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Fri Dec 25, 2020, 10:35 PM

Former Treasury Secretary Larry Summers: "$2,000 checks would be a pretty serious mistake."

He is not even really for the 600 USD cheques.




"$2,000 checks would be a pretty serious mistake."

Former Treasury Secretary Larry Summers says larger stimulus checks to Americans could risk overheating the economy

29 replies, 2821 views

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Reply Former Treasury Secretary Larry Summers: "$2,000 checks would be a pretty serious mistake." (Original post)
Celerity Dec 2020 OP
wryter2000 Dec 2020 #1
Polly Hennessey Dec 2020 #2
PSPS Dec 2020 #3
Hoyt Dec 2020 #11
Disaffected Dec 2020 #22
JoeOtterbein Dec 2020 #4
Wounded Bear Dec 2020 #5
Cracklin Charlie Dec 2020 #21
LuvNewcastle Dec 2020 #6
ismnotwasm Dec 2020 #7
Celerity Dec 2020 #10
durablend Dec 2020 #8
Journeyman Dec 2020 #9
TeamPooka Dec 2020 #12
roamer65 Dec 2020 #13
Drahthaardogs Dec 2020 #14
PoliticAverse Dec 2020 #15
Celerity Dec 2020 #20
Chin music Dec 2020 #16
sprinkleeninow Dec 2020 #25
JDC Dec 2020 #17
hatrack Dec 2020 #18
Wellstone ruled Dec 2020 #19
Fiendish Thingy Dec 2020 #23
Yavin4 Dec 2020 #24
DFW Dec 2020 #26
betsuni Dec 2020 #27
uponit7771 Dec 2020 #28
ProfessorGAC Dec 2020 #29

Response to Celerity (Original post)

Fri Dec 25, 2020, 10:38 PM

1. Okay

Agreed he's an asshole, right?

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:40 PM

2. He has always been a blustery jerk.

Age is making him worse.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:40 PM

3. You mean the same "mistake" as all of these other countries?


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Response to PSPS (Reply #3)

Fri Dec 25, 2020, 10:58 PM

11. Asking because I don't know. Did everyone get $2000 in Canada, or just unemployed?

If everyone got $2000, then our stimulus sucked royally.

If it was only for unemployed, then we paid more with the feds paying $600 week, plus $200 to $300 a week from states. That’s at least as long as it lasted. Not saying that’s enough, or what should be done right now to help people still unemployment or becoming unemployed.

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Response to Hoyt (Reply #11)

Sat Dec 26, 2020, 12:25 AM

22. Probably just unemployed

and under employed due to the pandemic. Certainly not everyone (or mine's lost in the mail somewhere).

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:41 PM

4. Summers was one of...

...the biggest mistakes ever!

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:43 PM

5. He thinks if we "overheat" the bottom of the economy...

the upper 1% might have their economy cool off.

Or something like that.

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Response to Wounded Bear (Reply #5)

Sat Dec 26, 2020, 12:18 AM

21. How can it be a bad idea?

Almost every one of those dollars will go directly into the real economy, not to buy another yacht no one needs. Or a fancy garage full of motor cars that no one drives.

It will go to grocers, landlords, local business, and gas stations. Larry knows this.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:44 PM

6. Overheat the economy?

Like it's so fucking hot now that those checks would burn it right up! People are going to pay bills to keep from having their utilities turned off and getting their cars fixed and that kind of thing, not buying superfluous shit. Jeez!

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:44 PM

7. Hopefully everyone knows what a POS he is.

I don’t know what $2000.00 would do to the current economic situation, but I know without help people are going to suffer

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Response to ismnotwasm (Reply #7)

Fri Dec 25, 2020, 10:58 PM

10. I saw on MSNBC earlier that between 5 and 10 million people are facing eviction in the next 90 days

without some sort of direct intervention.

Even adjusting for population that is well over a million people in the UK, or in France, or in Germany. 8 to 16 million or more for Europe as a whole (depending on what you count as Europe).

If that many people were tossed out into the streets en masse over 90 days here, you would have crazy riots and general strikes in the nations, and across the continent, if it was spread out to the entire European populace.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:45 PM

8. Can't have the poor getting all uppity and stuff.

Clearly they need to know their place in society as useless eaters wasting space.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:52 PM

9. Yes, whereas throwing money away to cruise lines and airlines and other dying corporations . . .

is a wise and prudent use of the money that could keep people alive and families together.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 10:59 PM

12. Summers is a fucking asshole who couldn't even run Harvard U

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Response to Celerity (Original post)

Fri Dec 25, 2020, 11:00 PM

13. What economy????

If you can’t revive an “economy” with ZIRP, it means that there is little to no economy left.

That is result of massive exportation of industries and labor.

$2000 won’t even generate a blip on economic growth.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 11:01 PM

14. Lol, but more tax cuts for the rich are good

Assholes

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Response to Celerity (Original post)

Fri Dec 25, 2020, 11:07 PM

15. A man who managed to rise to his level of incompetance. n/t

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Response to PoliticAverse (Reply #15)

Sat Dec 26, 2020, 12:10 AM

20. Falling Upward: The Surprising Survival of Larry Summers

The surprising survival of a rebranded Larry Summers, who once again is counseling a Democratic presidential candidate

https://prospect.org/economy/falling-upward-larry-summers/

Larry Summers’s public career has been marked by a carnival of policy debacles, punctuated by his brief, accident-prone tenure as president of Harvard. Yet, at 65, he is once again a senior economic adviser to another prospective Democratic president—one who has gingerly embraced transformative policies that Summers has long opposed. Joe Biden and his handlers are aware that Summers is radioactive to much of the Democratic coalition. His campaign has downplayed Summers’s role. In fact, Summers is not only part of Biden’s senior economics policy team, but he is able to end-run other advisers and have one-on-one conversations directly with the former vice president.

Though much has been written about Summers, it’s worth reviewing the dynamics of his influence, serial repositioning, and uncanny survival. The more mistakes Summers makes, the more he is treated as a seer. This is a complex man, with a brilliant mind and nimble political skills. He has powerful patrons and protégés. Perhaps most importantly, his views are very congenial to powerful financial elites, who have a great deal to lose should Joe Biden turn out to be another Franklin Roosevelt. Summers has already held the two top Cabinet jobs on economic policy: Treasury Secretary under Bill Clinton, and director of the National Economic Council for Barack Obama. The career-capper post that has eluded him twice is Federal Reserve chair. He’s positioning himself through a familiar Summers tactic: wholesale image transformation.

Since exiting government in 2011, Summers has been engaged in a rebranding exercise, positioning himself well to the left of policies he espoused and carried out while he enjoyed actual power. A Summers trademark is never to apologize for mistakes earlier in his career, and to spin the truth to make his actual views sound different from what they were. But the one area where he has neither altered his views, nor claimed different ones, is financial deregulation. Summers, unrepentant, continues to view it as his supreme accomplishment. That alone should give Joe Biden pause. Summers was born into economic royalty. Two of his uncles, Kenneth Arrow and Paul Samuelson, are Nobel laureates, both left of center. His parents, Robert Summers and Anita Arrow Summers, are also economists. His early work on economic theory and practice, which won him a John Bates Clark Medal for the most outstanding economist under age 40, often assessed how markets in practice were not as self-correcting as they are in theory.

But as a young professor at Harvard, while keeping some ties to more moderate economists, Summers attached himself to Martin Feldstein, the campus doyen of free-market advocates. When Milton Friedman died in 2006, Summers gave a gushing eulogy, declaring, “Any honest Democrat will admit that we are all now Friedmanites.” That certainly describes the Summers wing of the Democratic Party. We will soon find out whether it describes Biden. Feldstein, who chaired Reagan’s Council of Economic Advisers, gave the young Summers a staff job in 1982–1983. In the 1988 presidential campaign, Summers burnished his Democratic credentials by advising Michael Dukakis. In the meantime, having been introduced by a former student working at Goldman Sachs, he had struck up a friendship with Robert Rubin. The two men were taken with each other. Summers was fascinated to watch a master trader at close range, and Rubin admired Summers’s brilliant capacity to rationalize Goldman’s activities as sound economics.

snip

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Response to Celerity (Original post)


Response to Chin music (Reply #16)

Sat Dec 26, 2020, 01:29 AM

25. "We didn't ask for this shit sandwich." No, we certainly did not.

A psychologist was on the other night. She seeing an increase in depression, stress, anxiety, etc. "We weren't meant to live this way" she said.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 11:37 PM

17. he prefers the economy to be stone cold. Like the little people.

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Response to Celerity (Original post)

Fri Dec 25, 2020, 11:37 PM

18. I'll take "Pompous Clueless Assholes Past Their Sell-by Date" For $500, please!

Fuck off, you peck of butt-parsnips.

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Response to Celerity (Original post)

Sat Dec 26, 2020, 12:02 AM

19. Larry,STFU!

 

You are a Typical New England Snob. Just another Supply Sider pretending to be a liberal. You can not stand to be any where near a Working Man or Women.

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Response to Celerity (Original post)

Sat Dec 26, 2020, 12:28 AM

23. Take your neoliberal austerity bullshit and shove it up your ass Larry. Nt

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Response to Celerity (Original post)

Sat Dec 26, 2020, 12:32 AM

24. Simple problem to solve. If the economy "overheats", raise taxes on the rich and interest rates.

Problem sovled. Or, am I wrong?

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Response to Celerity (Original post)

Sat Dec 26, 2020, 02:23 AM

26. I think I know where he got this attitude

I met his mom once in the late 1990s. Very snobby, elite, „my son can do no wrong“ stance. I‘m sure he grew up believing it, too.

I am no economist, but $2000 a month to someone who has zero income and rent to pay, as well as a need to eat on occasion, will not flood the economy of any major western industrialized nation with excess spending power. The Dow will not jump to 35,000 overnight just because fifteen million Americans avoid getting tossed into the street in the middle of the winter. If Summers were one of them, he‘d get the hint pretty quickly, but those are circles in which he will never travel.

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Response to Celerity (Original post)

Sat Dec 26, 2020, 03:43 AM

27. Is he the reason I still see people call Democrats "neoliberals"?

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Response to Celerity (Original post)

Sat Dec 26, 2020, 08:33 AM

28. Truly disconnected to think the economy is hot right now or a peak wont avg out over time

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Response to Celerity (Original post)

Sat Dec 26, 2020, 09:13 AM

29. He's Been Wrong Before

Plenty of times and very wrong. This is just another example.
Stiglitz & Krugman routinely disagreed with him on matters, and I trust the judgment of those 2 far, far more.
The only smart thing he ever said was his criticism of 43's deregulation mob with regard to AIG.
Other than that, not so much.

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