Former Treasury Secretary Larry Summers discusses the Federal Reserve's latest quarter-point interest rate hike with CNN's Wolf Blitzer. #CNN #News
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Larry Summers conveniently forgets to point out that excessive Corporate profits are 30% of the cost of inflation. Corporate GREED is driving inflation not economic conditions
The reserve printing money out of thin air is what drives inflation. The top 5% of earners pay over 60% of the nations taxes. Corporate profits are a must when you have shareholders retirements at stake. There’s no such thing as excessive profits. Just profit, the more the better.
Keep telling yourself that
@R M Raising taxes does stop inflation, genius. So does raising interest rates.
Two possible outcomes….one is bad and one is ok….wow….who would have thought of this incredible insight?!! Thank you genius!
You watch cnn? Lol
This guy has said that we need to cool off the labor market. He wants workers to be laid off.
Also add in to slow down union progress.
@Comeback CODPlayer almost all workers are benefiting from the economy. Look at the wage increases for maintenance workers and production workers. It’s a great time to find a good paying job, and they hate it.
They hate wages going up. When was the last time the Fed. Gov. raised the Fed min. wage ? It’s all about the rich. Interest rates go up on loans but not savings.
Let’s start with the bankers.
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Are you lost? Wrong “department”.
I bet Larry Summers won’t slam corporate greed. It’s hard not to be a sucker in a world full of lollipops.
Privatizing profits and socializing losses
Look up his interview with Jon Stewart. It is very interesting.
They really need to raise interest rates. Biden needs to make it harder for working and middle class families. Make them feel the pain and stop their spending on things like clothes and shoes for their children.
We need to stop producing oil and for everyone to buy an electric car this year and if they don’t then we must tax them heavily.
The leftist won’t understand you’re sarcasm
@Z O I understood it perfectly
@nascar king you live in a house without power?
@Worldbreaker 96 In 50-100 years the few survivors of the climate collaps would not be interested in cars, but in how to hunt for food with bow and arrow.
What about the people who are living pay to pay and mortgage rates are getting out of hand!😢
Yep and my cc minimums have freaking doubled. I can’t pay them.
Vote blue and you’ll be homeless by 2026, but at least you would have already proven to the people who care that you can be a nice person
Larry got his head handed to him by Jon Stewart on the issue of the Fed. Watch it….
The call was expected but Powell is failing to see things coming and act on them. He is not going to see a recession coming and will put us in a spin. We can keep funding banks.
For a more, shall we say, rigorous interview with Larry Summers, people should check out Jon Stewart’s contribution from five days ago.
SO I just saw it and it is not as you say. He did point out Stewart’s hypocrisy who then wore it as though it were a badge of pride, and then proceeded to hinder Summers’ response to Stewart’s equivocation, inverting corporate earnings growth and equating it to workers’ wage growth. It’s not the same, does not obey the same dynamics, and it was not conducive to a meaningful answer in turn. This interview here, Summers clarifies the chain of how issues compiled to create SVB and has useful nuance. That’s why it’s informative. The Stewart comes off as a provocative gotcha scene that is more for entertainment and not very informative since it is all narrative-driven within Stewart’s world.
@Lim Ricks Work for a non tax-paying corporation, do you? The word I used was “rigorous”. In case you didn’t notice, Wolf was pretty much comatose here, and accepted everything “hook, line and sinker”, as apparently you do, as well. Most people do not, simply because most people can’t afford to. And the hypocrisy you are referring to, I believe you have it backwards, and that goes for the entire institution that Larry Summers represents.
@Lim Ricks B.S! Stewart nailed him on facts & policy.
@James Smith Stewart was consistently cornering him into making a statement he was soliciting from him. It’s not what I would call being nailed. It’s not even reporting.
@Sharon Massey the hypocrisy was Summers calling out Stewart working for an excessively wealthy company, and Stewart even described himself as being exploitative in the interview, is though proud of it. That’s the hypocrisy and it was laid bare. But then Stewart turned it around and tried to catch Summers in an argument trap and it just didn’t come off as well-intended, if you are an interviewer trying to get at the truth. But from what I am gathering a lot of people don’t like Summers? It’s my first time hearing him speak and he makes sense on this topic, I can’t say what else he’s for. So no it was not rigorous, it was a rigamarole within i tightly controlled setting that is Stewart’s world. I don’t even know what Summers is for but it was obvious that was not an interview, it was a gotcha trap.
If you are going in the wrong direction you might as well keep going. Great.
Loves his own voice
personal attack: you fail.
@mark LOVES HIS OWN VOICE.
It’s only profit inflation, not overall economic inflation.
5:40 the stress tests were submitted by the bank themselves, kind of like criminals policing themselves.
If you ignore his warning, it becomes serious
$0.56 cents of every dollar of inflation in 2022 was price gouging. 56% of inflation is price gouging. So please, tell us again that the fed raising rates is dealing with inflation
Well down 500 points, I would say market was still alarmed
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Most people think…. Investing in crypto is all about buying coins and holding, till it rises,? come on, it takes much analysis to be a successful crypto trader.I’ve made $670,00 one month of trade.
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Oh yeah his always active on whats-app APK🇺🇲
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