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Larry Summers Has Tons Of Bad Advice To Share— For Free



Recession-maker and former hedge fund manager Larry Summers, perhaps best known as the progenitor of the catastrophic post-Soviet privatization drive and for deregulation of the U.S. financial system and the repeal of Glass-Steagall, is widely considered the worst Secretary of the Treasury since the like-minded Andrew Mellon brought on the Great Depression with the same policies Summers espouses. He was given a million dollars to resign from Harvard which wanted him out for his sexism, his crooked finances, his close relationship with whoremonger Jeffrey Epstein, whose services he was using, and a widely publicized conflict with Cornel West, who he accused of fostering “grade inflation.”


A big fan of massive unemployment, he has been insisting Biden screw debt-burdened former students and raise taxes to boot! He told Congress to fight inflation by raising taxes, not just on corporations and the rich, which would be merited, but on everyone. He said “The right thing to do is to raise taxes right now to take some of the demand out of the economy.” And a speech at the London School of Economics that “We need five years of unemployment above 5 percent to contain inflation— in other words, we need two years of 7.5 percent unemployment or five years of 6 percent unemployment or one year of 10 percent unemployment.”



“Fiscal policy makes a big difference,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “Just the right thing to do is to raise taxes right now to take some of the demand out of the economy.”
Summers said that any tax hikes shouldn’t go toward funding fresh outlays— in contrast to the package of tax hikes and expanded social investment that President Joe Biden has sought from Congress for more than a year now.
“This is not the time for anything that’s going to be a big new spending program,” said Summers, a Harvard University professor and paid contributor to Bloomberg Television. He also rejected “stimulative” measures such as continuing the moratorium on student debt.

3 Comments


1) Were Dems to follow Summers' advice now, GOP would win across the board in 2024. 2 years of 7.5% U3 (w/ U6 actually worse) would be pure political gift to GOP.

2) The GOP is inexorably sliding towards fascism. Trump (who remains a free man) is openly pledging to go full Orban (starting w/ an abolition of civil service protections) in a 2d term. If Trump isn't the nominee, someone like DeSantis (Trump with competence) will be. Thomas implies that the Fab 5 is just getting warmed up when it comes to taking a sledgehammer to stare decisis (a fundamentally conservative principle). Miranda, Times v. Sullivan, Obergefell, Griswold, and other long-accepted decisions may be at risk. While the filib…

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dcrapguy
dcrapguy
Jul 24, 2022
Replying to

do you mean "were dems to follow his advice" AGAIN? because he was hired by the sainted obamanation precisely for his advice for a coupla years.


wrt #2, we've been in the throes of a Mussolini-defined fascism for 40 years. Both parties take money from corporations and the rich. The list of services rendered (like, you know, nobody being prosecuted for all the fraud that led to 2008!) from BOTH parties is long and sordid.

Yes, the nazi party is now openly nazi. Did you see the flags they were displaying at the recent nazi turning point usa summit (attended by trump)?


wrt #3, it's already a done deal. but you are correct that if/when biden and democraps heed summers…

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dcrapguy
dcrapguy
Jul 24, 2022

remind me... which horrible president made this guy our secretary of treasury? and which party confirmed him?


what we really need then is MORE of THAT shit?!?!?!?!?

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