32 Burst results for "Larry Summers"

"larry summers" Discussed on Newsradio 600 KOGO

Newsradio 600 KOGO

07:25 min | 2 months ago

"larry summers" Discussed on Newsradio 600 KOGO

"Way, took a call from Beth in the last hour from San Antonio. And she was pointing out a number of challenges that we're facing in the country right now, and was concerned that there was not an organized response coming back from the conservatives against the Biden administration against Democrats and what it is that's going on here. So much about elections, and we're still 530 plus days out until the 2022 elections. But so much of what happens in elections are not commanded by what political party is arguing what it's about circumstances and we're starting to see a circumstance form that we haven't seen in a very long time. You're hearing analogies to the Carter Administration on foreign policy fronts on the cost of gasoline on the scarcity of gasoline, and, of course on the eye. Word inflation. We're starting to see inflation in the economy, and it's becoming worrisome for a number of people. You try toe put a wooden fence in your yard. Good luck on buying lumber. Steel has gotten expensive. We got a call from someone yesterday on that very point. Inflation is beginning to manifest itself because we're pumping so much cash. Into the economy from the government coffers that we're borrowing that you've got too many dollars chasing too few commodities that are out there, and Larry Summers is one of these guys who's starting to raise this alarm. CNN's John Berman. Invited economist Larry Summers on a New day. And with John Byrne and Berman and Briana Keillor yesterday morning. Remember Larry Summers is president emeritus at Harvard University Services? The 71st, secretary of the Treasury for President Clinton and the director of the National Economic Council for President Obama. He's sour on Biden's administration. Didn't hold back on. Why? When appearing yesterday morning to point out that the Biden camp is overheating the economy and causing inflation. I look at the facts and the amount of money we're putting into households hands relative to the capacity of the economy to produce. And I look at the serene complacency that we're in a new era on that we can increase the man almost without limit and that we're still trying to get inflation up that we're hearing out of Washington, and I think all of that together. Is much larger than the kind of extra fiscal policy we had in the 19 sixties. So Berman then asks. What would you do about it? Now? If you were divided administration first, I recognize that our challenge right now is no longer insufficient spending. It's the economy overheating. Second, I'd support the efforts that many states air making to get people back to work by converting unemployment insurance into reemployment bonuses. But overall, this is heavily about expectations and psychology, and I think if we recognize that there is an issue at a problem, it may clear a policy commitment toe do. It's necessary to keep us in a world of stable prices. Those expectations can be self, the Philly But if we say there isn't any problem, and we can let it all rip with Papa see those expectations can be self fulfilling, too. So rush talked about this and demonstrated how liberals will use inflation. Montgomery County, Pennsylvania. This is this great to have you on the program, sir. Hello. Hello, rush. Good afternoon. I think you're exactly right about the liberals need for a crisis, and I think there's a little long term planning going on here and whether it's next year, the year after it, the inflation crisis there deliberately inflating a currency through deficit spending and for monetary policy. We're gonna hear a couple years from now that we need a greater social safety net for seniors because those on fixed income get adversely affected by inflation for the poor because the core universally affected by inflation. And we can't do with your deficit. Now. We need to raise taxes. Exactly on the move Nailed in. Excellent way to go. You should apply for a fellowship here. You have just nailed exactly what's gonna happen. The Federal Reserve. I got a note from a professional golfer friend of mine who had just heard that the Federal Reserve is gonna pump a trillion dollars. Into the credit markets and the professional golfer. So where were we getting this? I said we are printing this. We don't have this. We're printing this money 300 billion of it by the way to buy the long bond. Which is causing bond price or bond yields to plummet. What else is gonna have with inflation without the dollar's gonna decrease, Isn't it? Absolutely sory, Bob. So we're going to get exactly what you said. We're gonna have chaos. We're gonna need tax increases and increased social safety Net gasoline prices by the way, the inflation is already started. Consumer prices rose 4/10 of 1% in February. That's the largest amount in seven months. Gasoline prices went up 8% and you're gonna hear this is the need for the government to take over more role in energy and price of the crew to the pump and every other factor they can get their hands on college education. The work Well, don't forget. When it gets really bad, then we'll hear the need for price controls. In fact, there already are some economists out there who are now starting to found the drums. For price controls. Of course, the the booze wall love the notion of price controls, they think. That means prices will remain steady. They are deadly. They are that one of the worst mistakes that could be made. Unless you're trying to just turn everything upside down economically. That would create a depression if that's what they want. That's how You know. So you hear Rush site a number in that conversation with the collar that consumer prices rose 4/10 of 1% in February. This is back in nine. The largest amount in seven months. We'll look at the inflation number. Now. The data last week showed the consumer price index that's what it costs you to buy stuff jumped 4.2% from a year earlier. That's the fastest since 2008 since 2008 so the inflation is there and what happens Well, when you have price increases it gets handed down. The consumer. So the poor are the most hard hit by this inflation. You're a, uh, you're somebody who's earning $30,000 and you have a set amount of money that you could spend on your groceries and and see what those prices are. They're moving. And labor costs are skyrocketing because you've got people who are attempting to hire people to work in their restaurants or the retail locations and their bidding against Joe Biden's government because Joe Biden's gonna pay him to the end of the year not to work. On top of that there, also pumping out billions in universal basic income. This is a potential catastrophe in the making. Larry Summers is right, and I'm glad he's saying it. Is it shows he's being honest as it relates to the direction of this economy. Plenty more straight ahead..

John Byrne Briana Keillor $30,000 Larry Summers Joe Biden 300 billion CNN San Antonio John Berman February 4.2% 2008 yesterday morning Bob Beth Democrats last week Berman yesterday Federal Reserve
The Biden stimulus is admirably ambitious. But it brings some big risks, too.

Raleigh's Retirement Coach

03:53 min | 5 months ago

The Biden stimulus is admirably ambitious. But it brings some big risks, too.

"Stimulus plan. Now Congress Brian they're working on a $2 trillion stimulus plan economist Larry Summers. He was an adviser for the Obama administration. He thinks that's just too big, and it's gonna bring back more inflation, The top of inflation that we haven't seen in a generation. So, Brian a big stimulus package. Is this good or bad for our retirement planning? Well, I think right now the Simmons box. Obviously good rights, propping up a lot of businesses. Lot of liquidity out the market and you see the markets hitting new new highs almost on a weekly basis. We've got some volatility, but One of them's that Larry was talking about. He was a talk economic adviser for former president Obama. He warned President Biden's proposed covert 19 relief packages too big and it could overheat the economy. And it Z. Not the only one to say that. But Summers was Treasury secretary under former President Clinton. He wrote that the proposed $1.9 trillion Timmons could ignite inflationary pressures. Off a kind that we have not seen in a generation and went on to say that Hey, this risk of inflation could have consequences for the dollar and financial stability in general and said stimulus measures of this magnitude contemplated our steps into the unknown. His remarks are really notable because Biden has received almost no pushback from Democrats in pursuit of his legislation. He has begotten a little bit on the Republican side of the aisle. But some progressives have griped about by did not go Big enough. Believe it or not, But Democrats are largely united behind the bill. But what's really interesting with this is that he's getting and hearing from the same side of the aisle for people that aren't in Congress that saying, but historically served under Democratic presidents and saying, Hey, this is probably a little bit too much Republicans have been, you know, kind of saying that, but it is going to jump start our economy. There's no doubt this is going to increase spending is going to prop up our economy. But it is probably going to lead to inflation of what we haven't seen in terms of the level in quite some time, right. But you mentioned the common, you said, overheat the economy to find that for me. Well, it's not real growth is not genuine growth. It's basically artificially induced by all the money that we're printing prior to cove in 19. Our economy was cooking on all levels, and but there was nothing that was stimulating that we had good growth. Independence on energy manufacturing was up real estate. But now, ah lot of the stuff that's being supporters being supported by government dollars While we need to get these businesses propped up and we need to give businesses open and things like that the amount of money that we're printing And pumping into this economy. It's going to inevitably lead to inflation it it has to when we're printing this much money as we are, and all I'm saying is, it's overheating because it's not real, in terms of where we were a year ago with this time, Hey, that was a lot more legitimate before the government basically just pulled the breaker on the whole economy and You know and manually shut it down. So do we need t Get back? Yeah, absolutely Do we need to keep putting this much money into it? I think it's going to depend on on where you're sitting right now. Right? If you're a technology, and you're here Cos been going great. And it's okay to work remote from home. That's great. If you're a restaurant guy he's been, you know, operating at 25% capacity and you were closed for out of the past eight months, because hey, I need I need to pee Pee pee plan I need Relief for my employees, So it really depends on what side of the island and you know where you are in the spectrum of how this pandemic has impacted you from a business standpoint from a personal standpoint, and that's not equal for everybody for sure. Okay, Michaela, I

Obama Administration President Biden Brian Larry Summers Congress Timmons Simmons President Clinton Summers Larry Treasury Biden Barack Obama Michaela
Lawmakers Debate Biden's $1.9 Trillion COVID-19 Relief Plan

NPR's Business Story of the Day

03:50 min | 5 months ago

Lawmakers Debate Biden's $1.9 Trillion COVID-19 Relief Plan

"The right amount of money to get americans through a few more months of the pandemic president biden is hoping that congress approves covid relief. Now that they're done with impeachment. A lot of the money would finance payments to americans. Fourteen hundred dollars for most people city states and schools would also get some money earlier this month. The white house economic adviser. Jared bernstein said people need it all. We have to hit back hard. We have to hit back strong. If we're going to finally put this dual crisis of the pandemic the economic pain that it is engendered behind us as you may have heard. The administration is asking congress in total for one point nine to really dollars. It politely turned down a call by some republican senators to spend less but economists still have questions about the price tag. So let's talk this through with npr chief. Economics correspondent scott. Horsely morning. good morning steve. Why would there be doubt about one point nine trillion. It is that price tag one of the most prominent critics is larry summers. Who was treasury secretary. In the clinton administration he was also an economic advisor to former president. Obama summers told. Npr's we edition. It is important for the government to go big but maybe he says not this big. If your bathtub isn't fall you turn the faucet on but that doesn't mean you turn it on as hard as you can and as long as you can. The question isn't whether we need bake stimulus. The question is whether we need the biggest stimulus in american history summers whereas spending this much money on short term relief would make it harder for the administration to the kind of long term investments. That it wants to and things like infrastructure. He's also worried that a rescue package. This big could overheat the economy and trigger something. We haven't seen in a long time. Steve inflation well. How worried if it all is the administration about inflation. The administration is a lot more worried about the people who've lost jobs in about the parents who can't work because their kids are in school The latest congressional forecasts predict. It will be twenty twenty four before we get back all the jobs that were lost last year and the administration says that's not good enough treasury secretary. Janet yellen told cnn. She thinks the us could be back full employment next year. If congress passes the president's rescue plan and keep in mind Yellen used to be the chair of the federal reserve where inflation was a big part of her responsibility. I've spent many years studying inflation and worrying about inflation. And i can tell you. We have the tools to deal with that risk if it materializes but we face a huge issue comic challenge here and tremendous suffering in the country. We've got to address that. That's the biggest risk. Let's ask about the reassurance. She offers there when she says we have the tools to deal with the risk of inflation. What she mean traditionally when the economy overheats and that causes a jump in prices. The fed tries to cool things off by raising interest rates and for decades. The fed was really aggressive about that sometimes. Raising rates preemptively. Just in case prices might go up but now the central bank has really changed. Its thinking about that. In recent years we saw unemployment can go a lot lower than many people expect without overheating and triggering inflation and that was really good for a lot of people especially those at the bottom of the income ladder so the current fed chair. Jerome powell says he's just not to worry about inflation even though he says we could see some temporary price hikes later this year if the economy reopened is there's quite a lot of savings on people's balance sheet you can see strong spending growth and there could be some upward pressure on prices. My expectation would be that that that will be neither large nor sustained for a long time. Now inflation has been lower than the federal reserve would like it to be and the central bank says it will only raise interest rates once we get back to full employment and inflation has been running above two percent for a while scott. Thanks for the insights. Really appreciate it. You're very welcome.

Congress Obama Summers Jared Bernstein Treasury Janet Yellen Larry Summers Biden Yellen FED Clinton Administration NPR White House Scott Steve CNN Jerome Powell United States
Yellen downplays inflation fears amid Biden's $1.9T stimulus bill

Marketplace with Kai Ryssdal

00:54 sec | 5 months ago

Yellen downplays inflation fears amid Biden's $1.9T stimulus bill

"Congress and the white house continued to parlay over. What exactly they are going to do about another round of virus. Relief president biden's one point nine trillion dollar plan specifically. We are going to talk about the of it my predecessor. You know his indicated that there's a chance that this will cause inflation to rise and that's also where risk that we have to consider. That was of course treasury secretary janet. Yellen on cnn this weekend responding to an op. Ed by former treasury secretary. Larry summers who said that. One point nine trillion dollars is too much relief in part because it might cause inflation to which yellen said this. I've spent many years studying inflation and worrying about inflation. And i can tell you. We have the tools to deal with at risk. If it

Yellen Biden White House Treasury Congress Larry Summers Janet CNN ED
"larry summers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:29 min | 6 months ago

"larry summers" Discussed on Bloomberg Radio New York

"In the world through the eyes of the most in Influential voices. Larry Summers, the former Treasury secretary. Stomach CEO, Kevin Johnson, SEC chairman. Jay Clayton Bloomberg Wolfe Street Way David Westin from Bloomberg Radio. Gamestop Circus moves on, and investors turned the hopes of more help from Congress and have more vaccines on their way. This is Bloomberg Wall Street Week. I'm David Weston. It seemed as if everyone in America with access to a microphone has been telling us this week with stunning hindsight. Precisely why the Dow Jones industrials took a record 508.22 point 6% nosedive Monday. Time alone will fell with the Black Monday enters the history book. As the day American confidence was so shaken Premature recession resulted. That was Louis Rukeyser on Wall Street Week Back in 1987. After black Monday. Markets have been shaken again over the past two weeks as Reddit Day. Traders boosted shares of companies like Gamestop and sent short selling hedge funds running With long short funds losing 6% overall last month, and Melvin Capital alone plummeting 53%. But most hedge funds emerged unscathed. And Steve Cohen's 0.72 even attracted $1.5 billion in new money. Here's sweet that Ramachandran, GAM investment manager, I seem hedge funds are probably reluctant to short small cap stocks right now, if the fear that the Reddit brigade might be behind those, But by early this week, game stops to the moon rally started to come back toward Earth, and not even the reddit flash mob or changes the top of the company. Could get the irrational exuberance going again reminding us why hedge funds at Taylor's target companies like Gamestop investor that gets caught in the updraft on that and doesn't understand that investing well, it looks like it's all going up to the person to click the last by understand that that could happen to them that quickly. That's former e trade financial CEO Carl Rossner. I asked Council on Foreign relations Senior fellow Sebastian Mallaby. If anything will fundamentally change in the hedge fund world. I don't Really? I mean, I think that hedge funds which of course goes back to the sixties, at least have proven to be an amazingly robust platform from which to think creatively about risk. Ondo. They adapt. You know, they get new stuff. Yes, straight in their ways when they began, there was no such thing as trading currencies because turned his world fixed it together one mark. It's hardly existed. You have to trade stocks by appointment on. They adapted all the way through that as everything changing your fintech thea advent of reddit the advent of Robin Hood. This is just the latest iteration in a long, long history of financial innovation, and every time hedge funds figure it out. You also have regulators trying to figure it out as it were, after the fact we have the Treasure Secretary Janet Yellen now saying She's meeting with regulators, saying, We need to take a hard look at this about the volatility and whether this might actually put in jeopardy. Some investors. We also have hearings in Congress coming up. Do you expect there might be some tweaking, at least to the regulations? I think with respect to Robin Hood on the fact that it had to close down Access to trading on certain stocks. That's the kind of market interruption which regulators order take action on. You need the infrastructure of trading to be reversed you, you know you need to look at the plumbing and some regulators put it on. So I think that part of the system will definitely because of fresh look. What about on the short selling side? There have been proposals as you know, well, For short sellers have to disclose their positions. Individual positions, which is done is I understand in Europe, Do you think there might be a renewal of that call? And by the way, why do we have to disclose on the long side and not the short? I'm not sure, actually, that hedge funds do disclose on the long side unless they buy more than Disposable fresh other believe it's 5% of something off the company so you could get away with a lot without disclosing. I think you know when you Taking a really big position. Probably there's it becomes a systemic threat to you. You know, you might blow up if that position where to go very badly wrong on so regulators who care about the soundness of the system ever all Have a legitimate interests, but I think it's more positions shouldn't have to be disclosed, But we certainly had some large which ones who took a big hit on. I wonder whether that did suggest it could be systemic risk here. Well, the beauty of hedge funds is that through their long history Have proven to be smart enough to fail. Not too big to fail, they actually could blow up and people often say Long term capital management in 1998 Aziz. The big exception actually, if you go back and look at that incident The New York Fed convened the banks to recapitalize it, but no taxpayer money zero went in. So freestanding hedge funds are not counting here, the subsidiary of Bear Stones that went wrong in a rate Freestanding hedge funds have never had a taxpayer bailout mills in capital has not needed to taxpayer bailout. That's the good thing about hedge funds. That's one of the ironies you point out in your washing. Post column Actually, that Unready. People were saying Look at the government bailed out these hedge funds. In fact, they didn't get bailed on 8 4009 it all pretty much. Everybody did edgy and insurance, all sorts of broker dealers like, you know, Best dance and Lehman Brothers went wrong. The money market sector. The whole thing went wrong. But there isn't an example of a freestanding hedge front that needed a bailout. You mentioned Robin Hood and its role in all this. The fact that I had to curtail trading at one point is there room for requiring larger reserves coming out of to his nature has a nine Well, I think it's fair to say the banks had to have larger reserves to protect the system. Overall did this suggests. That particularly becomes the things like sort of flash mob phenomenon and social media may be the broker deals have to have larger reserves. Yes, I do think that I think particular need The newer brokers like Robin here, it which of the matched on the West Coast there, fintech that not a kind of traditional Wall Street firm on those guys have often. Growing so quickly that the regulators of behind the curve on so I think that is the legitimate, you know. Focus flux from the government. Thanks to Sebastian Mallaby of the Council on Foreign Relations Coming up Big Tech. It's big earnings. But.

Robin Hood Gamestop Bloomberg Wall Sebastian Mallaby CEO Congress Larry Summers Jay Clayton Bloomberg Council on Foreign Relations Bloomberg Radio Louis Rukeyser David Weston Kevin Johnson Reddit Steve Cohen America David Westin
"larry summers" Discussed on Useful Idiots with Matt Taibbi and Katie Halper

Useful Idiots with Matt Taibbi and Katie Halper

06:37 min | 7 months ago

"larry summers" Discussed on Useful Idiots with Matt Taibbi and Katie Halper

"I mean look it's a it's a horrible story and it's kind of part of a theme of south we've been talking about lots for a year or so you know. He teaches a course in propaganda and in america. When you when you're propaganda they always teach you. Okay it's nazi germany. It's the soviets. Whatever but american propaganda so much better and and they don't they don't come in like red pencil stuff they just they call you crazy or they come up with some other formulation. Look he might be wrong about all sorts of things right. But the the the core idea that conspiracy theories are more dangerous than terrorists which is like a rising belief now It's a thing i mean. What kind of a canary in the coalmine cut up a story. Frankly and i think that also you know the the thing that really bothers me about the way that can spirit like a weaponization of conspiracy theories no star. What would that be the the toxic. Is that a word making something toxic we can we make them to thing. The talks defying of alleged conspiracy theorists. Is that it really leaves. It really sanctions other theories right so like you are a nine eleven truth there right and i don't. I don't agree with that. I don't think they make a convincing case. But the fact that makes you a crackpot while believing that they were. wmd's in iraq doesn't make you problematic. it makes you nbc msnbc material. That's really like there's a. There's a real inherent like value judgments that is not at all like principled or consistent and also there are conspiracies. That happen like if you conspiracy just means. Briefed conspire brief together. Read so so the things that banks do with You know the senate a They're open conspiracies right. So we're conspiracies. Are all the time that the problem is. What we're we're living through this weird period. Where there were. They're trying to almost criminal. Is things that we used to just ignore like. I love the The scene in men in black you've ever seen were Tommy lee jones in will. Smith's they're desperate to find out the like what actually happened and they go. Well we gotta go to the news and they go. They go to the weekly world news. And that's where the actual real right. I mean there's like a grain of truth to that where we're like if you look in the corners of like sort of fringe media and you know people who've been laughed at or whatever look you'll you'll often find stuff that you know. Maybe it's not put the right way or it's research you know sloppily or whatever. Put things in there that have been kind of Closedown of congressional was them. that are really really worthwhile. you know. and they're what they're trying to do is shut the door on all that. Yeah and that. That is freaky. And the x factor that you write about totally right. And he's a classic example ed and also the What were you just saying conspiracy theory. Oh and the other thing is similar to this in some ways is the right wing of of things so like it is. I think it's an outrage that carlson entertains the serious stuff and msnbc men don't but instead what people say is that is clearly a friend right wing conspiracy theory because tucker carlson and laura ingram people who talk about it note. The outrage is that no one else does talk. Carlson does like a series on the impact of private equity and hedge funds on small town america. And of that's a little. That's that's a right wing trope flick. No it's just. It should be on sixty minutes. It's it's not for me. I saw you know a lot. There's this talking point. We mark warner said it. And larry summers operates be upon him said it. Which is why is bernie working on something with holly clearly. If you're working with dash holiday it's a bad idea and again no the point is it's a shame that the right way and honestly if you're a leftist or even liberal you should be wanting the lest to carve that out more than they are and you shouldn't be leaving it you shouldn't be giving republicans a chance to stake that To stake at territory right again. It's just go by association false equivalency. It's really awful and it's not looking at things on merit. It's just looking at circumstantial evidence. Yeah yeah i mean. America for all of its faults used to be a really great place crackpots and people who had weird ideas and beliefs and experimented with all kinds of odd stuff and started alternative communities and some of them were completely nuts right and that was fine. That's part of our history trying to phase out trying to They're trying to take that part of our of our culture away which is really unfortunate cultural legacy and it is and the clinton example is so important because there really was a vast right wing conspiracy and and they suck are real things that they did and they are so lucky that they had those insane right-wingers attacking them because they they use that as a shield all the time. And you know what the best wing conspiracy was. Apparently part of it was monica lewinsky. That was real screw. That was really fun. will not not fun. It was interesting and kind of scary. But i cried role car several mergers and thanks for listening in thanks for Tuning back into us after the holiday. Thank you we'll see that's opie messed us. Sure you did rain. Review us subscribe to us on youtube and out to our producer dan halpern and sheer mag the ban that those are theme song. Lots of people are asking that wanted to put that out there. Excellent bert thanks. See you next week..

America laura ingram weekly world news Tommy lee jones msnbc germany nbc tucker carlson iraq senate mark warner carlson larry summers Smith Carlson bernie holly clinton monica lewinsky
"larry summers" Discussed on Useful Idiots with Matt Taibbi and Katie Halper

Useful Idiots with Matt Taibbi and Katie Halper

08:19 min | 7 months ago

"larry summers" Discussed on Useful Idiots with Matt Taibbi and Katie Halper

"Welcome back to use woody at sign met and i'm katie. How over and the holidays are they're kind over it. We still have one more to go. Let's say by the time your wife in this. It will be new. Year's eve. Have russian christmas after that. So that's an important food for all of us You celebrate that with. Who are you gonna be on zoom with putin in his lap. Not in in his left eye they'll be in lap of putin fighters slip or it so We're going to have a really interesting show. We have a really interesting guests. Who's going through a a hellacious situation right now. Mark crispin miller. I wrote the new york university who is going through just yet another one of these yet. Expedited like canceling episode. Let just kinda hits all the worst notes of of Of the of these things and we got some Some used to catch up with because we've been gone weeks now so when we just hit that quickly. Let's do the for for groups Republican sucked democrat Isn't that terribles. In that weird europe i wrote democrats. Yes i am. So let's go for democrats so if we could just play this video shot out to katherine rose fissure by the way my name is katherine rose. Another time who's handle is k. What was asked. And she tweeted out senate democratic whip sender urban on the floor right now opposing bernie sanders caller. Hold up the nda to get stimulus increase. Let's just watch the video up with a good bill on those proud to support. This annual legislation has been signed into law for six consecutive decades when the senate fails to do anything. They always do the national defense authorization. Bill it shows. Congress come together at least on this measure when it comes to supporting our men and women uniform and keeping our country safe this year. The bill authorizes seven hundred and forty point. Five billion dollars in defense spending it provides another three percent well deserve a pay raise for our troops in also recognizes. That many in the armed forces are on the front lines here at home as well helping fight. The ongoing covid nineteen epidemic providing your troops with necessary benefits and protections including a ten percent increase in hazardous duty pay. The bill also includes a number of provisions that i authored and supported including language expressing strong support for the baltic states and ukraine. Especially in the face of continued unforgivable. Russian aggression requires the renaming of military bases in the united states which were once named in honor of confederate generals. Those who served in the confederacy in an attempt to secede from the union and defend the institution of slavery have been enshrined the names of these basis for many many years this effort to rename them. As long. while i'm do it tries to correct and recognize the mistakes of our past and really address the sensitive ratio inequities at the pentagon when it comes to this decision making so we got. Let's see what we have there. The russians imperial woke kness or woke imperialism right. So it's good. Look i'm i'm fine. I think renaming as it is long overdue. I'm not sure that we need to pit renaming monuments against giving people two thousand dollars. I'm not sure. Americans think one should be special. We'll build a monument to that to what to giving people two dollars. Yeah we can build a monument to instead of like robert lee. It should just be a statue of a negative sign and two thousand the general you got shoot. Yeah yeah with. All six hundred is over the top road but and then yeah the russia's stuff glad reporting you ukraine. That's really important. Definitely for us for ratchet up tensions in the baltic states. I know it's so great And you know of course. It was so great to do it. When trump was president. Also i just again just hiccup narratives cheetah mussalini. Want him to ratchet things up futon. Okay oh making the pentagon more diverse more representative gis. Yes because you want when you are bombing black and brown people. It's a lot better to have someone. Black or brown at the helm hustles benetton commercial in the control room. In fact they should be wearing benetton. Clothes frank act benetton should be sponsoring this. The should yeah in fact they are. Yeah they are. Yeah we have an authority from cleveland. Yeah benetton we're open to that. Yeah it's just like disgusting and really democrats are not on board with. This is just like who is burning in Markey right is he like. Why is this controversial look in the immune flow into mind because it goes straight accurate into the same thing so so my republicans suck mcconnell blocks. Democrats attempt to quickly approve two thousand dollars. Stimulus checks amid pressure on. Gop to act right. And so i think we see a theme developing here. We're just as the as the kind of economists finance guy can you explain what What happened what sanders proposing trying to do yet. He was he was blocking the national defense authorization. Act right so which never never gets blocked right good. So that's that's why everybody's mad at him because he's bad form etc. The people who are grateful to him right are not elected political media elites so. But i think everybody should notice a little bit of a pattern here. Which is that All the people who have politically it's stake right. Now you see down in this in this washington post story you'll see that the both both of the The georgia republican candidates. David kili leffler. They're out there. Therefore the two thousand dollar checks yeah from trump is is suddenly for it and chuck schumer ke- the same chuck schumer Who out long ago. Put mark warner and And joe mansion in charge of Of coming up with the bipartisan deal. That didn't have the two thousand dollar checks. Now he's upset at mitch mcconnell for opposing a two thousand dollar check saying it's a blatant attempt to deprive americans of two thousand dollars arrival check. So it's hot game was that it was also that when mansion and warner were opposing it. Of course we is just you know. Burnt me sister about this. I think i think we can. I think we can say for with with some Confidence that he actually wants people to get the two thousand dollar checks but this is the way washington works which is that. They'll be a certain number of people who will be in who get to be in favor of the populace thing. But there's always going to be enough. Mitch mcconnell's End at critical moments. Chuck schumer's nancy pelosi's to make sure that certain things just don't get past right and and dick durbin right Darvin few remember correctly. He was one of the people who you yeah You know he was. He was one of the first people to express a willingness to pass a a covert relief. Bill.

katherine rose Mark crispin miller putin benetton baltic states senate bernie sanders ukraine new york university woody pentagon nda katie robert lee
Victoria Montgomery Brown - co-founder of Big Think

Recession-Proof Startups (manual)

02:40 min | 9 months ago

Victoria Montgomery Brown - co-founder of Big Think

"Hey, they're Freedom Fighters. My name is Andrew and I'm the founder of mixergy where I interview entrepreneurs about how they built their businesses and joining me is someone whose company I've watched for years. It's called Big think and I remember when I realized how incredible their original videos were one of my guests. Jason freed found her base camp deduction with them and it wasn't just proud to show his video. And again, this is a site that was Victoria who are some of the big guests that you had on in the early days who were were speaking on camera unbelievable in the very early days. We had Elon Musk Richard Branson Larry Summers who was a former treasury secretary dozens of others. Really Moby's interesting laying off one of her first guess Henry Rollins. Henry Rollins, yes your name and people that I've even forgotten have been talking about musicians business people people who lead countries they were on the platform and such a strong read. Jason freed was proud to be associated with them. But he was also proud of the look of the video. One of the things that Victoria did was she created this beautiful white background beautiful white everything everything was almost disappearing except for the big thinker who was on camera isolated with nothing but their their thoughts and so Jason was so proud of how he looked to who he was with he shared it. He also was proud of the process that they took to record. It was just this incredible process and I realized something what they brought to online video wage. The time was full of Just Junk. It was people who were posting these 30 second clips of a boy whose finger was bitten by his brother was cute and viral, but it was meaningless. She was bring gravitas. She was bringing Big Ideas. She was bringing big personalities who would who would want to be in books not on on online video and she was turning it into a business and over the years. I kept an eye on the business and there are a couple of things that have been wondering about how they grew as a Content business how they raise money and so on and so when I heard that Victoria Montgomery brown, one of the co-founders of big think wrote a book I read it and I thought I was going to read all the ins and outs of the business Victoria what you did with your book digital goddess, the unfiltered lessons of a female entrepreneur was dead. You talked about everything that I can't get entrepreneurs too easily talk about on mixergy nervous breakdowns relationship problems eggs who talks about that dude who showed up in a bathrobe anyway, so I really like the book. I read cover-to-cover.

Jason Victoria Montgomery Brown Henry Rollins Richard Branson Larry Summers Freedom Fighters Victoria Founder Andrew Moby
Coronavirus pandemic to cost Americans $16 trillion, study finds

Monocle 24: The Globalist

03:05 min | 10 months ago

Coronavirus pandemic to cost Americans $16 trillion, study finds

"It's time to talk business financial analyst and broadcaster Louise Cooper Welcome back new. He's good morning. Every time I talked to you there is another enormous. Enormous, figure that sort of boggles the mind to degree that it didn't boggle the mind last week It's getting worse than the reason why I say this is it's covert again and the cost to everybody's economies the united. States that the number is once again extraordinary and the trump with these numbers are so large you think will, what does that truly mean because I just say large I can't comprehend it. So this is the former US Treasury Secretary Larry Summers coming out with a Harvard. Harvard professor coming out with a number as to what they think. It will cost covid nineteen will cost the US economy and it sixteen trillion dollars as you said, a number so fast, it's incomprehensible. So let's put it into context. So sixteen trillion dollars by the way, it is kind of a guess and hopefully we'll get a vaccine and that will that will put it all behind a sixteen trillion dollars that's almost an entire year. GDP if the economy tire years output of the American economy is almost sixteen trillion dollars, I mean the numbers huge. It's more double more than double what the US suspend on wars since nine eleven, servings, Afghanistan Iraq Syria wherever. So it's a huge number. I guess the number I liked put it into context is it's four times more costly in the global financial crisis. It. Okay. So that's the best number half of it is lost to GDP half of health, and it really does give a sense as to how cataclysmic this event is four times more costly than the global financial crisis and what does this mean as the number gets bigger and bigger and bigger? What does this mean in terms of the longevity of this crisis in coveted coming back round again, it's not going away anytime but the effect that it's having on jobs and lives and employment. Yes, and this is this is. A huge number. What relevance is that the relevant that is to you is that you may lose your job. Your income will go down. The value of your house may go down in my end up in negative equity where your mortgage is larger than than the the the. The the value of your house, it means your children and your grandchildren will be repaying the debt for decades to come it just means. Less wealth less, holidays support. Less going out to eat or even losing your home depending where you are on the income scale I mean it's quite interesting. This morning, we've also had something from the International Energy Agency warning about the the the damage kroner to the oil industry taking dimond taking years to recover years to recover oil domon down about eight percent this year, and by the way again, a bit like Larry. Summers that assumes we get a fax saying the world goes back to normal relative normal next year. So I mean these are still quite optimistic best-case scenarios giving we've heard today there's been another pause from another vaccine I think this was the Johnson and Johnson coronavirus vaccine.

United States Larry Summers Financial Analyst Louise Cooper Harvard Johnson International Energy Agency Dimond Afghanistan Professor
"larry summers" Discussed on Fareed Zakaria GPS

Fareed Zakaria GPS

09:49 min | 1 year ago

"larry summers" Discussed on Fareed Zakaria GPS

"We need to work for the best and plan for the worst. Is it possible that the fatality rates that we have are too high because in fact there are many more people who were infected? We don't know about in other words. The denominator is much larger than we think. So actually so. We're looking at two three out of one hundred are dying but actually it's three thousand because there is nine hundred people infected when we don't know about as the former. Cdc Director there. Two things that I am just so frustrated about I I would like to be hearing from the top world experts at CDC every single day. What are they doing? What's their guidance? Guidance from the top public health professionals to the American people second there are crucially. Important questions that we don't know the answers to do children's spread this if they don't there's much less reason to close schools does this spread from. Acm dramatic people sometimes. Yes but how important is that? Does it spread from contaminated surfaces? If so then cleaning makes a lot of sense if not it's kind of a wasted effort. And what proportion of people die from this and for that we have to really get a better sense of who gets infected. How many people get infected? And which are the people most likely to have severe illness or death that way? We can prioritize them for services. The more we know the better we can protect people. How does this go away? Because in China they are now resuming economic activity there. Resuming the gatherings. I look at it and I think it's amazing. What what they've been able to do but won't it? Just start up again if you start letting people go back to you know to do all the commingling that caused in the first place. China has done something extraordinary. They basically had hundreds of millions of people stay home for a month and they scaled up their ability to deal with severe infection during that time. there have been able to tamp this down. It's continuing to spread but at a very low rate in Wuhan but we don't know if it will come roaring back as their economy restarts. We don't know if they'll have imported cases from elsewhere they have such a tight program now that they've been able to identify imported cases into China from other places and to prevent those from spreading but every country in the world is going to have to deal with this and that means that all of us need to change our behavior. It means we need to protect the most vulnerable. We need to protect our healthcare frontline workers and ready to scale up and we need to cut back on mass gatherings that can spread this to lots of people from of places the President keeps saying and he said many many times. This is going to go away a US sanguine by Sandra now. Us confident. Know this will go away. We will get through this as a country and we will get through it best if we work together at some point infectious diseases circulate or stop circulating. We don't know what will happen with this virus. It could continue to circulate for years. We could develop a vaccine in a year or two or that may be very difficult. Hiv Malaria. Tb We've been trying to develop a vaccine for decades without success. We hope it'll be successful but we can't count on it. I'm a little more optimistic but treatment. Within a few months we could have treatments that reduce the risk of death and reduce the need for intensive care. That would be a major benefit. But we don't have it yet so what we have now is all of us working together to protect all of us pleasure to have you answer. Thank you next on. Gps from human health to the health of the world's markets the former treasury secretary former president of Harvard. Nice Hamas joins me moment Disney parks close sports seasons suspended Broadway going dark. Major conferences postponed and thousands upon thousands of flights canceled. This is the new normal and the markets melted down this week. Let's dig into what happened. And what might come next with former? Treasury Secretary. Larry Summers Larry. We know what the markets have done. What is happening in your view to the economy to the actual economy? And how big is this very little? That's good I think there's a eighty five or ninety percent chance furry that we're going to have a recession. I'm not at all confident that the recession will be a mild one. It wouldn't surprise me if it was as bad as the recession that we had in two thousand eight in two thousand and nine why do say that as demented sfjazz that tens of millions of people are likely to have this Ellis over the next couple months. The next couple six months they're likely to have significant periods of being out of work and for each one who has to stay out of work. Somebody else is knocked out of work because they can't get a spare part because there's no point in having vendors if they're not gonNA BE BASEBALL Games Because they're not going to be airplanes if only eleven people want to fly and so forth. So you've got a real breakdown of the whole mechanism of exchange on which economy depends that in turn causes financial difficulties that means less purchasing. Still that means more financial difficulties so I think the likelihood is of a pretty serious dislocation and problem and it's made worse by the fact that the Fed's basically out of ammunition with interest rates so close to zero. They can reduce interest rates more. But I don't think it'll make very much difference. They can buy longer term bonds but when interest rates on ten year bonds are already below one percent. I don't think that's GonNa make very much difference either so I don't think this is a completely solvable problem. And I think the economy will slow substantially. That's part of what is being discounted into markets. And we hope that the squabbling will stop in Washington. I don't expect it but I hope it am. I right in thinking the only thing that could really turn things around is on the medical side in other words if you have. The Fed lowers interest rates. It's cheaper to borrow people aren't going to start flying if they think they're going to get the corona virus and sports games aren't going to be rescheduled and even a few would give people some more purchasing power. This still not going to go to a basketball game. First of all the of the season is canceled. But they're not going to restart it if the fear you unless there is a medical shift. I don't quite see how the economic stuff really helps. I would differ slightly with you there. You're not going to resolve this problem. As long as tens of millions of people are waking up every morning worrying about whether they were one of their family members or somebody there were would otherwise. Run into that day is going to be getting a very serious illness. You don't fix that. You're not going to fix the economy on the other hand whether you make sure that the flow of purchasing power is maintained. That will have an effect on how much economic activity takes place that will have an effect on how much the vicious cycle develops and unravels and make things worse and worse so this is a case where we need to do. Both things first priority is getting the medical stuff under control and if we do even a half as badly with hospital rooms and ventilators and intensive care units as we've done so far with the tests of for Kuroda we're GONNA have very very critical of problems but that doesn't mean you could ignore the purely economic aspects. Let me ask you about something that strikes me about what happened away and you were in the White House. With President Obama. Once one system began there was a lot of global coordination the Obama Administration coordinated very closely with other governments. The Fed coord- coordinate very closely with other central banks. It feels like this crisis. There is much less global coordination. Is that a problem. Yes you'll you'll remember for read about ten days ago. The Fed cut interest rates and it was completely and utterly ineffective. Part of the reason for that was that the Treasury had announced twenty four hours before with drum rolls and symbols that there was gonna be g seven phone call the G Seven G seven phone call. There was nothing that came out of that phone call despite the drum rolls in advance and then several hours later the Fed went entirely on its own and so anybody looking at it could not have been in doubt that there been some attempt at publicity around cooperation no actual cooperation and then American unilateralism. You had the feeling on something that was quintessentially international..

Fed China CDC Treasury President Obama US Director Larry Summers Larry Hamas President Obama Administration Wuhan BASEBALL White House Hiv basketball
"larry summers" Discussed on Fareed Zakaria GPS

Fareed Zakaria GPS

06:32 min | 1 year ago

"larry summers" Discussed on Fareed Zakaria GPS

"This is gps the global public square. Welcome to all of you in the United States around the world. I'm for it Sakaria. To keep new cases from entering assures we will be suspending all travel from Europe today on the show the corona virus pandemic from all the angles with the former head of the CDC former prime ministers and a former treasury secretary. I last week Italy's former prime minister. Mateo what America can learn from this country and how Europe is taking from travel ban. Talk to Tom. Friedman the former head of the CDC about why the CDC testing. Larry Summers will tell me how low he thinks. The markets will go. I'll talk to Tony. Blair about how? Today's world leaders should navigate this historic crisis. We are all in this together all that and more but first. Here's my take. The outbreak of an epidemic is something like a natural disaster a spontaneous accidentally eruption. That's no one's fault but that doesn't mean we can do little about it and just wait for it to run. Its deadly course. The evidence is now clear. The spread of the virus can be greatly slowed if governments act early aggressively and intelligently. Unfortunately that does not describe the response of the United States government to the corona virus. Pandemic we can track the speed of the outbreak since January. By which time the virus it spread from China to other countries in South Korea after an initial spike the number of new cases has slowed Hong Kong Singapore and Taiwan despite lots of travelers from China have kept numbers low from the beginning in the United States however we are seeing accelerating increases. What did the successful countries do that seems to have worked? They began testing early. And often the couple these deaths with careful quarantines of those infected and tracking of where they had been to better predict where the next outbreaks might occur. The public health systems had search capacity because funding had been adequate and authorities largely communicated simple clear and consistent messages to the public one new study which has not yet been peer reviewed argues that without enhanced detection and restrictions on movement. The number of cases in China could have been sixty seven times higher by the end of February and had China to start acting just one week earlier that could have been sixty six percent fewer cases. Who would've thought? How long ago was it? Six seven eight weeks ago would have thought it would even be having this subject. In fact as the New York Times reported the director for medical and bio defense preparedness of his own National Security Council gave a speech in Atlanta in two thousand eighteen saying the threat of pan-demic flu is our number one health security concern. We know that it cannot be stopped at the border the day after she made the speech. The White House eliminated her unit. Trump did make one very good decision to ban most travelers from China from entering the United States that bought the United States time. Alas that time was wasted testing turned into a fiasco. If this were war. The generals in charge of that operation would have been relieved of that command. Just one comparison as of Friday. South Korea has tested about two hundred and fifty thousand potential cases. It has a population of about fifty million in the United States. This would be the equivalent of testing about one point five million as of Friday according to the CDC. The United States had conducted about fifteen thousand tests and public health. Labs more in private labs. But we don't even know how many per capita the United States has tested far fewer people than most other advanced countries trump's most recent dramatic move. The travel ban on most of Europe united is symbolic of the administration's actions. The thousands of Americans currently in Europe are currently exempt as are a small number of others. More importantly the disease is already in the United States and spreading. The policy was so poorly thought through that amendments corrections and reversals were made to the president's speech within minutes of his having delivered it. This crisis seems to have been designed to bring out the worst of trump. The president doesn't like or trust. Experts often explaining that. He knows more than they do. He has bluffed and his way through much of his life and things. Nothing of doing so again except this time. We are not charmed or amused by the bluster but rather frightened in most global crises. The United States takes the lead and provides comfort and assurances to the world in this one trump has been mostly a wall when he does appear it is to blame the disease on foreigners and announced policies that are designed to reinforce that view the broad collapse in global markets is surely in part a reaction to the vast vacuum of leadership in the White House doll from views everything from the narcissistic prison of his ego. He dismisses opposing views and insists that even the senior members of his administration repeatedly praise him and his leadership at all times. Watching the heads of America's leading science agencies prefacing their statements with ritual praise for the Dear Leader has been deeply depressing. Come to think of the trump administration has been copying the wrong career instead of the intelligence and expertise of South Korea. It is emulating the sycophancy incompetence and propaganda of North Korea for more go to CNN dot com slash for read and read my Washington Post column this week and let's get started..

United States CDC South Korea Taiwan Europe America Larry Summers Trump North Korea prime minister Pandemic Italy Mateo New York Times Blair Tom
Decade in Review: The Economy

WSJ What's News

07:14 min | 1 year ago

Decade in Review: The Economy

"Greg is the chief economics commentator at the Wall Street Journal. He's been covering the US economy not just for the past decade. But for the past past thirty years so greg let's go back in time. What did economists think would happen at the start of the decade when we were coming into the fall of two thousand and nine? We just come off the worst recession since the Great Depression and a lot of economists thought that Well we're going to have a recovery now and it's GonNa look like a lot of other recovery's that we've had so he thought interest rates. Is there close to zero. Now they're gonNA start rising out. Eventually they'll get to four percent. Unemployment was pretty high up around ten percent. Eventually it's going to get down to around five percent and it kind of makes sense because that's more or less what interest rates and unemployment had done in previous recovery's but they were wrong Interest rates stay low. They stay little year after that and you have to that and the year after that a it took a long time for them to start rising and even ten years later they had gotten nowhere near the four percent level. Everybody thought was normal. They're still oh well. Below two percent and run employment it kept dropping and dropping and dropping until ten years later was down to three and a half percent a level that nobody anticipated we could achieve so okay. They've gotten it wrong. Let's walk through the possible theories. The first one that you talked about is this debt hangover theory. What's out about so one of the theories about why things are so rough was became known as a hangover theory which was associated with Ken Rogoff at Harvard University and Carmen Reinhart also at Harvard and they wrote notable called this time is different eight centuries of financial folly and they basically carefully gone through every country that had ever gone through financial crisis to figure out? Well what can we learn about that. And they settled recovery from crisis or very very slow and the reason why is that businesses and households and banks of too much debt. That's why we had a crisis and so they're busy trying to pay down on that day. They're not borrowing new funds and making new investments. And also everybody's always afraid there's another crisis right around the corner so they wanNA keep all their money safe things like bank deposits deposits and treasury bonds. And so this kind of like aversion to taking any chances taking any risk keeps investment low growth low and because growth is low inflation is low and interest streets are low so that was a pretty popular for quite a few years about why things were mad and remember of course. It wasn't only the United States that had a crisis. The whole world had a financial crisis and then barely two years later. The euro-zone had a huge crisis where Greece defaulted and a bunch of other countries. Almost defaulted so that sounds like a pretty good explanation does is it. Work debt hangover theory certainly worked for several years. But you know after five or six years in the crisis was fading into the past and things were still looking Kinda lousy and folks were looking around saying You know maybe there's more to it than just the fact that we'd had a crisis maybe there's something more structural going on holding back the economy. Okay something more structure all something like secular stagnation right so around two thousand and thirteen Larry Summers who used to be the treasury secretary under Bill Clinton and was advisor Brock. Mama now now. He's at Harvard University. He comes out with a new theory for why things are so weak and he calls it secular stagnation and he gets a phrase from an economist. Also Harvard from back in the nineteen thirties. who used it to describe? Things were so weak during the Great Depression and summer says well look. There's a lot of structural things going on the economy that are holding growth interest rates low. Hello Demographics for example. Everybody around the world seems to be getting older and populations growing more slowly. Aging populations don't boroughs much money and businesses if they have fewer consumers there's and fewer workers they don't invest as much and he also said the nature of investments changed companies just don't invest as much of their profits as they used to they spend it on improving things like their software were algorithms. And so if you have a world where businesses and individuals. Just don't WanNa borough very much. That'll kind of Lee subdued growth in very low interest rates and that was a theory that seemed to work reasonably well for For quite a while not just the United States funding bunch of other countries as well like you know like Japan. Why doesn't secular organization explain how they got the decade all wrong at least in the United States while the secular tag nation argument Explains a few things like low interest rates but secular stagnation is also really gloomy. Let me theory like in the nineteen thirties. Unemployment State High Double Digits for quite a few years and that's clearly not happening in the United States. unemployment has continued to fall fairly steadily below four percent and the stock. Market's had terrific decade. I mean it's been a record bull market so maybe it's really pessimistic. Theory like secular stagnation isn't the whole story right. So unimplemented fifty year low. How could that possibly give us a better sense of what might have led to these wrong predictions for the past decade so when the unimplemented can fall as low as this so in the old days they used to unemployment couldn't fallen below five percent? Because then you would have bottlenecks in inflation but here we are at the three and a half percent unemployment rate and inflation remains extremely low. So that tells us something that economy just had a lot more spare resources a lot more people willing and able to work than we realized. And if that's the case then for the whole last decky economy has been operating well below its potential. There's a great big sort of gap between what the economy's been doing what it could do. And all that extra slack basically means that we have a lot of catching up to do and also means that there isn't a lot of pressure on inflation because there's a a lot of unused capacity sitting on the sidelines. A lot of workers who really WanNa work so if you spend a if you have a long way to catch up and you take a long time doing it. Then it's no surprise that inflation is low and it's no surprise that interest rates are low and also no surprise that the expansion has lasted a full decade. Somebody that could explain plane why we had this slow growth and low interest rates. It's not something that's fundamentally changed. The nature of the economy is just taking longer for things to get back to normal says Allah on it. Has the mystery been solved. You know the interesting thing is is that there is still a lively debate among economists about which of these theories is correct. Is it the debt hanger for theory. Is that the secular stagnation theory. Is that the just taking a long time to get back to normal theory. Is it a combination of all these things and a few things that we haven't even thought of and I guess the interesting thing is that we may have to wait another decade. Exactly why things behave the way they did in the last decade. Why should we care that? Economists got the decade wrong. Why should we care that? They couldn't accurately predict what the federal funds rate would be in the next year and the next two years three years a lot of our policies like but how high taxes should be how much we should we spend. How serious a problem is the budget deficit? How should interest rates go? They're all based around our suctions. About how fast the economy can grow at. How low unemployment should be able to go? So economists. Get all these things wrong than you have to rethink. What are the appropriate policies? So a lot of folks have been saying well. We're in big trouble because our debts. That's her so high but interest rates are so low in the private sector is not worried about government debts. Maybe we shouldn't worry either. And maybe it's okay to have larger deficits for longer than we used nice to think that's where the Federal Reserve when realizes that inflation has stayed for this long. There isn't as strong case raising interest rates as much so revisiting the last decade. Trying to figure out where you went wrong. It's pretty important for determining what the road policies are going forward.

United States Harvard University Greg Wall Street Journal Federal Reserve Ken Rogoff Harvard Carmen Reinhart Larry Summers Greece Mama Bill Clinton Euro-Zone United States.
Former Head of SBA Shares an Inside Look into Small Business Lending

The Small Business Radio Show

08:50 min | 1 year ago

Former Head of SBA Shares an Inside Look into Small Business Lending

"I've always thought that one of my dream jobs would be the head administrator at the SBA because they can have incredible impact on small business owners here joining us for look inside is Karen Mills. She's the former head administrator at the. US Small Business Administration. She's also the author of a great new book. It's called Syntech small businesses and the American Dream Karen so glad you could join us here. Bead Embi Global Conference I am delighted to join you hear Barry and and I will say you're right to want to have that job because it is absolutely the best job in the world so tell us what you love about that job. Well I loved that job. Bob was that I was the person in President Obama's cabinet who was responsible for all of America's small businesses and entrepreneurs what could be better and and flying on Air Force One. That was good to best seems like a huge responsibility. Saying I'm responsible for like twenty seven million small businesses and basically the economy. Well let's thirty million thirty million businesses and half the people who work in this country owner work for small business. So it really is half half of America's jobs I would say you know I went to sleep at night worrying about all these small business owners but in some ways the most important the thing was to have a seat at the table because everybody loves small business but not everybody does they think about it and it was my responsibility ability to pound the table in the White House and make sure that people paid attention to this critical part of the economy. It seems to me reading the news that there's a lot of politicians that talk about. They do have sports small business. When it comes down to brass tacks nothing really happens? So what what. What were some of your biggest accomplishments when you were at the SBA well? I went into a my job running the SBA. In the first quarter of two thousand nine. And I don't know if quarter that was a bad time my my first few months on the job lost one point eight million small business jobs and I could see that this was a disaster because small all businesses depend on banks for their loans. Banks had gotten overextended with all those bad mortgages and they just cut off small business lending and and even good businesses were getting their credit lines. Poll I came to the job. Actually venture capitalists so. I was a risk taker and I didn't know any better. I decided we should should solve this problem. That was my job so I went to the White House and I was able to convince Larry Summers. Who is the head of the National Economic Council and President Obama to let me do something really bold and that was to raise the SBA guarantee rate now the SBA doesn't make loans guaranteed bank loans? And they it allowed me to raise that SBA loan rate to ninety percent so we would guarantee ninety percent of any loan that a bank would make and it worked and we were able to get a thousand banks back to SBA lending. In six months. I would go around the country after that and talked to small businesses. It was the the most amazing thing. 'cause they would say you know you save my business. We were running out of money. We couldn't get anybody to pay attention and when we did that we turn the spigot back on for lending that taught me small. Businesses important to the economy and access to capital from banks is important to small businesses. And what kind of risk is that to the government. I know the banks are glad to do that. If the government is taking the risk do a lot of small business do they not recover the money from a lot of small business owners. What's the rate of non recovery but the SBA even though we're taking on more risk ninety five percent of those small businesses paid back? Wow so it was a pretty great deal for the government. Got One hundred billion dollars more capital out the economy and the net cost to the taxpayer was Ciro because we would charge iffy fifty and that paid for all the losses. So I think it's just a critical jewel that the US government has taxpayers. Taxpayers Really. Aren't out any money for it and we do a lot for small businesses. Now there's been a lot of small business owners I think by in general don't like banks right. They say bank is a four letter word because it's kind of like they give you an umbrella where it's not raining than take it away when it is raining. Banks are not really in the business of taking that much risk. Give them what they charge the industry. The industry has changed a lot since that time. Tell us about what the current state of small business owners getting capital. What the best way to do what is now? I wrote this book which has Fintech Small Business in the American dream. Because I believe that we are about to see a transformation in small business lending as you point out small business lending has been a painful process for maybe fifteen hundred years. This hasn't changed. Xerox a whole pile of paperwork right sock down down to the bank. You wait three months for an answer. Then they say well I you know what I can't really tell if your business is making any money just give me a personal guarantee today. We're about to see a change. In the reason is small business lending is hard because of these two problems. The first this one is it's hard to tell what's going on inside a small business we call in Economists call that information opacity. You know you just don't even even know if the small businesses making money. The second problem is that all small businesses are different. One day you're lending to a funeral home the next day day to a dry cleaner next to a parts company and it's not transferable knowledge now technology and big data. An artificial intelligence has the power to take away those frictions and barriers. That have been making small business lending so difficult. I see that we could have a transformative moment. Things could change. And that's what some of these lenders like cabbage. That's actually what they do right. They don't they get ah the feeds from the small business analyzed the data before they make the loan exactly and cabbage is a great example. They were an early innovator here and they kind woke up the banks because they suck all the data out of your quickbooks account in your bank account and they can look inside and see in your cash flow really. Looks like well what happened is they started to get a lot of customers because you could get your loan in a minute and sandbank was taking weeks months but then the banks woke up and it turned out. They have a big advantage actually to one they have customers reported. Trust them and to have low costs money from your deposits so they can make the loan cheaper. So now it's my prediction. Shen that banks will come back in this game figure out how to give better technology. Intestinal spirits us all of this new each day. And then you're much more affordable because they're gonNA see it was credit worthy and who's not it could be a virtual virtuous cycle because maybe they'd have fewer losses and give you your home even more cheaply. I hope so because while I think that folks like fun box and cabbage they really provide immediate. Answer it's easy to get that capital of course pay pal. All these people are doing this. It is quite expensive money and I think for for small business owners don't have good cash flow. It almost becomes a vicious cycle for them and they can't get out of these loans. I worry a lot about how expensive loans and that's why. I really hope that the playing field will open up now and banks will come back in because imagined the community nitty banker. Who knows you really well? Now they could have a small business dashboard. which has all of your cash flow projections uh-huh and oh by the way you could have the same dashboard yourself? And he would say to you you know or she would say to you. You are preapproved for seven thousand dollars. Absolutely because I can see you could pay but look how the discussion about whether you should take fourteen thousand and maybe open up next door and now you're having a conversation but the relationship banker and it's almost back to the olden days when you really got advice as well as money so maybe I'm an optimist but that would be my vision of what I call small business. Utopia you'd have a dashboard with pre-approved button in a relationship with your banker that allows you to manage

SBA Fintech Small Business Banks Barack Obama America United States Administrator President Trump Syntech Karen Mills BOB Us Government Barry White House Larry Summers Xerox
Former Head of SBA Shares an Inside Look into Small Business Lending

The Small Business Radio Show

08:50 min | 1 year ago

Former Head of SBA Shares an Inside Look into Small Business Lending

"I've always thought that one of my dream jobs would be the head administrator at the SBA because they can have incredible impact on small business owners here joining us for look inside is Karen Mills. She's the former head administrator at the. US Small Business Administration. She's also the author of a great new book. It's called Syntech small businesses and the American Dream Karen so glad you could join us here. Bead Embi Global Conference I am delighted to join you hear Barry and and I will say you're right to want to have that job because it is absolutely the best job in the world so tell us what you love about that job. Well I loved that job. Bob was that I was the person in President Obama's cabinet who was responsible for all of America's small businesses and entrepreneurs what could be better and and flying on Air Force One. That was good to best seems like a huge responsibility. Saying I'm responsible for like twenty seven million small businesses and basically the economy. Well let's thirty million thirty million businesses and half the people who work in this country owner work for small business. So it really is half half of America's jobs I would say you know I went to sleep at night worrying about all these small business owners but in some ways the most important the thing was to have a seat at the table because everybody loves small business but not everybody does they think about it and it was my responsibility ability to pound the table in the White House and make sure that people paid attention to this critical part of the economy. It seems to me reading the news that there's a lot of politicians that talk about. They do have sports small business. When it comes down to brass tacks nothing really happens? So what what. What were some of your biggest accomplishments when you were at the SBA well? I went into a my job running the SBA. In the first quarter of two thousand nine. And I don't know if quarter that was a bad time my my first few months on the job lost one point eight million small business jobs and I could see that this was a disaster because small all businesses depend on banks for their loans. Banks had gotten overextended with all those bad mortgages and they just cut off small business lending and and even good businesses were getting their credit lines. Poll I came to the job. Actually venture capitalists so. I was a risk taker and I didn't know any better. I decided we should should solve this problem. That was my job so I went to the White House and I was able to convince Larry Summers. Who is the head of the National Economic Council and President Obama to let me do something really bold and that was to raise the SBA guarantee rate now the SBA doesn't make loans guaranteed bank loans? And they it allowed me to raise that SBA loan rate to ninety percent so we would guarantee ninety percent of any loan that a bank would make and it worked and we were able to get a thousand banks back to SBA lending. In six months. I would go around the country after that and talked to small businesses. It was the the most amazing thing. 'cause they would say you know you save my business. We were running out of money. We couldn't get anybody to pay attention and when we did that we turn the spigot back on for lending that taught me small. Businesses important to the economy and access to capital from banks is important to small businesses. And what kind of risk is that to the government. I know the banks are glad to do that. If the government is taking the risk do a lot of small business do they not recover the money from a lot of small business owners. What's the rate of non recovery but the SBA even though we're taking on more risk ninety five percent of those small businesses paid back? Wow so it was a pretty great deal for the government. Got One hundred billion dollars more capital out the economy and the net cost to the taxpayer was Ciro because we would charge iffy fifty and that paid for all the losses. So I think it's just a critical jewel that the US government has taxpayers. Taxpayers Really. Aren't out any money for it and we do a lot for small businesses. Now there's been a lot of small business owners I think by in general don't like banks right. They say bank is a four letter word because it's kind of like they give you an umbrella where it's not raining than take it away when it is raining. Banks are not really in the business of taking that much risk. Give them what they charge the industry. The industry has changed a lot since that time. Tell us about what the current state of small business owners getting capital. What the best way to do what is now? I wrote this book which has Fintech Small Business in the American dream. Because I believe that we are about to see a transformation in small business lending as you point out small business lending has been a painful process for maybe fifteen hundred years. This hasn't changed. Xerox a whole pile of paperwork right sock down down to the bank. You wait three months for an answer. Then they say well I you know what I can't really tell if your business is making any money just give me a personal guarantee today. We're about to see a change. In the reason is small business lending is hard because of these two problems. The first this one is it's hard to tell what's going on inside a small business we call in Economists call that information opacity. You know you just don't even even know if the small businesses making money. The second problem is that all small businesses are different. One day you're lending to a funeral home the next day day to a dry cleaner next to a parts company and it's not transferable knowledge now technology and big data. An artificial intelligence has the power to take away those frictions and barriers. That have been making small business lending so difficult. I see that we could have a transformative moment. Things could change. And that's what some of these lenders like cabbage. That's actually what they do right. They don't they get ah the feeds from the small business analyzed the data before they make the loan exactly and cabbage is a great example. They were an early innovator here and they kind woke up the banks because they suck all the data out of your quickbooks account in your bank account and they can look inside and see in your cash flow really. Looks like well what happened is they started to get a lot of customers because you could get your loan in a minute and sandbank was taking weeks months but then the banks woke up and it turned out. They have a big advantage actually to one they have customers reported. Trust them and to have low costs money from your deposits so they can make the loan cheaper. So now it's my prediction. Shen that banks will come back in this game figure out how to give better technology. Intestinal spirits us all of this new each day. And then you're much more affordable because they're gonNA see it was credit worthy and who's not it could be a virtual virtuous cycle because maybe they'd have fewer losses and give you your home even more cheaply. I hope so because while I think that folks like fun box and cabbage they really provide immediate. Answer it's easy to get that capital of course pay pal. All these people are doing this. It is quite expensive money and I think for for small business owners don't have good cash flow. It almost becomes a vicious cycle for them and they can't get out of these loans. I worry a lot about how expensive loans and that's why. I really hope that the playing field will open up now and banks will come back in because imagined the community nitty banker. Who knows you really well? Now they could have a small business dashboard. which has all of your cash flow projections uh-huh and oh by the way you could have the same dashboard yourself? And he would say to you you know or she would say to you. You are preapproved for seven thousand dollars. Absolutely because I can see you could pay but look how the discussion about whether you should take fourteen thousand and maybe open up next door and now you're having a conversation but the relationship banker and it's almost back to the olden days when you really got advice as well as money so maybe I'm an optimist but that would be my vision of what I call small business. Utopia you'd have a dashboard with pre-approved button in a relationship with your banker that allows you to manage

SBA Fintech Small Business Banks Barack Obama America United States Administrator President Trump Syntech Karen Mills BOB Us Government Barry White House Larry Summers Xerox
Goldman Sachs economists say fears rise that U.S.-China trade war leading to recession

Bloomberg Daybreak: Asia

00:22 sec | 2 years ago

Goldman Sachs economists say fears rise that U.S.-China trade war leading to recession

"Consume some consent excuse me about the economy apparently because of the rating US China trade war former treasury secretary Larry summers is told CNN that US trade policy towards China is set a masochistic can he calls the economy the riskiest in a decade meanwhile Goldman Sachs is sent out a note to clients saying that fears of a trade war will lead to a recession at

United States Larry Summers CNN China Goldman Sachs
China, Larry Summers And US discussed on Bloomberg Daybreak: Asia

Bloomberg Daybreak: Asia

00:26 sec | 2 years ago

China, Larry Summers And US discussed on Bloomberg Daybreak: Asia

"Yeah there are some concerns about the economy partly because of the raging U. S. China trade war former treasury secretary Larry summers tells CNN US trade policy toward China is sadomasochistic and foolish Anne cools the economy the riskiest in a decade meantime Goldman Sachs has sent a note out to clients saying fee is a trade war will lead to recession are increasing that's according to

China Larry Summers United States Anne Goldman Sachs U. S. CNN
Trade war is raising the risk of U.S. recession, Goldman Sachs warns

Bloomberg Daybreak: Asia

00:33 sec | 2 years ago

Trade war is raising the risk of U.S. recession, Goldman Sachs warns

"Now Reuters is reporting that Goldman Sachs has sent out a note to clients today saying fears of a trade war leading to recession are increasing Goldman also saying it no longer expects a trade deal between the US and China before the twenty twenty U. S. presidential election Tom and speaking of a possible recession former treasury secretary Larry summers talking about something similar today he tells CNN that US trade policy towards China is sadomasochistic and foolish any because the economy the riskiest in a

Reuters Goldman Sachs Goldman United States China TOM Larry Summers CNN
Economic Adviser Larry Kudlow Says US Still Expects China to Visit for Trade Talks

Bloomberg Daybreak: Asia

01:24 min | 2 years ago

Economic Adviser Larry Kudlow Says US Still Expects China to Visit for Trade Talks

"Out today I'm a little bit more optimism on the trade front Ted White House economic adviser Larry Kudlow saying the U. S. is still planning to host Chinese trade negotiators next month in Washington even so Bloomberg's White House reporter Josh Wingrove was telling us earlier things could really go in either direction next month but after that new round of terrorists is set to kick in so whether or not that happens we'll see there Kudlow also said the truck we could maybe why head off those terrorists if there is progress made in talks or that a lack of progress could make them even more even worse with the terrorists are set to go into effect September first by the way the commerce department is now slapping some more terrace this time four and a half billion worth on the cabinets imported from China or shot yeah that so get over to the former U. S. treasury secretary Larry summers we were talking to him yeah and he says that the labeling China a currency manipulator is quote problematic only let market forces operate no Chinese currency intervention no Chinese controls on the flow of capital the currency would fall very substantially so when you're propping up your currency if you're not running a trade surplus you're not manipulating the currency on any definition that is understood and accepted in the financial

Larry Kudlow Washington Bloomberg Josh Wingrove China Larry Summers Ted White House Economic Adviser White House Reporter
This Economic Theory Could Be Used To Pay For The Green New Deal

NPR's Business Story of the Day

04:30 min | 2 years ago

This Economic Theory Could Be Used To Pay For The Green New Deal

"This message comes from N._P._R.. Sponsor get around with get around your idol car can actually earn you money. Just share it on the APP and Rinse it out when you're not using it visit get around dot com slash share now to start sharing get around. It's go time New York. Congresswoman Alexandria Ocasio Cortez wants a green new deal clean energy guaranteed jobs when she announced this everyone asked how are you gonNa pay for it. Here's what she told morning edition earlier this year I the first thing that we need to do is kind of break. The mistaken idea that taxes pay for one hundred percent of government expenditure. She says ambitious government programs can be financed through deficit spending and in saying that she has spotlighted in an obscure brand of economics known as Modern Monetary Theory N._p._R.'s Scott horsely has a beginner's guide modern monetary theory's been around for years but it's only recently stepped out of the shadows economist Stephanie Kelsen Stony Brook. Doc University says that's partly thanks to Cossio Cortes. The Social Media Darling embraced the theory while making an unapologetic case for costly new government programs there was something of an oprah effect wrench she did that. People immediately probably started readied googling modern monetary theory to find out what she was referring to run that Google search and you'll quickly find Kelton herself. The Economist who advised Bernie Sanders Twenty sixteen campaign is one of the best known evangelist for 'EM MT Kelton says paying for big government programs is the easy part. If Congress has the will she argues the Federal Reserve can effectively print the money if Congress authorizes a few billion dollars of additional spending or a few hundred billion dollars then the feds job is to make sure that those checks don't bounce a central element of empty is that governments that control their own currency like the United States don't have to worry about spending more than they collect in taxes. This they can always create more money but Kelton says that's not a blank check for unlimited government spending too often people get a whiff of mt they don't read the literature and they somehow arrive at the takeaway that M._t._a.. is about printing prosperity and of course when people hear printing money they go straight to Zimbabwe Weimar Germany those are notorious cases of runaway price hikes but Kelton says inflation is only Nia danger when demand outstripped the real capacity of the economy the people machines and raw materials last week under questioning from Cossio Cortez Federal Reserve Chairman Jerome Powell acknowledged the U._S.. Job Market has shown more capacity. Did you grow without triggering inflation. He and his colleagues had expected still vows no fan of MT as he told the Senate hearing back in February the idea that deficits don't matter for countries that can borrow in their own currency. I think is just wrong. We're. We're going to have to either spend less or raise more revenue taxes story and Bruce Bartlett also blast. 'EM MT as little more than a fig leaf giving license for big spending in the same way art laugher gave Republicans covered a cut taxes with the dubious claim. They'd pay for themselves. M. T. is sort of laugh recur for the Left. Some of them tease biggest supporters however are not liberal politicians but bond traders but firms like Pimco and Goldman Sachs James Montier. WHO's with the investment firm G._M._O.? Says he turned him Mt. After more conventional economics. Let him astray in the nineteen nineties. Monty and many others were convinced. Japan's rising government debt would drive up borrowing costs. It didn't across both Mike Lines or anyone who stupid enough to follow me money. It was one of the worst trait positions I've ever suggested in my entire life. Monte says M. T. offers better financial forecast and helped him understand why interest rates in the U._S. asks have stayed low. Despite growing government deficits persistently low interest rates have also prompted some mainstream economists like Larry Summers and Jason Ferment to rethink their attitudes and be less concerned about federal deficits but they haven't.

Mt Kelton M. T. Congresswoman Alexandria Ocasi Cossio Cortes Cossio Cortez Federal Reserve New York Bernie Sanders Congress Federal Reserve Mike Lines Bruce Bartlett Stephanie Kelsen Stony Brook Doc University Job Market Senate Google Larry Summers Pimco
"larry summers" Discussed on KLBJ 590AM

KLBJ 590AM

04:04 min | 2 years ago

"larry summers" Discussed on KLBJ 590AM

"In fields such as social studies and sociology conservatives can be outnumbered a dozen or more to one. With such an overwhelming advantage in numbers. One might think that dissenting viewpoints in these fields would pose a meaningful threat to prevailing orthodoxies. But. A member of high profile cases reveal that scholars and thinkers, some who do not even identify as conservative risked their careers. They challenged the liberal majority. Once again, let me make that clear to you. Okay. When you see an overwhelming advantage in numbers. And you hear that these liberal thinkers are more open. You would think that? Any dissenting viewpoints would pose a threat to all of their orthodoxy. And yes, a number of high profile cases are showing that scholars and thinkers, most of them who don't even want to be part of the political thing. Are dragged into the political thing? And so they may not identify as conservative even identify as liberal. But you know, what the liberal thought is that if you don't go with what they're saying. They're more of us than there are of you in the mob rules, so screw you. Thinking about that for a moment. Former Treasury Secretary Larry Summers. Who served democratic president found himself ostracised by the left after he gave a short address exploring. The reasons why women are underrepresented in tenured positions in science and engineering at an elite university and research institutions. Summer's ultimately concluded that the phenomenon may be due to a difference in aptitude at the highest levels of scientific work but admitted his hypothesis was provocative and encourage the audience to prove him wrong now instead of sparking rigorous academic debate on the subject summers was dragged through the mud and labeled an unrepentant sexist. He later stepped down as president of Harvard University, which is basically a decision that was made. Because of course, they said that it was a sexist comment now, although summers provided economic guidance for the Obama White House a liberal. His remarks reported reportedly cost him the top job in the treasury department. So really doesn't matter about your politics. Right. I mean Canada's, but it doesn't group of people that pull the political card on you because they're thinking, well, you're not a Republican. You're not a democrat. So you must be either or we're not going to figure it out. So we're just gonna throw you away. Anyway. With Alex Jones on his show that the other day we were talking about that. I said, you know, what the reason why you're the ostracize Alex is because they can't figure you out. So they can't figure out they don't they don't talk to you. I see all these other talk show people. They go on like, Fox News or they're on CNN. I'm under who the hell are these people who are these? I've never heard of these people before. But yeah, they're on CNN or down, Fox News. At least, you're okay. Sean hannity. Well, no, Sean, we all know Russia's we all knew no these go to CNN. And I see these talk shows. I don't know who the hell they are. We're talking with talk show host, blah, blah, blah. Who are you? I looked him up in the in the in the registry of top talk show. They're not even there. So I wonder why am I not on there? Why know why? Because they can't figure me out. They want someone's getting to the left or to the right in the middle. I don't wanna talk to this guy. Idiot. That's the way it is a lot of things now. And if you appear to be taking aside, immediately, somebody will judge you. So you're taking not site. Aren't you know, I'm actually leaning towards because it just seems to be that it feels uncomfortable. What this site is doing. I mean like I can complain about abortions being done on days of birth. People meeting say, you're a Trump supporter. Are you? Not I go what? Trying to tell me you're questioning my morality what I say you shouldn't kill a kid on his birthday..

Larry Summers Sean hannity CNN Alex Jones Fox News president Canada Harvard University Obama White House treasury department Russia
"larry summers" Discussed on 860AM The Answer

860AM The Answer

06:40 min | 2 years ago

"larry summers" Discussed on 860AM The Answer

"Poser former CEO of Hardee's and Carl's junior restaurants. Come for Fox News. And unofficial economic reporter of the Dennis Prager show is on the line with me. Andy, this is a big deal. I know it may be painful, but you could certainly do it in a non ad hominem way. I think it would be valuable for people to have a listing of the economic predictions made with regard to the Trump administration and how wrong they have been the Andy summers Larry Summers, assuming the Larry Summers one cave. That's true. That's traumatic. Could you could you repeat it because it was just the very end of the last segment. Ago. Said if you believe. Forecast. I'm twenty percent JD. Pedro believing church Sherry, and of course. Growth over the last six. Versus one point five percent for Obama saw six. Busted and making us. Economists from the Obama administration. We have a bomb, but because the problem on Obama's economic policies. Seven. Apologize for that. Democrats went hold on. Andy Kip, Andy hold on one second on technical grounds. Are you driving? To stop. Yeah. I it's it's gotten a little muffled. And I know what you're saying is just telling important to move up to a better spot. Don't wanna sounds better. It's already showing better boys at is that psychological. Moving the car, and it sounded better. Okay. Great. Thank you. So okay. So you gave a second by the way, if you do write this article, I think you should title it the case for the tooth fairy. Yeah. Hold on. Now, you're muffled again. Hold onto your muffled again. And Elizabeth board without claiming that the Republican tax cuts. Armageddon belly? At where? Been over twenty percent. The highest. It's been in the decade. Armageddon. Or no. No. The predictions of economists on the left could only. Believe total expert. When it's good. Ashville is bad because they don't understand more. For more aggressive policy. Simply hurt the economy hurt the American people. Predictions horrible and FM. Do you recall Krugman regularly? Article. I. I read them. I've ever seen. Somebody more authoritatively. You know, it's amazing. That was exactly the way I was going to phrase my question, and I decided to be neutral, so not to lead you anywhere. The so consistent. He's so consistently wrong that if he were employed based on on accuracy, he would have been fired, but he's employed based on emotion because every column is is a screed against Republicans. Actually, mostly purple -tated. Detail and really. Very numbers oriented. So you don't really come out. Articles. Oh, absolutely. What's going to happen? Feeling like he knows what's going to happen. Right. Because he's. He's been so consistent on election night. The stock market. Never recover. That same night. They asked me back. And I said, I'm a fire. Doc Barker stays down the harbor points on the fire. I never got a to the next morning jumped up and explode about thirty five percent. Election day. So. I want one final question. What is your take on raising interest rates? I think. More slowly. Quarter. The election at sixteen. That's. Madam even even even with the economy couldn't accelerate defense policy. Celebrating. Yes. That is such a it's such a dramatic fact even with the even with lowest rates, meaning anybody could borrow that's the economy, theoretically, even then the Konami was was pathetic. And he has this albatross of constantly raise rates and the and the economy is booming. Yeah. I know it's like the news. I opened up with about the the the Chicago Bulls kicker. The Chicago Bears. Sorry bears kicker. He the guy missed a field goal. And almost nobody knows that it was actually partially blocked by defenseman. And I use that as an example of how imperfect the news delivery is. Anyway, that's why I have you on because I got a dose of reality. Andy. Thank you as always. Thank you. Kind of.

Andy Kip Larry Summers Obama Krugman Fox News Obama administration Hardee Dennis Prager Carl Chicago Bears Chicago Bulls CEO reporter Ashville bears Elizabeth Doc Barker Pedro
"larry summers" Discussed on Pod Save America

Pod Save America

02:35 min | 2 years ago

"larry summers" Discussed on Pod Save America

"Come into the White House and Larry Summers says to me well has to do with contract law, and you know, so because the can't quote, the bonuses because that's against the law, even and keeping my Larry Summers. Non lawyer. But in my experience, it was it was a lot of people who were well intentioned and wanted to help. But there is always always these caution. There's always a reason not to do something and government. I heard you know, guiding her talk about how in the in the some of the housing relief programs. You know, the inspector general at treasury made it more complicated because they were worried about frauds? There's always something that they're worried about do you think that Democrats and the next president half to have like less technocratic people in government lets people lets caution in general like how do you get through that? So there's actually some really interesting research around this including worked on my elder Shafie, or whose book scarcity I highly recommend an essentially what happens is he's done. Some studies that show when you try to crack down on fraud say in ten of food stamp program or a welfare program. And so you ask more questions, and you add some paperwork, and you create a couple layers of checks what actually happens. Is fraud goes up a little bit, and the very poorest most needy people don't apply at all because it gets too complex. So it turns out listen, I saw this with the mortgage crisis. Cheaters they're willing to fill out a lot of paperwork to cheat. I mean, they're they're trying to get their home Scott free. Even though they don't deserve it the their wheel and deal, and they'll they'll lie they they'll put a lot of effort into cheating, but the everyday working person, especially someone who's doing shift work who may be faces a language education barrier. They're not trying to cheat. They're just trying to get help. And so I think we have to understand that this this we we all want the system to be fair, and that's a core impulse. And it's a good one. But when we try to too hard to prevent cheaters what we actually do push out the most needy and the most vulnerable from these systems. There's also this public sentiment, and we wrestled with this too. Which is like, yes, people believe that banks trick people into these mortgages that they? Couldn't afford the banks were bad actors and all of this. But there's another sentiment that we saw we saw this in public opinion as well. Where people said, well, you know, some people shouldn't have bought homes that they couldn't afford, and you see this now in conversations about, you know, free college, right or even debt forgiveness around college. Right and people say, well, I paid my college loans like why shouldn't someone else? How do you?.

fraud Larry Summers White House treasury president Scott
Trade War Is Giving BMW and Tesla Whiplash in China

Lori Rubinson

04:44 min | 3 years ago

Trade War Is Giving BMW and Tesla Whiplash in China

"Latest vantage points that you sort of spotted the last few hours when it comes to these trade tensions well the view from china hasn't changed much and as far as we know there are no ongoing talks between the us and china which means that this tit for tat tariff slapping that we're expecting on friday on twenty five billion dollars worth of goods from the us side and then retaliation from china looks like it will go ahead and that is at the nexus of of what we're hearing from these automakers bmw tesla highland today they all manufacturer in the us and exports around the world but particularly to china which is the world's fastest growing and biggest car market they're saying that this is going to hit their man and putting at risk their manufacturing operations in the us and really does show how the complications i guess of waging a trade war and whether donald trump thought about all these aspects when he started to crack down on china just a few months ago and of course the team of put together cracking four way scenario play between tariffs on what would happen if the world countered with tariffs i'm we're talking still in the very first instance a very small impact on the us and china gdp but this escalates if there is full retaliatory effort from around the world eighty four hundred seventy billion dollars the size of the thai economy by twenty twenty so it's the second round effects that be i have really focused on yeah that's right and we are already starting to see the effects of those jitters and let uncertainty in the chinese data we had the pm is the purchasing manufacturing index is for for manufacturing sectors on the weekend and export orders plunged into contraction for china that really shows that factories sentiment in the factories here china being the world's biggest factory is declining because they just don't know what's going to happen you've got this twenty five billion dollars threat that looks like it's going to be crystallized on friday and hanging over that is of course trump saying that he wants to levy another ten percent tariff on two hundred billion dollars worth of chinese goods something that china can't even possibly retaliate on so yeah the the anxiety is out there and it is already starting to hit some of the early indicators for china at least excellent reporting thank you for that mo o'brien bloomberg news editor out of beijing let's get back to one of the top stories the acceptance speech from andres manuel lopez obrador remember that we haven't seen a president in mexico ever receiving a majority of the votes in the presidential election process truly opened up some of the comments he's making his call your mexicans to reconcile and bring unity to the country also adding that he is keen to make quote deep changes but it's trying to establish a dictatorship and also says this is a key one here in madison he will respect the central bank autonomy yeah and that's going to be good news for anybody i in terms of the financial side of this trade the peso is pairing its initial game one of the top lines that on low as he's colloquially known is saying is that ending corruption will be his top priority any changes to oil contracts will be channels again this rhetoric is moving away from the extreme left perhaps to a centrist position the peso rally as one of the strongest em currency trades out there this morning given quite a bit of that back the view in the market is that if the marina party fails to secure a majority you could see the peso rallied in one thousand nine if could weaken to twenty one wins control of both houses of congress let's bring in our guest this morning that is jimmy pan asia market strategy at i g she joins us from our singapore studio good to see you this morning let's deal with the trade situation first of all high on die joins the roll call of automakers bmw mary barra at gm in terms of the angst complex unemployment in the united states of america as a result of trade wars larry summers is anxious anxious are you thanks man so really i would say the situation we have quite a bit of number of companies sounding out this kind of worries me larry summers and the themselves actually those joining and could visit but as we can see that we've respect to president donald trump he does seem like a volatile character and i will say the.

China Twenty Five Billion Dollars Eighty Four Hundred Seventy Bi Two Hundred Billion Dollars Ten Percent
"larry summers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:49 min | 3 years ago

"larry summers" Discussed on Bloomberg Radio New York

"Okay well given that larry summers was speaking at the meeting currently taking place and he said that counter to that he disagrees he would disagree and he would say right now the federal reserve is raising interest rates arguably because of inflation but that's perhaps a little bit old fashioned because right now the federal reserve faces very little ammunition or has very little ammunition in another downturn so they've got to be careful what they do i saw his interview what did you think of larry going to be around what am i going to be around probably not hosa larry do me a favor bring us a special delivery envelope where we're both going and then you know we'll let somebody mail to us and let us know what's really happened here because both of us are not going to be around to find out but i i would bet you almost anything that the inflation not only is not coming back but that interest rates will remain relatively low but not relative to other countries look at the rate of interest on ten year german bonds it's less than four tenths of one percentage point why would you invest in those instead of investing here.

larry summers ten year
Apple iPhone won't see tariffs amid China trade tensions: CEO Tim Cook

Morning Edition

02:32 min | 3 years ago

Apple iPhone won't see tariffs amid China trade tensions: CEO Tim Cook

"Microelectronics leading losses in europe stock six hundred williams zarate is chairman of the american chamber of commerce in china companies are concerned companies are diversifying their supply chains and before any tariffs on china there's already been a little bit of a softening of the market shing composite finished the day down three point eight percent while the hang seng and hong kong closed down two point eight percent meanwhile the trump administration has reportedly told apple ceo tim cook that it will not place tariffs on iphones which are assembled in china that's according to the new york times which says apple is concerned that beijing lower tallying ways that could hurt its business you people's bank of china is using both money and words to try to ease market concerns the central bank injected another thirty one billion dollars into china's economy today combined with funds it added earlier this month that's an injection of sixty two billion dollars so far this month former us treasury secretary larry summers is weighing in on trade concerns he spoke exclusively to bloomberg from the european central bank conference in portugal freed war is not likely to be large enough that it's direct effect damage the economy profoundly but its psychological effects if that's an increasing uncertainty could be very serious and we're certainly getting later in the cycle of escalation larry summers also warrants at the world's biggest economies are badly equipped for another recession the trade talk has left emergingmarket currencies reeling all but two of the major em currencies are lower with the south african rand leading the way it's depreciated as much as two percent meanwhile in the uk the pound is weakened to a sevenmonth low ahead of a commons vote that could determine the outcome of brexit talks bloomberg's mark burton joins us live from london with details good morning mark good morning bob and karen prime minister theresa may was defeated on her key brexit legislation in the house of lords on monday evening lawmakers in the unelected up house back to the amendment would give parliament the power to direct the final stage of brexit negotiations the bill now returns to the house of commons tomorrow some pro european lawmakers amaze own party say they'll back the amendment as they seek to prevent the no deal brexit scenario that businesses fear most brexit backers oppose the amendment as they say it strips the government negotiating leverage if he can't walk away they also think its proponents are trying to reverse the divorce in london i'm off barton bloomberg daybreak.

Theresa Barton Bloomberg Prime Minister London Portugal Bank Of China Beijing CEO American Chamber Of Commerce Zarate Europe Chairman BOB Mark Burton Bloomberg UK Larry Summers
"larry summers" Discussed on KBOI 670AM

KBOI 670AM

02:10 min | 3 years ago

"larry summers" Discussed on KBOI 670AM

"Well the first quarter i mean of course it's possible the first quarter plot the winter quarter is always lower the next nations on a bad seasonal adjustments blah blah blah winter weather hard to predict the rest of the year looks very good john prophets are booming the thompson reuters consensus on profits which you know profits at the mother's milk of stocks is up nearly twenty percent it was twelve percent about four or five weeks ago so that's roaring and so i think you're right now this poor cpo acted that one year the whole thing dovetails back down to less than two percent so the deficit estimates are way off the mark probably by as much as three or three and a half trillion dollars but i'll take it if the cbs says it's possible than larry summers is held to account and john we professor we go to you because you participated in a group aditorial appearing in the washington post op ed about the the what largest mentioned the deficits the drag on the economy is the debt service we have each year is this is this good news from china the good news from eastern europe the good news on tax reform is that going to speak to the deficit drag on our future growth john well can help i put the other way around that one of the crucial things to escaping the debt and depth the problem is to have growth because the easiest way for the government to take in more money is for the economy to grow and then you get the more you can pay for stuff at the same tax rate at the same time we have to fix the social programs which is the the looming you know if you think we're having big deficits now just wait till all the baby boomers retire and so i think that is certainly everybody's neck step on the american reform agenda taxes the regulations and the social program and performed not not necessarily cut it's not about being it's about vix can we grow fast enough larry is your measure i know you've had a couple of weeks in office you've seen some numbers can we grow fast enough to help solve the deficit drag.

cbs larry summers professor john thompson reuters washington china europe trillion dollars twelve percent twenty percent two percent five weeks one year milk
"larry summers" Discussed on KSFO-AM

KSFO-AM

01:51 min | 3 years ago

"larry summers" Discussed on KSFO-AM

"And i can keep breeding in over be put luxury promote and larry summers was on our network today differs sean shower grapes nitpicking and partisanship and you're right a couple thousand dollars waged villainous goes a long way or work in folks who have not had this in almost twenty years and look also places like apple are giving the workforce stock through four one case now that's not temporary that is a permanent increase in uh their stake in the company and their retirement so loudest look walmart which fought the federal government for years and closed down stores in washington dc each because they would not accept a federal mandate for a minimum wage all right so this tax plan comes into play and wall nantes uh walmart by itself gives its own workforce a much higher minimum wage and you will build on that over the years ahead this is permanent stuff on that business investment plans i mean take apple three hundred fifty billion dollars sean that means jobs wages productivity as far as the i can sleep and the fact that trump made his case in front of all these people who were big fix and so forth he's turned their heads the optimism coming out of this thing has been on parallel and trump answered all the questions you gave a great speech he gave a great tone he said we're gonna do business come to america come to america and then he said you know america first but not alone so he offered an olive branch he said we will work with you were every week can he wants to do that and by.

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"larry summers" Discussed on Here & Now

Here & Now

02:36 min | 3 years ago

"larry summers" Discussed on Here & Now

"And to help companies compete but does it without the biggest new set of tax shelter opportunities created in any tax legislation in the last halfcentury puts larry summers former secretary of the treasury under president clinton also president emeritus harvard university larry summers thanks as always thank you from from and by the looks of the traffic today it appears a lot of americans are off work may be using some of their precious vacation days fulltime workers who get paid time off earn an average of about four weeks a year but our next guest wanted to take a different approach with his company his name is erin 18 he runs cronos the workforce management and hr software company cronos has recently been among npr's financial supporters 18 decided to offer his employees unlimited vacation time last year arunee joins us for today's view from the top are series of conversations with leaders welcome thank you jeremy and let me just start for people who aren't familiar with the the question of what exactly cronos does good question we are a software company that helps organisations businesses mainly but also hospitals and public agencies effectively manage their people we keep track of when people come and go so they're paid accurately we help schedule people so the right person is in the right place at the right time we do payroll for companies and we do human resources as well as some help in areas of recruiting and performance management in those type of various okay so what about this vacation policy why did you decide to offer unlimited vacation to your employees you imagine that here we are in the business of keeping track of people go on vacation and then we introduce a system where people can take as much as they want but we did it because we are doing very well as a company and several years ago we had over three hundred open positions and quite frankly we were struggling a little bit filling some of those positions because the economy is doing well and knowledge workers are hard to come by and we try to hire above average people and so we needed to change our recruiting profile and we thought about everything we could do that would make us even a little bit more attractive to candidates and one of them was the area of time off so vacation was.

larry summers treasury clinton cronos npr software company secretary president president emeritus jeremy four weeks
"larry summers" Discussed on KARN 102.9

KARN 102.9

02:01 min | 4 years ago

"larry summers" Discussed on KARN 102.9

"For what he said what do you think about that well let me just start by making a broad point with respect your era discussion which mep about you know whether the economy can grow faster with this tax guide and i think it's a good time to discuss this because you know we just got this uh very good gdp report for the third quarter and that the economy is now clearly in a three percent growth path there's there's no doubt about it we've we've rub ratcheted up from from you know one and a half the twopercent under obama to three percent now show and by the way all of liberal economists are saying much tax cut aren't going to work on the same people are said the economy can't grow at three percent what is growing at three percent and they were rock and show so we should i think take some of their analysis not not jimmy piece but some of these people i quit larry summers and now popcru so and so on i mean they've been so wrong so many times that i don't know why we still lessened ended up now on your question about the individual income tax that look i think in the end of the day larry that dish tax cut is going to end up not doing much with rates and probably not getting rid of many of these deductions i may i just say i think it's a lunatic idea to uh to cut back on the 401 k plants i mean those those are very positive if you're pro saving vehicles fifty five million americans have 401 k is why do we want to limit those uh i pick in the end of the day you're gonna probably see uh what you and i recommended which is double the standard adoption i let's deal with the individual tax reform at a later date but let's get the business side don pride something for the middle class and i think you got a pretty good tax cut that everybody can get behind nygren with that and that's the thrust of kevin has said see a analysis he's he's really focused on the gross in tax of the tax relief for large and small companies and the repatriation and expensive and i think he's right i think the individual side it's almost had routes have a waste of time i think it's at may be the standard deduction doubling but janet entire what's.

obama larry summers income tax kevin tax relief jimmy three percent 401 k twopercent
"larry summers" Discussed on Vox's The Weeds

Vox's The Weeds

01:39 min | 4 years ago

"larry summers" Discussed on Vox's The Weeds

"Wait a minute exactly or or that right that ireland has won some tax competition game but like what does it mean that have to do with the united states like an fundamental la i mean you you keep asking this question but the answers it has nothing to do the things like there has been it's worth saying that there is has been this sort of wide feasting on the bad details of this paper particularly from pass chief economists and like a jason furhman who is the who is a kevin house his predecessor uh came out on twitter was like none of this makes any sense larry summers call it dishonest and then the kevin house of accuse him of an ad hominem attack so larry summers wrote an op at expanding why he thought it was so dishonest the tax policy center people and burman said was ridiculous this is not good analysis i mean kevin the house it is one of these folks who when he came into the trump administration it took some time but that people were broadly glad to see him there i mean he is not he's like a normal republican economists guy's been around town people noam some some his work is good but he's quite far out there on taxes i mean this is not even if you've got greg mankyu like this is not who's like he's a harvard e economics presser he was one of george w bush's chief economist this is not as far as greg make you would go like legco this is not where this is like way beyond and you know its thing for a very very long time has been extremely optimistic estimates of the degree to which corporate tax cuts could translated into wage gains.

ireland united states jason furhman twitter larry summers kevin house greg mankyu chief economist tax policy burman george w bush corporate tax
"larry summers" Discussed on 790 KABC

790 KABC

02:30 min | 4 years ago

"larry summers" Discussed on 790 KABC

"Business side but it just kind of interesting to me rich claret in a distinguished economists larry summers it sets resetarits such we can't grow faster than two percent were in a period of new normal secular stagnation that's a line out of the 1930s of i'm not mistake and yet just this year the numbers are moving above two percent were at a slow start but as i said the second quarter the advance report preliminary two point six i i don't know if the atlanta fed miles going to be right at three eight but it lets us saves three so it's sort of like we're already moving above the new normal secular stagnation that that point interest me the mean may be the natural i mean lord knows we need better incentives for capital formation in business investment and so forth but you know maybe the is doing some that no one expected it to do well and we can be i i think the important thing are very air productivity you now is quite important and i need to be humble perhaps we don't have a good track record at at forecasting inflection point productivity and in fact trend productivity been loudly for ten years for natural and grenade a project that ah i think i would say that in order to get a and pick up about two percent i i think you are going to act how combination of productivity and and got my i think pretty quickly we don't get that it will be hard to move about taper off dane data that that's right here right now of course you're right productivity living standards real wages and cetera satcher growth cell for the four quarters ending in the second quarter we got it up to nonfarm productivity that's output per hour nonfarm it's up to one point two percent we should be doing around to wish even better than to wish and we can do that i think and i hope you're 100 send right about the tax reform but i guess we'll turn around the say down trump for all his political foibles and what not is there trump factor here is there trump factor now we all know he didn't get his health care tax reform.

atlanta larry summers lord two percent four quarters ten years
"larry summers" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:49 min | 4 years ago

"larry summers" Discussed on Bloomberg Radio New York

"Lycra goldman sachs and msci request an invitation at bloomberglivecom influential conversations from bloomberg television here's john farrow wondering and chris what case longview economic see chief market strategist and he joins us now from london i remember the last time around we were kind of speculation as to who would be late in the fat and it was out larry summers and it was added janet yellen and the market if made the decision that the janet yellen was going to be dovish and that larry summers was going to be the heart out the two of them and how wrong we would have pain if a larry summers would have been the fed shake him in its current thoughts on a monetary policy and economics but was the bus right now for the market for a chase down again again another term and what that ultimately with me and this is terry talent garden well they murder sunnis kurds a tiny bit more hawkish that janet yellen but fairly pragmatic and an realty i you know i think both candidates away off where they should be this too much the quotas cheaper vision in financial markets from central bank starting with the fed and rolling out to the rest of the world that i think is where we fairly in terms of big picture economic policies so at the march kurds perhaps a tiny bit me hawkish although his pragmatic he's ex goldman so is from the same sort of stabilize many of the guys who seen come through the fed i think net the difference will be small and identity i will have a significant impact on markets if i may say so hear more interviews like this one on bloomberg television streaming live on bloombergcom and on the bloomberg mobile app or check your local cable listings ugh global business news 24 hours a day for free book dole called the radio mobile app on your radio this is a bloomberg business flash from bloomberg's european.

Lycra goldman sachs msci john farrow market strategist larry summers janet yellen murder financial markets central bank fed goldman dole bloomberg chris longview 24 hours