solyndra loan guarantee even after congressional investigators met with White House officials to negotiate the scope of the subpoena, according to the House Energy and Commerce Committee.
“The White House’s failure to comply with today’s document deadline is a sad milestone on the path chosen by this administration to obstruct and delay our investigation rather than [...]
From FT:
China has said that the next World Bank president should be chosen on merit, seeking to challenge a tradition that the bank’s chief be a US citizen, though it did not suggest a candidate.
Robert Zoellick said on Wednesday that he would step down in June at the end of a five-year term as bank president. Speculation has focused on Hillary Clinton, US secretary of state, and Larry Summers, former White House [...]
(Reuters) – World Bank President Robert Zoellick said on Wednesday he plans to step down when his term ends on June 30, raising questions whether the United States will insist on holding on to a job that has always gone to an American.
“I’m honored to have led such a world class institution with so many talented and exceptional people,” Zoellick said in a statement announcing his plans.
Speculation has been rife [...]
The federal debt has increased by $4.47 trillion since President Barack Obama released his first federal budget on Feb. 26, 2009. That budget was entitled, “A New Era of Responsibility.” On Feb. 26, 2009, as Obama released his budget for fiscal 2010, the national debt stood at $10.88 trillion (10,881,159,722,022.36). At the close of business on Feb. 9, 2012, the national debt stood at $15.36 trillion ($15,355,838,921,022.16). That represents an [...]
http://billhicksisdead.blogspot.com/2012…
What Summers said:
For executives planning their strategies in light of the “new normal” economy, renowned economist Larry Summers has some important advice: “There are those today who would resist the process of international integration; that is a prescription for a more contentious and less prosperous world…We should not oppose offshoring or outsourcing.” With the unemployment rate at 9.4 percent, Summers compared critics of the outsourcing of American jobs to [...]
Employment Data Saga Continued: Krasting Says Larry Summers Misstates; Stockman Says It Goes Deeper
Courtesy of Wall Street Examiner
By David Stockman
Bruce – Great job on the Summers catch, but I’m wondering if this goes much deeper. I don’t particularly believe in tin foil hats, but all of these mainstream economists treat the BLS and BEA data like it’s holy writ—when it’s evident that the reports are so massaged, estimated, deemed, revised, re-bench marked and seasonally adjusted that any month-to-month [...]
Will there be a follow up meltdown in the U.K. or Portugal first, the U.S. or China?
What’s brewing in Japan?
We’ll all just have to wait to find out.
Count on this: There are two paths to clearing the sepsis, and both require massive amounts of pain, deleveraging, haircuts and financial and economic (in the broader sense) losses.
When The Bernank Broke All Markets; A Historical Lesson In Monetary Policy Madness (Random House)
How [...]
-Merkel, Sarkozy & Thein Sein Announced that they’re really, really, reallyserious about tackling & resolving the historically epic debt crisis affecting the Eurozone, and furthermore, they plan on doing just that at an indeterminate point at some future date-
*edited to correct previous ommission: Merkel, Sarkozy & Thein Sein reiterated the importance that the naysayers, skeptics and people with basic math skills understand that – quote:
“Details? You want any details, let alone PRECISE [...]
This can not be good for a president already mired in 20% real unemployment and 98.9% Debt to GDP: “Nearly eight months into our investigation, documents provided to the Committee last Friday confirm those closest to the President – top advisors like Valerie Jarrett, Larry Summers, and Ron Klain – had direct involvement in the Solyndra mess. In addition to the cast [...]
Bob Wenzel of Economic Policy Journal writes: http://www.economicpolicyjournal.com/2011/07/israel-iran-war-in-september.html
Economist Nouriel Roubini has tweeted the link to the ZeroHedge story. As long-term EPJ readers know, I consider Roubini the most connected man in finance. He has a small house warming party and George Soros shows up. To ring in the New Year, he shows up at billionaire Russian oligarch Roman Abramovich’s New Year’s eve party. He gave Larry Summers stock [...]
LARRY SUMMERS Corporate Fraudster on a HISTORIC LEVEL!
Wall Street uses Fraud and Asset Bubbles as TOOLS of HARVESTING Suckers!
Asset Bubbles is what Larry Summers wrote his 1989 article on – How to PUMP and DUMP the SUCKERS and NOW it is in SOFTWARE developed Go1dman’s Market Manipulation Software.
http://www.economics.harvard.edu/faculty/cutler/files/Speculative%20Dynamics%20and%20the%20Role%20of%20Feedback%20Traders.pdf
Here are links: Market Manipulati
on and Front-Running Software SCAMS G0LDMAN uses:
SCAM 1:
Go1dman $100 Million Trading Days [...]
by George Washington
Obama Does Not Care About Reducing Unemployment
As I’ve repeatedly documented, Obama is not concerned with reducing unemployment. Indeed, despite his faux populism, Obama’s policies increase unemployment. D.C. is like a separate country, and the politicians are increasing jobs … but only for their wealthy buddies, and not the average American.
Indeed, former Secretary of Labor Robert Reich says that Obama is simply trying to distract us, [...]
SPIEGEL: Does the US need another stimulus program? Larry Summers says that cutting back on government spending in the middle of a downturn will kill economic growth and employment.
Rogoff: People asking for a fiscal stimulus are looking at the wrong model. They think this is just a big, but typical, recession. But it is not. Policymakers need to focus on relieving overextended private balance sheets [...]
Just as the markets took an unexpected tumble today, despite the debt deal, another unfortunate announcement for the economy. Layoffs in previously strong sectors like pharmaceutical and retail passed the number of government jobs cut.
From Reuters, today:
The number of planned layoffs at U.S. firms rose to a 16-month high in July as sectors which had been seeing fairly few layoffs unexpectedly bled jobs, a report [...]
In order to understand why there will be a second round to the Great Crisis, we first need to understand why Round 1 (2007-2009) occurred. And that cause can be explained in one simple word: derivatives.
As their name implies, derivatives are securities that are “derived” from underlying assets (homes, debt, etc). While they are technically considered “assets” by the financial community, the fact is [...]
By Ambrose Evans-Pritchard Economics Last updated: July 26th, 2011
Calm down. The US will not miss a coupon payment on its $14.3tn debt next Wednesday.
A genuine default would be “Lehman on Steroids” in the words of Ex-Treasury secretary Larry Summers. Precisely for that reason President Obama will not pull the trigger, EVEN IF the debt ceiling talks break down in acrimony.
Obama still has a clutch of cards to play, [...]
By Ambrose Evans-Pritchard Economics Last updated: July 26th, 2011
Calm down. The US will not miss a coupon payment on its $14.3tn debt next Wednesday.
A genuine default would be “Lehman on Steroids” in the words of Ex-Treasury secretary Larry Summers. Precisely for that reason President Obama will not pull the trigger, EVEN IF the debt ceiling talks break down in acrimony.
Obama still has a clutch of cards to play, [...]
As Congress and the President wrangle over who will pay for the New Austerity—guess who!—and Larry Summers seeks a guarantee that no big financial institution in any country should be allowed to fail, the Real Economy is suffering through a new surge of layoffs. The Wall Street Journal tells the story in Layoffs Deepen Gloom.
Companies are laying off employees at a level not seen in [...]
“Never forget, never forget, and I think it’s very important for Democrats especially to remember this, that if Hitler had not come along, Franklin Roosevelt would have left office in 1941 with an unemployment rate in excess of 15 percent and an economic recovery strategy that had basically failed.”
http://www.economicpolicyjournal.com/2011/07/larry-summers-hitler-was-good-for-us.html
by Mike Krieger of KAM LP
Widespread Panic
Right now, thanks in large part to Federal Reserve policy, Uncle Sam can borrow at an average cost of just 2.5 percent. The average borrowing cost over the last three decades was 5.7 percent. Our debt is now $14 trillion and scheduled to grow to $25 trillion by the end of the decade. If interest rates normalize over that [...]
Although he doesn’t say so explicitly, he seems to be encouraging QEIII. How does he think this will help? He wants us to have more confidence in the economy so that we will borrow and spend more while the economy is clearly shrinking and consumers have less money to spend. I think he represents the prevailing wisdom for the last 30 years or so, which [...]
***Breaking News Alert***
Moody’s put Italy on ‘downgrade review.’
Rating Agency Fitch hired by Greek Finance Minister.
Standard & Poor’s wants in on “some hot Spain action.“
Bill Gross says he will short soon to be issued 1000 Year U.S. Treasuries.
Jamie Dimon claims JP Morgan close to buying unspecified silver miner.
Timothy Geithner expects +750,000 NFP print within “months.”
McDonald’s to outsource assembly and fabrication jobs.
Lloyd Blankf..err..Obama urges Congress to approve John Bryson as Commerce Secretary.
Obama [...]
President Obama speaks during one of his first economic briefings on January 22, 2009. Also pictured are Vice President Joe Biden, then-budget director Peter Orszag, then-chief of staff Rahm Emanuel and then-Director of the National Economic Council Larry Summers. [...]
In this Nov. 4, 2010 photo, a sign turning away potential job-seekers is seen outside of a construction site in New Orleans. (AP Photo/Patrick Semansky)
(CNSNews.com) – Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.
In February 2009, the Bureau of Labor [...]
From Huffpost:
WASHINGTON (REUTERS/Jeff Mason) – U.S. policy makers should reduce payroll taxes employers pay on workers’ wages and focus on near-term economic growth along with deficit cutting, former White House economic adviser Lawrence Summers said.
In an opinion piece published by Reuters on Sunday, Summers — a Harvard professor and former Treasury secretary under President Bill Clinton — argued that it would be “premature” to withdraw [...]
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