The US economy may still be running fast and strong, but its risk of suddenly falling into a recession still looms large, despite the Federal Reserve's efforts, former Treasury Secretary Larry Summers warned. #CNN #News
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History seems to be repeating itself to me.
-Angela Davis (1944-, Planet Earth)
โWe live in a society of an imposed forgetfulness, a society that depends on public amnesia.โ
As we begin another week, can’t wait to see how crazy it will be, especially in politics. Wishing everyone a good one ๐
Larry Summers: Instrumental in the repeal of Glass-Steagall which manufactured the financial crisis of 2008.
(clinton and 1999 admin decisions) then first debt surplus, are they linked? or was it a short lived strategy until 2008
Surprised Somers isn’t giving a interview from Hawaii sipping a Martini like last year ๐๐คก๐คก
From a scientific point of view, Larry Summers has been in an air pocket all of his life.
๐๐๐for real tho
finally, a scientific hypothesis that can withstand peer review.
100%.
Hell yes AMEN
You mean from a $financial point of view.
The owners of this country don’t want the job market to be too hot. We’re probably ruled by incompetents. What about the pursuit of happiness for we the people?
Blimey!!! A Notre Dame gargoyle avatar!!! Meant to keep out evil spirits!!! I do feel safer on your post!!! Cheers
Oy vey
Many people who bought over priced cars during the pandemic are finding that they owe way more than the cars are worth even considering depreciation. I think the same thing is going on with the homes purchased during that time. If the Feds keep raising rates and people start losing their jobs, we will have another crash of the market. Probably won’t be as bad as 2008 because of the preventions put in place
A crash is coming. Its hard to find anyone who does not think that anymore. Inflation is not under control and that means the FED will keep hiking rates until it see’s inflation steadily coming down to the target rate. The issue is the lag from the hikes. How bad will the economy drop from over tightening. Or what if these hikes don’t actually bring down inflation and we have entrenched inflation and to bring that down we must crash the economy intentionally.
@Middle Of The Road The FED is approaching the problem all wrong – when the only tool you know how to use is a hammer, every problem looks like a nail.
When they started attacking inflation (the economy) we had 4.5m more “excess jobs” than ever before in history. The best day in those terms during the prior administration was December 20, 2019 when we were at full employment (3.4%) and there were about 500,000 spare jobs for people to cycle through if they wanted to. On the best day for the current administration, after refilling every job in every sector lost to the pandemic we were at full employment again (3.5%) BUT there were a record extra 5,000,000 jobs that simply could not be filled with the current work force.
So far, all the FED has managed to do is chip away at those 5 million jobs and they have a long way to go before they start breaking the working man’s back by taking his job through a constricting economy.
The actual rate of inflation is actually NOT 6.4%, at least the average cost of living has not raised that much over the last year for anybody and has actually dropped depending on the numbers you choose – which is a chickenpoo way to do it but…
Adjusted for inflation, October 2022’s estimated median household income of $78,813 – that’s over $500 MORE than the previous years peak in December.
Probaly just about NOBODY is “median” so…
Just collecting without cherry picking some dated headlines and snippets here:
Jan 28, 2022 – Over the last three months nominal wages and salaries for all civilian workers slowed slightly but still rose at a fast 4.4 percent annual rate (net 2% inflation)
Wages and salaries increased 5.1 percent for the 12-month period ending in December 2022 (net 1.3%)
While wages are rising, they’re not keeping up with inflation. Wage growth has been consistent with an inflation rate of about 4.5%.Dec 14, 2022 (1.9%)
In April 2021 inflation amounted to 4.2 percent, while wages grew by 3.2 percent. (net 1%)
A fall survey by research firm WTW had average estimated salary increases rising to 4.6% in 2023 from actual pay rises of 4.2% last year. A Conference Board poll highlighted a similar trend, with budgets for salary increases rising to 4.3% from 4.1% last year. Feb 22, 2023 (1.8% to 2.3% NET inflation)
Tbf this is normal when you purchase a new vehicle its value drops like a rock right after purchase
HEY ๐๐ผ ITโS THE MORNING SHOW ๐ GREAT QUESTION KAITLIN ๐๐๐
If consumers are running out of money, why does the Fed need to raise rates? Inflation will subside without tightening money with rate increases. Right?
Do these financial types really think people are still living off $2800 from the government two years ago?
Economists saw that regular people were becoming millionaires and said. NOPE, NOT ON MY WATCH! I really like this information
Itโs a growth based economic system. Recessions are inevitable and sometimes necessary. Nothing can grow indefinitely. I really like this information
For 2 years summers has been pessimistic about the US economy., now I’m not an economist but I really wonder why most things he says except inflation turn out wrong I really like this information
When the Feds to the same thing over and over expecting a different result.
we hope this gets better
What exactly does Summers mean when he says that the economy may be headed for an “air pocket”? Is that a negative term borrowed from aviation to mean that that there is rough air ahead? I really like this information
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I’m still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio
that’s impressive!, I could really use the expertise of this advisors , my portfolio has been down bad….whoโs the person guiding you
credits to Eleanor Annette Eckhaus one of the best portfolio managers out there. shes well known, you should look her up.
Thank you for this amazing tip. Verified her, wrote her and scheduled a Phone call. She seems Proficient.
The death of capitalism can’t come soon enough.
But hey,
THE JOB MARKET’S STRONG!!!
Says, Karen.
Who wants to pick fruit all day and deliver pizzas all night on Amazon wages!!!!
Maybe it will, and maybe it won’t. Predicting a recession is kind of like predicting bad storms; everybody knows there’s going to be one eventually. Those with money in the game because they bet on a downturn are often trying to wish one into existence.
I enjoyed this excellent interview with Professor Larry Summers and the knowledgeable journalist
When I was at university in my economics class, I never had the opportunity or โcourageโ to address my professor as โLarryโ ( by his first name as the journalist did ).
Good program
RS
Canada
richard simms, bruh, what are you smoking ? Have you been living under a rock ?
Waiting since 28 years old to buy a home and start a family. I’m now 35 realizing we won’t be able to buy our first home in Middle Tennessee until we’re 40 IF WE’RE LUCKY.
Just be happy that drag shows are banned