Larry Summers was a major figure in the 2008 crisis and bank bailout, and still sings the same song. Listen to everything he says, then do the opposite.
I'm surprised also! that Amanpour would have him on after his statement as Pres. of Harrvarrd that Women's brains did not have the capacity for science that men have! As a woman with a definitely brilliant mind, and entertaining many scientific subjects, that she would host such an wrong-headed brained man! Harvard hasn't invited him back!
Me too. Thanks for putting it so succinctly. The Harvard Faculty got it right when they voted no confidence. He has done a lot of damage with his bad advice and analysis.
Mr Summers inst Gold friend economy books. He comments future recession from his obscure mind. Nerver economy proof future is possible. Only challatan like him does.
Anyone find it interesting that as the economy worsens, a certain group always seems to be behind it all... Now think, what group of people look like whites but aren't really whites, and wear a silly little hat on their head and go to synagogue on occasion?? It's about time every nose the truth!!
it’s related to corporate greed… and NOT ENOUGH regulations… jesus… enormous corporate profits while most of us suffer… yeah it’s not lack of regulations that’s the problem.. come on…
Life has gotten more and more complicated and technology has created ever more opportunities for theft. How can government oversight and protection keep up with Republicans constantly dismantling government funding?
He keeps saying that spending policies would hurt the people that we are most concerned with protecting. This is code for "guarding the interests of the rich elites".
I’m thinking he’s not because he just said there was a huge transfer of wealth to ppl who didn’t need it and he’d support the BBB because it’s paid gore by the rich through taxes. I wasn’t prepared to him him say all that
He seems to be dancing a fine line, handing out an endless stream of money to the wealthy and those who choose not to work is reckless and unsustainable. Taking care of the working class who actually work should be the priority.
@@niccolea2086 Do you really think that BBB will be paid for by the rich with the best accountants in the world? Who will receive large payments to rebuild the infrastructure? I doubt it will be those working on the projects. Infrastructure will benefit all and is badly needed, but big businesses and the wealthy who invest in them will profit the most, imho.
No minimum wage or Living wage. Fend for yourself. You talk from both sides of your mouth. First get a job based on your experience and qualifications. Start a business, today it is easier than ever
@@enjoythedreamlife5658 I bet you are the type who is on Facebook posting about bad service at your local restaurants! 😂😃😄 Lots of state have already agreed to minimum wage increases and employers in other states are increasing wages on their own. The market has already spoken. People are choosing a simpler life, making more doing side hustles, daytrading, buying rental homes, and living in multiple generational homes to lower living expenses. PEOPLE DON'T HAVE TO WORK FOR SLAVE WAGES ANYMORE! Restaurant worker $7.25x8=$58.00. Mowing lawns $75x8=600. Then the greedy guy mowing lawns in on Facebook complaining about the 30 wait at the restaurant just to be ignored when he complains. Then leaves for another restaurant because he clearly doesn't have the SKILLS TO COOK FOR HIMSELF. The problem is people like you who use a service everyday and often multiple times a day but claim the workers have no value.
First we need to get the manufacturer's to bring their factories back to the USA. The government will have to make it financially beneficial for them to come back.
This conversation is like standing on a boat talking about rearranging the deck chairs while you're steaming towards an iceberg. Consumer capitalism is ruining the planet's ecosystems. Economic growth is not sustainable.
Larry Sommers IS the reason it all started. Dot com crash, and the un regulating catastrophe of Wall Street. America has been consuming without producing..for too long..NAFTA rings a bell..and what about China??
@@lisad2701 You think you can restructure consumerism without backlash? LOL. Even the climate nuts will suffer with inflation. You loons are going to regret this.
@@Eged282 He did it deliberately. After 2009 banks consolidated and gained more power. All the banks agree with ESG, Agenda21, and 2030. These nuts think they can thread a camel through the eye of needle.
Of course the spending is responsible but if you listened to what he said, there are investments and there is giving money to the middle class. In the 2nd case, Biden fed the country right or wrong for COVID reasons and before that asshole trump gave a tax break to the rich. The current infrastructure bill is long overdue.
3 trillions in Iraq, 2 trillions who disappeared in ground zero during 911,, jobs exported to Mexico, China And I forgot about all sorts of money evasion since the Reagan era, billionaires moving billions elsewhere.
Not a word about the refusal of pharmaceutical companies sharing tax payer funded vaccines for the world. That one thing could make the difference they know this, but above all it is profit over people.
@@erdelegy he gives economic analysis on gov't policy and political analyst on economic policy. He is and always has been a oligarch tool to further the policies that favor the rich.
@@TheMagicJIZZ I'm assuming you mean that I'm suggesting that we spend our taxes on the world? My response is we use a lot, billion$/trillion$ in fact, of our taxes in our "interactions" with other countries. Hope I'm addressing the context you're implying.
My washing machine is just gone after 12 years in my flat. The machine was working perfectly, just the drum of the machine was broken. The technician told me it will cost 300€, the price of a new one just because the producer are keeping a low stock to keep the price up. Guys if you, rich people, firm, company, you don't share, if you don't change your behaviour ! The worst will happen in the future!! We can all live a good life if we share and live simply. You think you are clever and smarter than others but guys alone you are nothing. So if you want to keep your rank change the financial system.
Who is flush with cash? Wouldn’t that be nice. California didn’t pay my husband’s unemployment & we are now taxation poor. We can’t buy anything thanks to the IRS. Otherwise, we would be okay. I hear people are struggling. Who has all this cash? We should not be struggling, but we are thanks to this terrible government. Corrupt crooks.
Well i use ebay a lot for buying and a little selling but since the first lock down and prices on a lot of used items have gone crazy and people are paying so somehow people have had more to spend or that's how it seems.
If you got maximum stimulus you were making less than middle class wages. If you didn't get three stimulus checks you had some resources. But if you did, you were hurting badly. This government bailed you out if you were drowning in rent debt without a job. But if you continued to work and could maintain then you weren't in danger of starvation and homelessness. Somehow, I think you are complaining about not having vacations and a lot of fun. Ooooh too bad! Teeny violins playing sad songs for you!
@@turokforever007 Are you crazy? When people buy second hand stuff they are hurting and the economy is suffering too. Folks don't sell their stuff in good times. Where is this prosperity you are talking about? We don't see it where I live. I think that a lot of folks didn't buy as much or as expensive stuff as past years. I think when the figures come in our economy will have had a grim Christmas compared to other buying frenzies. We certainly lost income and security this last year. What prosperity and for whom?
@@helengarrett6378 We didn’t get a dime. My husband was laid off & didn’t get a dime. The EDD just jerked him around. We went through our savings while he was unemployed. When he went back to work, we owed taxes, interest, penalties. While he was unemployed, I had a $2000 root canal, we had car repairs, & thousands of dollars of vet bills. The rents are just skyrocketed & our rent went up. We never go on vacation. It’s been years since we even went camping. We can’t buy things we need that would actually stimulate the economy because of IRS corruption & incompetence.
Prices don't have to go up when demand increases. Raising prices changes who is directly affected by scarcity but accomplishes nothing more than leaving that to chance. Negotiating who has access on the basis of something other than money leaves open the possibility of human need and empathy motivating collective action rather than for everyone to be frantically chasing money, gouging customers because demand goes up. The guys in this video don't like regulating what corporations and big money do, and they don't like spending money to provide everyone security in housing, health, and education. They do like disciplining workers so they feel insecure and are willing to be worked harder for less money. These guys speak for the corporations. They believe that social relations are and can only be defined in terms of money. There is a fundamental sense, however, in which we are all in this together. Preying on each other to acquire money is a bad model for society. It gives invasion, conquest, slavery, war, genocide, criminality free reign. It doesn't think it does, but look at money's history. All of the above.
So, price fixing? Gee, that’s always worked out well. I could see putting in short term anti-gouging ceilings in response to the covid crisis, but prices of goods set by the state has a very poor record, unless your goal is to increase hoarding of goods and growing black markets.
@@MarcosElMalo2 No. My ask is that predatory psychopaths join the human race, What motivates an enterprise in a sane economy are the needs of one's community. Money motivates all activity in the economy we inhabit. Give me a calm, nurturing society, and its economy will take care of itself.
“Preying on each other to acquire money is a bad model for society.” It’s the only model in human history; from micro to macro circles. There has only been one tiny eception, and even they were predicated on holding their assets which everyone else around them was squandering and fighting over.
@@asnark7115 Educate yourself to indigenous cultural history, which is grounded in humility, respect, cooperation, and peace. Indigenous cultural protocols developed over tens of thousands of years, leaving predation as a model for social relations in the past long ago. Our civilization will do the same if it survives, which is not likely otherwise.
So I did both a google search and a you tube search of Larry Summers, and this guy has been beating the drums of recession for the last, at least, twelve years. If memory serves me I don't think we had one recession in the entire time. Why would anybody listen to him now???
He is wrong. The current inflation is mostly related to supply chain issues and an imbalance between goods consumption and service consumption, not the pandemic payments. He was warning about inflation being too low before pandemic,and was calling for bigger government spending and investment for long period.
What people are forgetting is the economy was slowing markedly and the money markets were getting unsettled when the fed began easing in 2019 BEFORE the pandemic. So little more than a 2% increase in the fed funds rate broke the economy . So now by the end of this year we have added trillions of public and private debt. It may take 1% to push us over the falls now.
"Engineering a soft fall" for the economy didn't seem to work makes a good point. What if we say that national and transnational Corporations we're so long a go threatened by the potential political and whole core system insecurities and instabilities?
There is NO way the FED can engineer a Soft landing; The bond market is doing JUST SOME of the work for the FED as we can see that 10yr bond YIELD rising! But -- the FED needs to unwind and THEN start raising interest rates-- the big problem of the shock of 6.8% inflation -- is HARD to tame and the FED may NEED to raise rates MORE than they WANT!! That is the corner they are backed into! They don't want to send the stock market into too much of a tailspin, but if inflation does NOT come down to at LEAST --3.0%(that is a LOT of work to get it that low), they will NEED to raise rates MORE (hopefully NOT 3 times!)! The ONE BIG elephant in the room is -------OIL----- That ALONE -- will RAISE or KEEP inflation at LEAST at 6%! If OIL hits $100-$115 PER BARREL-- this IS going to have a BAD effect on inflation-- combating it with CONSTANT interest rate hikes ---would have OTHER side EFFECTS( slowing or pushing housing markets into recession, car sales slowing(the EV's get hammered too-- just because of the cost of the loans!) ! The OIL issue is something to really watch and the Saudis could care less, our oil companies could care less-- they make more money -- that is all they care about! OIL prices rising, CHEAP money-- for years, Biden given out FREE money and much more-- the FED has a REAL and very tough problem on its hands! Chairman POWELL in my opinion is not to blame! Powell, Jant Yellen( who knows full well, what is the stress, as she was Chair of the FED) and Biden-- they have ALREADY (months ago) made their wishes KNOWN to POWELL-- KEEP rates LOW- KEEP STIMULUS FLOWING--- keep the VOTERS thinking-- BIDEN is on their side and HELPING MAIN STREET!!--- NOW -- WALL street, and the big oil companies are RUNNING the show, they WILL make Biden PAY for his hand outs, and the cheap money flow--- is NOW OVER!
Summers led charge to deregulate banking in general & derivatives specifically in the 90s. In doing so, he helped pave the way for the 2008 crash. He's been wrong many many times. Why are we supposed to listen to him now? I'd rather hear the opinion of someone w/ a better track record
Larry does not make any sense. He is talking about demand and completely forgot about the real cause of inflation. It is the supply disruption that caused the inflation while demand remained at the same level. Everything is held up at the ports at the moment. Once supply starts to flow into the stores to match the demand, prices will go down. Fed need to do nothing. Fed actions are not increasing supply of money.
Globalization does not work because people are greedy. Wealthy people are greedy. Poor people want to be wealthy and do most anything to get ahead including acting as a detriment to their fellow man and give them a chance. Corporations reduce personal accountability which should, but often doesn't, start at the very top. Globalization is a good idea and could work if companies learn to put people before profits. It will always be profits, but as so often happens at increase of 1% increase on millions or billions of dollars is still too much of a fortune and temptation for the average person to overlook. And make no mistake, those in the upper 1% class is not anymore virtuous as a whole than anyone else in the remaining 99%.
Are you suggesting that capitalists become conscience ridden do gooders instead of attempting to make as much as possible for as cheaply as possible, to sell to the most consumers at the highest possible price, to make the most profit for the fewest number of people possible? What are you smoking? Are we, the abused working people who do the actual work supposed to be content with less each month as the economy inflates? Are our kids supposed to grow healthy and prosper when food is too expensive? Am I supposed to be thrilled to see uber-rich elites shoot themselves and their friends into space to play in weightlessness for fun? I'm fed up!
@@helengarrett6378 I'm really not sure if you're disagreeing or agreeing with me. But capitalism right now is a rigged game. Uber rich capitalists don't necessarily have to do goodies but at the fucking least show some social responsibility. The billions in tax breaks they get which the middle class has to shoulder funds the little vanity rocket trips and projects. I'm not saying DONT shoot yourself into space Jeff Bezos, but pay you damn federal income tax since it is the roads, bridges, USPS, and other infrastructure that you use to make you the world's 2nd richest man. Musk too. Their "consolation prize" to people to provide underpaying jobs and sell us affordable (aka cheap) baubles that makes us forget for a minute why we are perpetually pissed off, when a we want to do is afford a decent life and provide opportunities for our kids. Hard to do when the American middle class has been gutted and workers haven't seen a cost of living increase in 45 years.
this may be what we need- we have to slow the economy and stop the CO2 emissions if we want a sustainable normal climate. we have been in over consumption/over population for decades now and this cannot continue. we have to do more with less. we also need a carbon and a wealth tax to take this into the future.
We need to get over the idea that we always have to have the latest and greatest TV, phone or computer which is pushed by these tech companies. It requires enormous extraction from our planet and most of the older technology people throw away end up in a dump in a third world country which poisons poor people.
Ok boomer! Let's fly a bunch of politicians on private planes to discuss pollution! 🤔 It's all about raising taxes due to the retirement crises. I can tell you lots of people will choose to retire early rather than continue to be gouged by taxes. The plan is to add a mileage tax, that will effect the working class, the most. It will barely effect boomers who will be sitting at home watching tv and complaining about the things younger people are buying with their hard earned $$. It's been proven that over taxation reduces productivity. We are already seeing effects. People are choosing to sit home and live off investments and savings.
No. Restrictions and spread of fear have worked too well. There was never an escape plan for this thing, just one big push from musicians, athletes, and political leaders.
@@erdelegy Always amazed when economists look to housing starts to judge the health of the economy. Rear view mirror thinking. Houses built on 3D printers now. Tiny Houses are trending. Gas prices are up. Supply and demand, what's different ? Pandemic stop-start. Or---maybe the cartel thinks...this electric car thing might stick this time, better get it while we can.
"an incredible improvement in standards of living for humanity and that's where the conversation needs to begin" -- NO. World was on a faster economic trajectory BEFORE globalization was adopted, and THAT is where the conversation needs to begin!
@@777jones First, it is totally true. You are confusing current levels of income after 76 years of post war growth with RATES of growth, and it is a FACT that growth rates in most countries were higher in the Bretton Woods era than in the globalist era after Bretton Woods broke down. Sure, the world is richer now, but its growth slowed after the adoption of the "world is flat' globalist strategy. "US and Switerzerland wwere rich, nobody else" Wrong again. When the world began switching to the globlism strategy in the 1970s, Japan, Britain, Germany, France, and other countries were already wealthy. Some East Asian countries have done very well since 1980, but that is because they started imitating Japan which had already proven its model under Bretton Woods. And Africa grew faster under Bretton Woods than it has done in the globalism era.
@@michaels4255 world GDP per capita has gone up 10x since 1970. You are just wrong… you are probably obsessed with the Ohio or Michigan economy. The world has moved forward. By the way I only think we should trade with free democracies. We probably agree about that.
If they want to outsource manufacturing at 10 cents on the dollar then sell that vehicle at 10 cents on the dollar, not charge union wages for work done much cheaper. $75000 for a pick up truck made in Mexico when the person they want to sell it to makes 17 an hour, give me a break!
Dr. Summers’ theory of inflation is inconsistent with facts. He supposes (without evidence) that the US economy is operating without excess capacity, and so an increase in demand means higher CPI inflation. The likelihood is high that we have a profit markup inflation, I.e., the markup is not fixed. Don’t we have inventories to absorb short run supply rises? Dr. Summers’ policy prescription is right-wing, more right-wing than the FED (incredible how defunct is the economic advisory board of the Demos). “Spending feels good” … but then (as a result) Dr. Summers predicts unKeynesian disaster! I wonder what macroeconomic theory he’s expounding. This interview is terrible propaganda against progressive economics. Theoretical confusion abounds in Dr. Summers desultory mind.
Anyone find it interesting that as the economy worsens, a certain group always seems to be behind it all... Now think, what group of people look like whites but aren't really whites, and wear a silly little hat on their head and go to synagogue on occasion?? It's about time every nose the truth!!
By reducing the salary increases, bonuses and incentives to the upper management of orgs. Some organizations pay what they used to pay to their workers in yearly bonuses for the executive team. We need to go back to how we used to pay executives before we decide that they need to get severance packages for beinging an org to the very end.
Nice ... this spending is funded with tax increases Isn’t that inflationary ? The transfer payments were not funded but through borrowing. It’s all still spending. What’s the diff?
If the fed stops buying bonds and allow rates to revert to pre-pandemic levels asset prices would drop and the economy would stall sending us into a recession. The big if is will the fed stop buying.
Is the inflation caused by the money supply or by reduced products because of COVID ? . I believe most of it is do to trade disruptions and not enough employment to get products on the shelf . Larry it's simple supply and demand . Low interest rates have created an inflated stock market and real estate but that's not classified as inflation
What impact has the supply chain bottleneck caused by China's pandemic issues and economic capacity restrictions... on top of a real estate financial collapse had on raising prices. Hence inflation. Stuff happens outside the USA also.
Powder buff slow soft ball interview... Summers has been involved in so many situations fleecing in the end the working/middleclass of this country. The interviewer is not pressing him at all. I love PBS and the interviewer but why are they going so easy on him? The big banks got us into the 2008 crash, Summers was pivotal in having the FED pump trillions into the financial system and lower Fed interest rates so that the Fed has little bullets to tame inflation now. Summers blames little people finally getting back some of their excessive taxes for the problem of inflation and not the Fed over pumping money into the world's economic system. WHY IS ANYONE EVEN LISTENING TO SUMMERS ANYMORE????THE GUY IS AN ABSOLUTE JOKE!!!!
Summers missed the bus on this one. Farmers were on Trump welfare before the pandemic hit. They were not working. Once the pandemic hit what little products produced by farmers couldn't make it to market. All was scaled back. But now demand is high and farmers have have contracts. This will allow for food prices to come down in 2022. Chip shortage for cars and appliances will end before mid 2022 and the other chip shortages will end before 2023. The tech giants already told us that. Oil crews are being called back now that they know no lockdown will happen and companies like Exxon will increase production, according to the investor meeting I was part of. We will be fine and the fed is doing okay.
When he says "outrage around the world" .... The western world. I don't hear anyone in Vietnam, China, Thailand, India and Eastern Europe bitching about it. It actually was really beneficial to them. Just us in the west because the government forgot about the working class and left them to atrophy and get angry and vote to the right even though it often was unhelpful.
Inflation. Democrats will try to sell it as predatory pricing to make an excuse to save themselves from their mistake of creating so much inflation from excessive stimulus.
@@judykinsman3258 His whole point was that handing out money or as you call it "supporting labor and the middle class" ends up f*cking those very people. My god people are so dense.
@@jc2604 you do not know much about economics. What you call handing out money to the poor and middle class was STIMULUS when the economy tanked because we have a pandemic and dead people were overwhelming morgues and cemeteries. Sick people were stacked in every corner of hospitals and there were not enough masks or even beds and intubation kits to go around. Oxygen was in short supply and we were trying to find respirators. Remember that last year? We made people stay home so our health care system wouldn't completely crash! Our economy nearly did! People were terrified because of all the sickness, death and hardship. So, millions and millions were out of work and jobs vanished. We haven't completely recovered yet. Consequently, there was no money for shelter or food. Remember that? The economy wobbled severely. Remember that? So we had STIMULUS to prevent hoards of displaced people from overthrowing the government. The worst dummies tried. Remember that? The stimulus is all that kept us from becoming a failed state. Now put all that in your pipe and smoke it!
Go back forty years and show me any instance of this guy getting anything right with his opinions ? Being a classic economist is like being a Phrenologist.
@@rishamohyeddin5712 how so ? Isn’t he predicting hyper-inflation ? After the pandemic & hourly workers getting raises, anyone can predict inflation. The question is it tied to wages and rising simultaneous with prices, like it is. Or is it runway inflation ? Or is he just full of shit, like always ?
There were 3 powerful pre contemporary America Jewish dreams in the recent history: the liberal America as a land to emigrate and to live in (the big party), Socialism in Europe (medium party) and the creation of modern Israel preferentially on its historical grounds (the smaller party). Liberal America has to be obfuscated when facing the Chinese success. Socialism despite Marxism is dead survives in a few countries like Venezuela and Cuba -- however it is almost so dead as liberalism. The nationalist state of Israel in a globalised world is in good shape but the future is really uncertain. If we consider those 3 Jewish dreams (which are also more or less Western universal dreams) together as the clearest origin or synthesis of the globalist faith we therefore must conclude that globalism itself is at stake today.
Interest rates are a dumb way to manage the velocity of money. An oblique method at best and best at applying a tax on the economy, collected by the rich. Interest is inflationary to the borrower, aka it is price unstable. In the mean time, the US desperately needs investment in infrastructure that has yet again fallen by the wayside. The debt Ponzi scheme of suburbia continues. Since tax revenue is far below maintenance costs for suburban cities, they must depend on fresh development to defray those costs that are incurred 25 years on. Economic down turns doom them to financial stress. Interest rises will only cause calamity in this fully mature debt cycle. Pity central banks don’t use demurrage on hoarded money. It is a price stable means of ensuring vibrant commerce and a true free market price to lending.
I call bs. What vacation is he talking about? Many Americans can't take vacations. People need to learn to live with less crap and save their money. Stop giving it to rich people.
Why not have a go, family member once out of the navy dove right into. The Bond market at this time even at 3 quaters is better in the long haul rather than the futures because its better to not lose ir. If its solely based on inequaties at the end of the day, a tulip is but a tulip. Right now cool it on the mutual funds because one doesnt know what the other fellow is doing on the other side of the brigde. Real Estate has been tradionally safe almost has gone into the futures market, there needs to be a correction in that market. It cannot be compared to a boxcar load of Potatoes. Real estate rather next year can make another boxcar load of potatoes. Basically a correction in Real Estate and stay in the bond market untill we see what happens.
You just have to print trillions of dollars and throw some of it at problems then take the rest and keep it for yourself and invest it in the stock market this will help the average American
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And what about the giant monopolies like P&G, Coke.. showing record profits this year, by raising prices & buying back their own stocks?!?!
not to mention how much Pfizer and J&J are making.
Pharma too hedge freeloaders.
Larry Summers was a major figure in the 2008 crisis and bank bailout, and still sings the same song. Listen to everything he says, then do the opposite.
I think they forgot one other factor that causes inflation in the energy industry: OLD-FASHIONED PRICE GOUGING.
NAIL . When profits are up 10% that's
NOT inflation. It is the fact that prices are as high as the market will bear. The absence of competition.
This guy's been on the wrong end of so many economic policies I'm surprised people actually listen to him still
I'm surprised also! that Amanpour would have him on after his statement as Pres. of Harrvarrd that Women's brains did not have the capacity for science that men have! As a woman with a definitely brilliant mind, and entertaining many scientific subjects, that she would host such an wrong-headed brained man! Harvard hasn't invited him back!
Me too. Thanks for putting it so succinctly. The Harvard Faculty got it right when they voted no confidence. He has done a lot of damage with his bad advice and analysis.
RIGHT. He hasnt ideia because he arrogance is breaking him sense reality.
@@deborahlotus7570 Correct. Mr Laurence economy picture are , so more politics than honest economy view.
Amen!!!
Inflation is not a friend of the middle class and neither is this guy!
So true!!!!
Mr Summers inst Gold friend economy books. He comments future recession from his obscure mind. Nerver economy proof future is possible. Only challatan like him does.
Anyone find it interesting that as the economy worsens, a certain group always seems to be behind it all...
Now think, what group of people look like whites but aren't really whites, and wear a silly little hat on their head and go to synagogue on occasion??
It's about time every nose the truth!!
He was a very good friend to Epstein. Puke
it’s related to corporate greed… and NOT ENOUGH regulations… jesus… enormous corporate profits while most of us suffer… yeah it’s not lack of regulations that’s the problem.. come on…
Life has gotten more and more complicated and technology has created ever more opportunities for theft. How can government oversight and protection keep up with Republicans constantly dismantling government funding?
He keeps saying that spending policies would hurt the people that we are most concerned with protecting.
This is code for "guarding the interests of the rich elites".
I’m thinking he’s not because he just said there was a huge transfer of wealth to ppl who didn’t need it and he’d support the BBB because it’s paid gore by the rich through taxes.
I wasn’t prepared to him him say all that
He seems to be dancing a fine line, handing out an endless stream of money to the wealthy and those who choose not to work is reckless and unsustainable.
Taking care of the working class who actually work should be the priority.
@@niccolea2086 Do you really think that BBB will be paid for by the rich with the best accountants in the world? Who will receive large payments to rebuild the infrastructure? I doubt it will be those working on the projects. Infrastructure will benefit all and is badly needed, but big businesses and the wealthy who invest in them will profit the most, imho.
@@robertb2444 good point but the things in the bill are still greatly needed.
@@niccolea2086 absolutely!
Happy holidays to you!
We could do without products we can't do without a living wage. Let the manufacturer's pay the people decent
No minimum wage or Living wage. Fend for yourself. You talk from both sides of your mouth. First get a job based on your experience and qualifications. Start a business, today it is easier than ever
@@enjoythedreamlife5658 you go now... lol..freaking troll
@@enjoythedreamlife5658 I bet you are the type who is on Facebook posting about bad service at your local restaurants! 😂😃😄
Lots of state have already agreed to minimum wage increases and employers in other states are increasing wages on their own. The market has already spoken.
People are choosing a simpler life, making more doing side hustles, daytrading, buying rental homes, and living in multiple generational homes to lower living expenses.
PEOPLE DON'T HAVE TO WORK FOR SLAVE WAGES ANYMORE!
Restaurant worker $7.25x8=$58.00. Mowing lawns $75x8=600.
Then the greedy guy mowing lawns in on Facebook complaining about the 30 wait at the restaurant just to be ignored when he complains. Then leaves for another restaurant because he clearly doesn't have the SKILLS TO COOK FOR HIMSELF.
The problem is people like you who use a service everyday and often multiple times a day but claim the workers have no value.
@@enjoythedreamlife5658 Another optimistic fool the Gov loves that
First we need to get the manufacturer's to bring their factories back to the USA.
The government will have to make it financially beneficial for them to come back.
Every time American's get a leg up, forth comes one excuse or another to prune that leg.
This conversation is like standing on a boat talking about rearranging the deck chairs while you're steaming towards an iceberg. Consumer capitalism is ruining the planet's ecosystems. Economic growth is not sustainable.
Ridiculous comment.
@@jc2604 Only to those with their heads up their butts.
Larry Sommers IS the reason it all started. Dot com crash, and the un regulating catastrophe of Wall Street.
America has been consuming without producing..for too long..NAFTA rings a bell..and what about China??
@@lisad2701 You think you can restructure consumerism without backlash? LOL. Even the climate nuts will suffer with inflation. You loons are going to regret this.
@@Eged282 He did it deliberately. After 2009 banks consolidated and gained more power. All the banks agree with ESG, Agenda21, and 2030. These nuts think they can thread a camel through the eye of needle.
Greedy corporations is the reason of inflation.
It's a combination of things Washington spending like their is no tomorrow is driving inflation up
EXACTLLY!
Of course the spending is responsible but if you listened to what he said, there are investments and there is giving money to the middle class. In the 2nd case, Biden fed the country right or wrong for COVID reasons and before that asshole trump gave a tax break to the rich. The current infrastructure bill is long overdue.
If tax cuts pay for themselves that would be inflationary as well 🙃
Are we not jn a recession already? We never really recovered from 2008. Salaries are low for qualifications and contracts are not permanent
There we go. Someone that gets it! We never recovered from 2008 and I'm surprised that more people can't see that.
Lawrence Summers? No, thanks. I love your series and I love your thinkers but not this one.
Larry Summers is a wise man.
The US is like an uneducated family with a great income. We overspend fecklessly and take risks that will quickly lead to our own poverty and despair.
3 trillions in Iraq, 2 trillions who disappeared in ground zero during 911,, jobs exported to Mexico, China
And I forgot about all sorts of money evasion since the Reagan era, billionaires moving billions elsewhere.
C'mon, Larry Summers is not gonna give us credible advice.
Corporate shills can all go home at this point.
The public is finally getting wise
You don’t need to have dealings with corporations. Move to Haiti. Enjoy the non-corporate lifestyle. Drink it in.
@@777jones Or you can go to Sweden, Norway, or Denmark, where the working class has more influence.
Not a word about the refusal of pharmaceutical companies sharing tax payer funded vaccines for the world. That one thing could make the difference they know this, but above all it is profit over people.
@@erdelegy he gives economic analysis on gov't policy and political analyst on economic policy. He is and always has been a oligarch tool to further the policies that favor the rich.
It's intet you use the word taxpayer and the the " world"
@@TheMagicJIZZ I'm assuming you mean that I'm suggesting that we spend our taxes on the world? My response is we use a lot, billion$/trillion$ in fact, of our taxes in our "interactions" with other countries.
Hope I'm addressing the context you're implying.
What savings? Whose America is he talking about?
My washing machine is just gone after 12 years in my flat.
The machine was working perfectly, just the drum of the machine was broken.
The technician told me it will cost 300€, the price of a new one just because the producer are keeping a low stock to keep the price up.
Guys if you, rich people, firm, company, you don't share, if you don't change your behaviour ! The worst will happen in the future!!
We can all live a good life if we share and live simply.
You think you are clever and smarter than others but guys alone you are nothing.
So if you want to keep your rank change the financial system.
Summer's your still at it..this guy is a hack & a has been,🥴🥴🥴
“Give me a one-handed Economist. All my economists say 'on one hand...', then 'but on the other...” - Harry Truman
Who is flush with cash? Wouldn’t that be nice. California didn’t pay my husband’s unemployment & we are now taxation poor. We can’t buy anything thanks to the IRS. Otherwise, we would be okay.
I hear people are struggling. Who has all this cash? We should not be struggling, but we are thanks to this terrible government. Corrupt crooks.
Well i use ebay a lot for buying and a little selling but since the first lock down and prices on a lot of used items have gone crazy and people are paying so somehow people have had more to spend or that's how it seems.
@@turokforever007 Good for you. I’ve been meaning to do a little selling myself.
If you got maximum stimulus you were making less than middle class wages. If you didn't get three stimulus checks you had some resources. But if you did, you were hurting badly. This government bailed you out if you were drowning in rent debt without a job. But if you continued to work and could maintain then you weren't in danger of starvation and homelessness. Somehow, I think you are complaining about not having vacations and a lot of fun. Ooooh too bad! Teeny violins playing sad songs for you!
@@turokforever007 Are you crazy? When people buy second hand stuff they are hurting and the economy is suffering too. Folks don't sell their stuff in good times. Where is this prosperity you are talking about? We don't see it where I live. I think that a lot of folks didn't buy as much or as expensive stuff as past years. I think when the figures come in our economy will have had a grim Christmas compared to other buying frenzies. We certainly lost income and security this last year. What prosperity and for whom?
@@helengarrett6378 We didn’t get a dime. My husband was laid off & didn’t get a dime. The EDD just jerked him around. We went through our savings while he was unemployed. When he went back to work, we owed taxes, interest, penalties. While he was unemployed, I had a $2000 root canal, we had car repairs, & thousands of dollars of vet bills. The rents are just skyrocketed & our rent went up. We never go on vacation. It’s been years since we even went camping. We can’t buy things we need that would actually stimulate the economy because of IRS corruption & incompetence.
With 29 trillion of debt, inflation is a gov policy, not a consequence of gov policies.
Prices don't have to go up when demand increases. Raising prices changes who is directly affected by scarcity but accomplishes nothing more than leaving that to chance. Negotiating who has access on the basis of something other than money leaves open the possibility of human need and empathy motivating collective action rather than for everyone to be frantically chasing money, gouging customers because demand goes up. The guys in this video don't like regulating what corporations and big money do, and they don't like spending money to provide everyone security in housing, health, and education. They do like disciplining workers so they feel insecure and are willing to be worked harder for less money. These guys speak for the corporations. They believe that social relations are and can only be defined in terms of money. There is a fundamental sense, however, in which we are all in this together. Preying on each other to acquire money is a bad model for society. It gives invasion, conquest, slavery, war, genocide, criminality free reign. It doesn't think it does, but look at money's history. All of the above.
What a word salad
So, price fixing? Gee, that’s always worked out well. I could see putting in short term anti-gouging ceilings in response to the covid crisis, but prices of goods set by the state has a very poor record, unless your goal is to increase hoarding of goods and growing black markets.
@@MarcosElMalo2 No. My ask is that predatory psychopaths join the human race, What motivates an enterprise in a sane economy are the needs of one's community. Money motivates all activity in the economy we inhabit. Give me a calm, nurturing society, and its economy will take care of itself.
“Preying on each other to acquire money is a bad model for society.” It’s the only model
in human history; from micro to macro circles. There has only been one tiny eception, and even they were predicated on holding their assets which everyone else around them was squandering and fighting over.
@@asnark7115 Educate yourself to indigenous cultural history, which is grounded in humility, respect, cooperation, and peace. Indigenous cultural protocols developed over tens of thousands of years, leaving predation as a model for social relations in the past long ago. Our civilization will do the same if it survives, which is not likely otherwise.
Record profits! This is monopolies and GREED with Made In China supply issues.
We've been in a recession for 5 years now.
So I did both a google search and a you tube search of Larry Summers, and this guy has been beating the drums of recession for the last, at least, twelve years. If memory serves me I don't think we had one recession in the entire time. Why would anybody listen to him now???
What savings? This guy is out of touch. Most people were just finally braking even. Its really crrazzzyy.
I'm in the Larry Summers fan club!
He is wrong. The current inflation is mostly related to supply chain issues and an imbalance between goods consumption and service consumption, not the pandemic payments.
He was warning about inflation being too low before pandemic,and was calling for bigger government spending and investment for long period.
You really need to stop asking this clown anything. EVER.
2020 politicians screwed things up.
Put on the economist Richard Wolff ! He’ll tell you about the Real economy
I think it's called a price correction/increase instead of a recession...economics is the "science" of greed...
If demand decreases, and companies start to produce less goods and servicies, that's called recession. A sharp interest rate hike could cause that.
Oil constructs our prison.
The bubbles have existed for some time now. Don’t blame their eventual bursting on what’s happening right now
What people are forgetting is the economy was slowing markedly and the money markets were getting unsettled when the fed began easing in 2019 BEFORE the pandemic. So little more than a 2% increase in the fed funds rate broke the economy . So now by the end of this year we have added trillions of public and private debt. It may take 1% to push us over the falls now.
"Engineering a soft fall" for the economy didn't seem to work makes a good point. What if we say that national and transnational Corporations we're so long a go threatened by the potential political and whole core system insecurities and instabilities?
There is NO way the FED can engineer a Soft landing; The bond market is doing JUST SOME of the work for the FED as we can see that 10yr bond YIELD rising!
But -- the FED needs to unwind and THEN start raising interest rates-- the big problem of the shock of 6.8% inflation -- is HARD to tame and the FED may NEED to raise rates
MORE than they WANT!! That is the corner they are backed into!
They don't want to send the stock market into too much of a tailspin, but if inflation does NOT come down to at LEAST --3.0%(that is a LOT of work to get it that low), they will NEED
to raise rates MORE (hopefully NOT 3 times!)!
The ONE BIG elephant in the room is -------OIL----- That ALONE -- will RAISE or KEEP inflation at LEAST at 6%! If OIL hits $100-$115 PER BARREL-- this IS going to have a BAD effect on inflation-- combating it with CONSTANT interest rate hikes ---would have OTHER side EFFECTS( slowing or pushing housing markets into recession, car sales slowing(the EV's get hammered too-- just because of the cost of the loans!) !
The OIL issue is something to really watch and the Saudis could care less, our oil companies could care less-- they make more money -- that is all they care about!
OIL prices rising, CHEAP money-- for years, Biden given out FREE money and much more-- the FED has a REAL and very tough problem on its hands! Chairman POWELL in my opinion is not to blame!
Powell, Jant Yellen( who knows full well, what is the stress, as she was Chair of the FED) and Biden-- they have ALREADY (months ago) made their wishes KNOWN to POWELL-- KEEP rates LOW- KEEP STIMULUS FLOWING--- keep the VOTERS thinking-- BIDEN is on their side and HELPING MAIN STREET!!--- NOW -- WALL street, and the big oil companies are RUNNING the show, they WILL make Biden PAY for his hand outs, and the cheap money flow--- is NOW OVER!
We have been in a recession for decades! Look at the number of homeless and the percentage in poverty! More like we are headed into a depression!
This is a recession. Depression is around the corner.
I often imagine Larry (Summers, that is) powerslamming Alan Greenspan when both collide in a wrestling match ! 😊
Summers led charge to deregulate banking in general & derivatives specifically in the 90s. In doing so, he helped pave the way for the 2008 crash. He's been wrong many many times. Why are we supposed to listen to him now? I'd rather hear the opinion of someone w/ a better track record
Larry does not make any sense. He is talking about demand and completely forgot about the real cause of inflation. It is the supply disruption that caused the inflation while demand remained at the same level. Everything is held up at the ports at the moment. Once supply starts to flow into the stores to match the demand, prices will go down. Fed need to do nothing. Fed actions are not increasing supply of money.
Globalization does not work because people are greedy. Wealthy people are greedy. Poor people want to be wealthy and do most anything to get ahead including acting as a detriment to their fellow man and give them a chance. Corporations reduce personal accountability which should, but often doesn't, start at the very top.
Globalization is a good idea and could work if companies learn to put people before profits. It will always be profits, but as so often happens at increase of 1% increase on millions or billions of dollars is still too much of a fortune and temptation for the average person to overlook. And make no mistake, those in the upper 1% class is not anymore virtuous as a whole than anyone else in the remaining 99%.
Are you suggesting that capitalists become conscience ridden do gooders instead of attempting to make as much as possible for as cheaply as possible, to sell to the most consumers at the highest possible price, to make the most profit for the fewest number of people possible? What are you smoking? Are we, the abused working people who do the actual work supposed to be content with less each month as the economy inflates? Are our kids supposed to grow healthy and prosper when food is too expensive? Am I supposed to be thrilled to see uber-rich elites shoot themselves and their friends into space to play in weightlessness for fun? I'm fed up!
@@helengarrett6378 I'm really not sure if you're disagreeing or agreeing with me. But capitalism right now is a rigged game. Uber rich capitalists don't necessarily have to do goodies but at the fucking least show some social responsibility. The billions in tax breaks they get which the middle class has to shoulder funds the little vanity rocket trips and projects. I'm not saying DONT shoot yourself into space Jeff Bezos, but pay you damn federal income tax since it is the roads, bridges, USPS, and other infrastructure that you use to make you the world's 2nd richest man. Musk too. Their "consolation prize" to people to provide underpaying jobs and sell us affordable (aka cheap) baubles that makes us forget for a minute why we are perpetually pissed off, when a we want to do is afford a decent life and provide opportunities for our kids. Hard to do when the American middle class has been gutted and workers haven't seen a cost of living increase in 45 years.
I really like the interviewer's neck tie.
The simple truth. You can't have a savings account if you get less interest then inflation.
One of the brightest old men alive
Smart Man.
Everyone has ever been warning about zero inflation, now a little inflation, once considered healthy causes panic. What gives?
Cant believe Amanpour becoming so old, time fly.
this may be what we need- we have to slow the economy and stop the CO2 emissions if we want a sustainable normal climate. we have been in over consumption/over population for decades now and this cannot continue. we have to do more with less. we also need a carbon and a wealth tax to take this into the future.
We need to get over the idea that we always have to have the latest and greatest TV, phone or computer which is pushed by these tech companies. It requires enormous extraction from our planet and most of the older technology people throw away end up in a dump in a third world country which poisons poor people.
China is going to steamroll you.
I totally agree!
Ok boomer! Let's fly a bunch of politicians on private planes to discuss pollution! 🤔
It's all about raising taxes due to the retirement crises. I can tell you lots of people will choose to retire early rather than continue to be gouged by taxes.
The plan is to add a mileage tax, that will effect the working class, the most. It will barely effect boomers who will be sitting at home watching tv and complaining about the things younger people are buying with their hard earned $$.
It's been proven that over taxation reduces productivity. We are already seeing effects. People are choosing to sit home and live off investments and savings.
These people can fail upward so spectacularly..why is ANYONE still listening to him?!
There is massive pent up demand and huge amounts of savings. It will be like the roaring twenties.
No. Restrictions and spread of fear have worked too well. There was never an escape plan for this thing, just one big push from musicians, athletes, and political leaders.
Among the bonds the Fed bought were Powell's own munis. He should not be confirmed. LGBFJB!
The condition of the middle class will not be a typical recession. It'll hit really hard.
Inflation is your money going to zero.
Yeahhhhhh, home heating oil.
Grampy opinions from Grampyland.
@@erdelegy Always amazed when economists look to housing starts to judge the health of the economy.
Rear view mirror thinking.
Houses built on 3D printers now. Tiny Houses are trending.
Gas prices are up. Supply and demand, what's different ? Pandemic stop-start.
Or---maybe the cartel thinks...this electric car thing might stick this time, better get it while we can.
so more of the same since 80s with "stimulus packages" / QE - yet dont call it central planning? ok summers - thanks for your insights
Yellen has said she is in favor on overheating the oconomy. LGBFJB!
"an incredible improvement in standards of living for humanity and that's where the conversation needs to begin" -- NO. World was on a faster economic trajectory BEFORE globalization was adopted, and THAT is where the conversation needs to begin!
Not true at all. The US and Switzerland were rich, nobody else. Now, Asia has billions doing well. Africa is improving fast.
@@777jones First, it is totally true. You are confusing current levels of income after 76 years of post war growth with RATES of growth, and it is a FACT that growth rates in most countries were higher in the Bretton Woods era than in the globalist era after Bretton Woods broke down. Sure, the world is richer now, but its growth slowed after the adoption of the "world is flat' globalist strategy.
"US and Switerzerland wwere rich, nobody else" Wrong again. When the world began switching to the globlism strategy in the 1970s, Japan, Britain, Germany, France, and other countries were already wealthy. Some East Asian countries have done very well since 1980, but that is because they started imitating Japan which had already proven its model under Bretton Woods. And Africa grew faster under Bretton Woods than it has done in the globalism era.
@@michaels4255 world GDP per capita has gone up 10x since 1970. You are just wrong… you are probably obsessed with the Ohio or Michigan economy. The world has moved forward. By the way I only think we should trade with free democracies. We probably agree about that.
If they want to outsource manufacturing at 10 cents on the dollar then sell that vehicle at 10 cents on the dollar, not charge union wages for work done much cheaper. $75000 for a pick up truck made in Mexico when the person they want to sell it to makes 17 an hour, give me a break!
Dr. Summers’ theory of inflation is inconsistent with facts. He supposes (without evidence) that the US economy is operating without excess capacity, and so an increase in demand means higher CPI inflation. The likelihood is high that we have a profit markup inflation, I.e., the markup is not fixed. Don’t we have inventories to absorb short run supply rises? Dr. Summers’ policy prescription is right-wing, more right-wing than the FED (incredible how defunct is the economic advisory board of the Demos). “Spending feels good” … but then (as a result) Dr. Summers predicts unKeynesian disaster! I wonder what macroeconomic theory he’s expounding. This interview is terrible propaganda against progressive economics. Theoretical confusion abounds in Dr. Summers desultory mind.
Anyone find it interesting that as the economy worsens, a certain group always seems to be behind it all...
Now think, what group of people look like whites but aren't really whites, and wear a silly little hat on their head and go to synagogue on occasion??
It's about time every nose the truth!!
Summers says he is in favor of increasing workers' income. How do you increase workers' income without overheating the economy?
By reducing the salary increases, bonuses and incentives to the upper management of orgs. Some organizations pay what they used to pay to their workers in yearly bonuses for the executive team. We need to go back to how we used to pay executives before we decide that they need to get severance packages for beinging an org to the very end.
Reduce stimulas payment to people who are sitting at home.
Makes alot of sense if you live in a bubble like these guys do.
Nice ... this spending is funded with tax increases Isn’t that inflationary ? The transfer payments were not funded but through borrowing. It’s all still spending. What’s the diff?
As long as America has a lot of people in the lower class (thanks to the Republican Party) inflation should be kept under control.
lost all credibility with BBB statement
When were we out of recession? As for Austerity in the U.K. …
If the fed stops buying bonds and allow rates to revert to pre-pandemic levels asset prices would drop and the economy would stall sending us into a recession. The big if is will the fed stop buying.
With over 800,000 people who have died from COVID, at least 400,000 of these people had jobs that now are unfilled.
Inflation and Depression follows top 1% tax reduction.
How about politcalizing the virus that too is another massive problem that needs to be addresssed!
Is the inflation caused by the money supply or by reduced products because of COVID ? . I believe most of it is do to trade disruptions and not enough employment to get products on the shelf . Larry it's simple supply and demand . Low interest rates have created an inflated stock market and real estate but that's not classified as inflation
My dog it has done been a recession since like 2018.
What impact has the supply chain bottleneck caused by China's pandemic issues and economic capacity restrictions... on top of a real estate financial collapse had on raising prices. Hence inflation. Stuff happens outside the USA also.
Powder buff slow soft ball interview... Summers has been involved in so many situations fleecing in the end the working/middleclass of this country. The interviewer is not pressing him at all. I love PBS and the interviewer but why are they going so easy on him? The big banks got us into the 2008 crash, Summers was pivotal in having the FED pump trillions into the financial system and lower Fed interest rates so that the Fed has little bullets to tame inflation now. Summers blames little people finally getting back some of their excessive taxes for the problem of inflation and not the Fed over pumping money into the world's economic system. WHY IS ANYONE EVEN LISTENING TO SUMMERS ANYMORE????THE GUY IS AN ABSOLUTE JOKE!!!!
No wonder why the double talk about the evils of inflation and still thinking the government can spend more with BBB.
Summers missed the bus on this one. Farmers were on Trump welfare before the pandemic hit. They were not working. Once the pandemic hit what little products produced by farmers couldn't make it to market. All was scaled back. But now demand is high and farmers have have contracts. This will allow for food prices to come down in 2022. Chip shortage for cars and appliances will end before mid 2022 and the other chip shortages will end before 2023. The tech giants already told us that.
Oil crews are being called back now that they know no lockdown will happen and companies like Exxon will increase production, according to the investor meeting I was part of.
We will be fine and the fed is doing okay.
I expected more from this conversation. Hate softball questions/uninformed host.
When he says "outrage around the world" .... The western world. I don't hear anyone in Vietnam, China, Thailand, India and Eastern Europe bitching about it. It actually was really beneficial to them. Just us in the west because the government forgot about the working class and left them to atrophy and get angry and vote to the right even though it often was unhelpful.
Summers always shares an interesting perspective. Great guest.
You must be joking… I can’t believe they give this guy a platform after architecting the environment that made possible the 2008 recession
@@alexcipriani6003 All his fault. Riiiight.
There talking about reducing QE, but I said in 2007 that they wouldn't do it, and I still think they won't, that Powell is lying. LGBFJB!
Phillips curve in the short run?
Has the standard living condition of Americans risen, should've been the question.
The markets are high on coke. As soon as you pull the coke i.e. low interest, the economy will go to rehab
Is it inflation or predatory pricing ! ?
Inflation. Democrats will try to sell it as predatory pricing to make an excuse to save themselves from their mistake of creating so much inflation from excessive stimulus.
A double dip recession but they spent all of the money on the front end instead of the back end like most crisis.
Recession for everyone importing containers from China.
who ish thish guuuyy. Cant he shpeak fashter and without shlurring?
what about chances for a depression?
I would like to hear from Summers about economic adaptation in relation to the global warming crisis.
I personally would prefer to hear from an economist supporting labor & the middle class not the wealthy & corporations.
@@judykinsman3258 His whole point was that handing out money or as you call it "supporting labor and the middle class" ends up f*cking those very people. My god people are so dense.
@@jc2604 Judy said nothing about "handouts". My god people who equate "supporting" with "handout" are so dense.
@@lisad2701 Haha! Ya, "supporting" just means the cash falls out of the sky!
@@jc2604 you do not know much about economics. What you call handing out money to the poor and middle class was STIMULUS when the economy tanked because we have a pandemic and dead people were overwhelming morgues and cemeteries. Sick people were stacked in every corner of hospitals and there were not enough masks or even beds and intubation kits to go around. Oxygen was in short supply and we were trying to find respirators. Remember that last year? We made people stay home so our health care system wouldn't completely crash! Our economy nearly did! People were terrified because of all the sickness, death and hardship.
So, millions and millions were out of work and jobs vanished. We haven't completely recovered yet. Consequently, there was no money for shelter or food. Remember that? The economy wobbled severely. Remember that? So we had STIMULUS to prevent hoards of displaced people from overthrowing the government. The worst dummies tried. Remember that? The stimulus is all that kept us from becoming a failed state.
Now put all that in your pipe and smoke it!
Go back forty years and show me any instance of this guy getting anything right with his opinions ? Being a classic economist is like being a Phrenologist.
Notice how he had to go back to the 70s for his 'proof'? Didn't mention the most recent recession though.
@@MonicaTRodriguez He’s a mouth-piece for the wealthy
He was right on the inflation call
@@rishamohyeddin5712 how so ? Isn’t he predicting hyper-inflation ? After the pandemic & hourly workers getting raises, anyone can predict inflation. The question is it tied to wages and rising simultaneous with prices, like it is. Or is it runway inflation ? Or is he just full of shit, like always ?
There were 3 powerful pre contemporary America Jewish dreams in the recent history: the liberal America as a land to emigrate and to live in (the big party), Socialism in Europe (medium party) and the creation of modern Israel preferentially on its historical grounds (the smaller party). Liberal America has to be obfuscated when facing the Chinese success. Socialism despite Marxism is dead survives in a few countries like Venezuela and Cuba -- however it is almost so dead as liberalism. The nationalist state of Israel in a globalised world is in good shape but the future is really uncertain. If we consider those 3 Jewish dreams (which are also more or less Western universal dreams) together as the clearest origin or synthesis of the globalist faith we therefore must conclude that globalism itself is at stake today.
Interest rates are a dumb way to manage the velocity of money. An oblique method at best and best at applying a tax on the economy, collected by the rich. Interest is inflationary to the borrower, aka it is price unstable. In the mean time, the US desperately needs investment in infrastructure that has yet again fallen by the wayside. The debt Ponzi scheme of suburbia continues. Since tax revenue is far below maintenance costs for suburban cities, they must depend on fresh development to defray those costs that are incurred 25 years on. Economic down turns doom them to financial stress.
Interest rises will only cause calamity in this fully mature debt cycle. Pity central banks don’t use demurrage on hoarded money. It is a price stable means of ensuring vibrant commerce and a true free market price to lending.
I call bs. What vacation is he talking about? Many Americans can't take vacations. People need to learn to live with less crap and save their money. Stop giving it to rich people.
this nation never recovered from the first recession. only the rich did
I understand that Lawrence lost the Harvard Endowment pots of 💰; if true, why listen to him?
Why not have a go, family member once out of the navy dove right into. The Bond market at this time even at 3 quaters is better in the long haul rather than the futures because its better to not lose ir. If its solely based on inequaties at the end of the day, a tulip is but a tulip. Right now cool it on the mutual funds because one doesnt know what the other fellow is doing on the other side of the brigde. Real Estate has been tradionally safe almost has gone into the futures market, there needs to be a correction in that market. It cannot be compared to a boxcar load of Potatoes. Real estate rather next year can make another boxcar load of potatoes. Basically a correction in Real Estate and stay in the bond market untill we see what happens.
You just have to print trillions of dollars and throw some of it at problems then take the rest and keep it for yourself and invest it in the stock market this will help the average American
Me.