Larry Summers Blasts 'Death Panel' Style Ads on Finance Reform

[tehila001]

Someone get this fat stupid punk off the stage please... I went to harvard also, and lemme tell you, there are many people smarter than this fat ass. Hes more conniving and shameless than he is brilliant. TAKE IT FROM A HARVARD GRAD, DO NOT BE FOOLED INTO THINKING THIS FAT LAZY NE"ER DO WELL IS ANYTHING BUT THAT. ANYONE WHO TALKS IN THIS POMPOUS AND GOD-AWFUL BORING WAY IS NO MORE AND NO LESS THAN A GOOD FOR NOTHING FAT-ASS. PERIOD, END OF STORY.

[youkoshi]

@tehila001 If you're really a Harvard grad, why do you type like an idiot?

[1thruZ]

He's a brilliant mind but he sure isn't interesting to listen to.

[jhiken]

Evil Bastard

[nichols9286]

Hey Larry! It was called the CFTC in the 1990s! Remember that? You should - you helped shut it down.

[JudenRaus2010]

@nichols9286

filthy kike

lets expel these lying heebs b4 its too late

[GBS990]

How many layers of government regulation should there be? The government was the ones that required the banks to make sub prime loans, ala Barnie Frank. If the press would do its job of reporting fraud, both in the private sector and government, we would not have lunatic videos like this one.

[NeverContango]

Perhaps Mr. Summers, it comes down to "innate differences" of political philosophy?

Your "independent body" would become the target for every lobbiest in the country. It would attempt to define all service model standards in the credit industries, thus nullifying competition.

And it would eventually continue the grand Fannie/Mac-esque tradition of legislating well intentioned but fundamentally misguided affirmative practices -- e.g., a requirement that credit cards extend subprime credit.

[GBS990]

Amazing, the people that caused the problem, now want to regulate the institutions that carried out the government mandates. Thanks Barnie and the rest of the self-serving bureaucrats.

[thetimman00]

Americans were moderate drinkers until bourbon(credit) became free. Now they need arrested and interviened and monitored and controlled, and spied on, and reported to the authorities.

[CRAPCANNONS]

ahem... Glass-Steagall... bhrg... cough...

[terpis]

Such a terrible, crying shame that this arrogant, McNamara-esque...evildoer enjoys the influence he does in the Obama White House.

Awfully hard to stomach this bit of grandstanding, even if the point he makes is right. A multi-millionaire champion of neoliberal 'tough love' (kill a man its murder; immiserate millions and it's a statistic) showing off his common touch, apparently.

Count me as one who will not at all regret reading Summers' obit someday.

[therhythmicmenace]

Flora are you deleting comments, I didn't think you was against free speech?

I can sort of understand you deleting my comment, but deleting 'AFRIKTODAY's comment was pure thought control.

[scottvska]

Afrikatoday is an illiterate spammer. His stuff should be deleted because it's so damn stupid.

[Daniel44125]

There was no preditory lending look up the Community Reinvestment Act. Youtube How Our Corrupt Monetary System Works. It was government regulations combined with fractional reserve banking that caused this

[eirefrance]

Snore. Try reading once in a while. Its more informative than Sean Hannity talking at you.

[Daniel44125]

You try reading. Read "Meltdown" by Thomas Woods. Read "Housing Boom and Bust" by Thomas Sowell I don't watch Sean Hannity but you are deffinately applying for that job under the oval office desk

[Daniel44125]

What could an idiot Marxist like you know about economics?

[eirefrance]

Ooooooh, Thomas Sowell and Thomas Woods. I'm shaking in my Mao Suit, but let me get in the line at the local bookstoristevky. You see, in Soviet Russia, we have economix too. We know holdings of ABCP's tripled between 2004 & 2007 after the SEC deregulated the assets required. We know ratings agencies were free to rate their own securities. And thats not even counting the fraud. But I'm just idiot Marxist, what do I know. (imagine a Yakov Smirnov voice).

[Daniel44125]

The government regulation limited the amount of ratings agencies out there. They caused this mess with regulation. Not a lack of it. Learn what fractional reserve banking is. Wake up lemming.

[eirefrance]

I know about fucking govt regulation and how fucking ineffective it generally is, specifically because regulators are often acting on the same economists' latest narrow theory as bankers are. I don't need to read two ideologues who waste their brilliance on formulating ways to justify their ideologies. I'll stick to Michael Lewis, Richard Posner, Amir Bhide, Jeffrey Friedman, Paul Krugman, Viral Acharya, Joseph Stiglitz and the Economist.

[Daniel44125]

Thomas Woods was one of the people that seen it coming for a long time. Along with most Austrians. Krugman is just another idiot that doesn't deserve his Nobel prize, just like your dear leader

[eirefrance]

Are you joking? Krugman and Stiglitz both predicted the collapse, along with Warren Buffett. What makes their foresight different from your fellow ideologues?

[Daniel44125]

Their Keynesian policies are what caused the collapse. Banks wouldn't have had the money to lend in such a way without a horrible monetary policy they subscribe too. Fractional Reserve Banking is to blame. The notion of a bank being able to loan 10 times the amount of money they have is a scam and leads to booms and busts. Fannie and Freddie( both government started) were able to lend 30 times their assets because of it. Easy money makes for malinvestment.

[eirefrance]

I know all about fractional reserve banking and its role in the crisis (you'll note my mention of Asset-Backed Commercial Paper; just being specific). So does Krugman, if you ever actually read him instead of villify him for not believing your philosoconomics. Now for a little background:

[eirefrance]

Fractional reserve banking is what banking has been long before Keynes. The Boom & Bust Business Cycle (hmmm, where I have heard that before) that it helped create was so damaging that regulations were put in place setting standards for reserves. Then politicians, breathing in the toxic fumes of Austrians for 40 years, took away those standards so bankers could make as much money as their greedy little minds could imagine. And then, collapse. Just like that.

[Daniel44125]

I know it has existed long before Keynes. There has not been a politician in office besides Ron Paul calling for Austrian style regulations. See Krugman might recognize the so called asset backed commercial paper. The whole point is the Federal reserve shouldn't be setting interest rates, the market should be and money should be sound based in actual wealth such as commodities. Lets see banks have poor lending standards when they have to rely on savings instead of printing money

[eirefrance]

By the way, I wouldn't mind an answer on my question concerning Stiglitz and Krugman. Just a reminder.

[Daniel44125]

That's what makes Thomas Woods different. Its not just about recognizing the problem to a limited extent . Its about properly analyzing it. The market should set the price of money not a cabal at the federal reserve. Their money creation is wealth destruction. The demise of the dollar is imminent

[Largehippo]

Daniel, free market capitalism has never succeeded, and has only been implemented under shocking levels of oppression.

The Friedman school of thought has been incredibly destructive both economically and politically in every nation in which it was implemented. These nations only saw economic recovery as they reinstated their regulations and adopted a more social system. I'm thinking mostly of Chile, Argentina, Bolivia and Brazil. I can see you like to sound informed, but you're not.

[Daniel44125]

Another idiot applying for Monica Lewinsky's position at the White house I see. Keynesian school of thought has been destructive and oppressive. Those countries you mentioned never had a true Free enterprise system, it was always corporatism. You are the uninformed one. And I don't come from the Friedman school. I agree with him on a lot but there is a key thing I do not. I am from the Austrian school. The Constitutional school

[Largehippo]

No country has ever had a "true free enterprise system"... just like no countries have a true democracy or capitalism. They are simply the closest things that have existed, and they were simply horrific. You can argue theories all you want, but they're obviously flawed in their impossibility to implement.

I've seen and read your side of the argument, and although in the idealist stages it could be functional, there's no possible way that the modern capitalist systems will give up corporatism.

[AFRIKTODAY]

What exactly do you mean by "idealistic"?

"And what do you describe as horrific"?

You have no idea of what you are talking about, buddy and maybe you just the product, like many of out there, of Keynesian-Monetarist garbage!

What is the idealism in letting incompetent and uncompetitive companies to fail?

What is the idealism is calling for an end of artificial low interest rate and government intervention in markets?

Of which ideal are you talking about connoisseur?

Please, shut the fuck up!

[Daniel44125]

It amazes me how these Statists seek protection from human beings by giving them the power that makes them even more insecure. Give up liberty for security and you shall have neither nor will you deserve it because you violate others rights that have not sought it. Simple but true. No wonder statists seek help they aren't very bright.

[Largehippo]

Yea, I look at multiple angles of problems while you focus and argue a single point. You're like a shining beacon of knowledge. All hail the free market.

[Daniel44125]

I don't argue for centralization of wealth. I argue for liberty and the right to keep wealth one has earned with his own time and labor. That right is for all individuals. ALL HAIL THE GOVERNMENT is your argument. Statists with your impotent brains. Somehow giving government more power would limit corruption. stupid argument. Limiting government impact is how you do that.

[vdfgsrthsrt]

@Daniel44125 YOUR AN IDIOT ... CAPITALISM... THE GOVERMENT CHOOSES WHO GETS RICH ..ROBERT RUBEN ALAN GREENSPAN ECT THERES NO MIDDLE CLASS THERES THE WEALTHY THEN THERES US LITTLE PUPPETS ...

[Daniel44125]

@vdfgsrthsrt You're the idiot. You short moronic statement explains why you're a peasant.

Mercantilism/corporatism/facis­m is when the government chooses winners and losers. All are a form of socialism.

Capitalism is a natural phenomenon that occurs when government stays out of it

[Daniel44125]

Kinda hard for you to ACTUALLY look at all angles from under the Oval Office desk now isn't it?

[Largehippo]

Ad hominem is even better. Way to keep raising the bar.

You're not analyzing anything, you're just distorting information.. 'ALL HAIL THE GOVERNMENT' is certainly not my argument.

The first thing I typed still stands unscathed. You've so far you've just thrown scattered ideas around, and I'm done replying to them for now. You can live in your bubble of selective and distorted ideas, I'm impressed that you so fervently stick to a single argument without examining the clearly demonstrated flaws.

[Daniel44125]

My argument is sound. I attacked it from multiple angles with others besides you. I really am not here to educate or debate Capitalism. Read the Road to Serfdom by F.A. Hayek Read Human Action by Ludwig von Mises Read some Murray Rothbard. Read even Milton Friedman.

[AFRIKTODAY]

Can you define free market capitalism please? Milton Friedman, a capitalist? The same man who called for the separation of Gold from the dollar? The same disciple of Keynes who supported macro economics? The same man who cozied with dictators, secret societies, corporatists, old money for all his life? You can't call a man like that symbol of capitalism. Maybe you ought to educate yourself on free market austrian economics or anarcho capitalism dude! Check Murray Rothbard...dude!

[Daniel44125]

If Krugman were honest he would call for the Fed to be abolished and a sound currency be adopted. That would force banks to uphold their standards. If he realizes the true extent of the problem and remains silent he is just a coward

[eirefrance]

I'm going home for the 3 day weekend, and I'll be willing to pick this up tuesday, if you are. I'll part with this: you may have a point about the Fed and the gold standard. I don't know. I do know this. Ever country in the world has a central bank, and central bank's have presided over the wealthiest century in human history. Maybe there is no connection, but how can you prove that without hypotheticals?

[Daniel44125]

Well. The dollar has lost 96% of its value since the Federal Reserve was established. Our cost of living has risen since then. People are slaves to their debt and can't pay cash as they once used to. That's not a hypothetical. Fractional reserve banking in inflationary and transfers wealth from the populous to the government and the well connected. Usually banks and corporations that are close to them. I don't believe our wealth can be attributed to central banks in fact we would be wealthier.

[Daniel44125]

Have a great weekend

[eirefrance]

I'm also not ashamed to say I don't really know everything about this crisis, and Sowell & Woods certainly know more than I. But when all you can cite is a couple of authors with well-established partisan ideological agendas, it weakens your argument. Sorry, I know I'm an asshole for saying it, but its the elephant in the chatroom.

[GrifterUno]

Right on point, AFRIKTODAY!!!...Where are all these people that believe the Government has their best interest at heart?!!. What naive fools!!!.

...And these are your leaders. keep following them and when they go down (and they will), they'll take you down, to the slaughterhouse, with them!!!

As Jesus and other spiritual luminaries said: They who have eyes and ears; Listen & See!!!

2012 is right around the corner!!!

[Daniel44125]

Larry Summers is a absolute dumbass.

[Largehippo]

Poorly spoken, but an obvious and important point.

And in response to AFRIK: He's talking about an important and root issue regarding the culture of disinformation that surrounds public policy. By dismissing an apparently honest and relevant argument -- whatever his stance on other issues may be -- you represent yet another prevalent form of ignorance.

I agree that the issues you raise are important ones. But they are not relevant here.

[AFRIKTODAY]

Please, could you cut the liturgical intellectualism for a second brother? Please! Larry Summer? Mr easy money, Mer banking elite, Mr corporatism numero uno! Please, the last man who should stand to even attempt to discuss disinformation in public policy is this guy! Team Number 2 has replaced team number 1 ( Bush) and the policies are the same! He is no ignorant, he is an arrogant unaccountable bureaucrat! That's the truth!

[Largehippo]

And once again, I agree with you, but what you're saying is threatening to real progress.

This man with a horrendous past (and probably future too) is doing something good right now. You can criticize him all you want, but take the time to recognize that in this video, he's saying something important and valuable... He's also speaking to an audience that needs convincing, unlike your replies.

[AFRIKTODAY]

Dude, please I don't know what you are talking about! "He is saying something important and valuable" In what regard? Hitler and Stalin said alot of important and valuable things! Who cares? Criminals ought to be put to justice in order to " establish a better present and prepare a better future"! You have no idea of the nonsensicality of your own statements!

Bureaucrats like him are criminals and need not to be heard but by the courts of justice! Shut up!

[Largehippo]

Shut up!... how substantive.

I'm also an idealist, I'd love to see every political and corporate predator brought to justice... but sadly that's not the system we're have, and won't obtain that through raging youtube replies.

Let me boil this down: I hate Larry Summers, and although I think it would be better to end financial speculation and interest-yielding investment/options... I still consider it a step forward to regulate them to whatever degree possible.

you're just dreaming, friend.

[AFRIKTODAY]

Utter imbecile,

The same people who stimulated and profited from the economic boom and bust are now given the keys to regulate the US economy! Whooo! How come no one has ever thought of that, buddy!

Please, if someone has to shut the fuck up, it is you!

Primo, financial speculation is an entire part of a capitalistic system; maybe we should turn into North Korea!

The issue is very simple and that's what you do not understand: Success and failure should be applied equally to any market's actor!

[Daniel44125]

A free enterprise system will not always give way to corporatism. It only does because in our Government we allow corporations, groups, and unions to donate to campaigns bribing politicians to serve their will. If we force them to follow the constitution as they should. If we amend it to not allow corporate contributions it won't fall into corporatism.

[Largehippo]

Yea, corporatism emerged despite protections against financial interests influencing national politics.

You argue for the centralization of wealth (effectively) but you deny it's innate effects. The constitution is not immune, and in it's original drafts it was a great thing in the US... it's just been perverted by greed, as would any other. The problem you have is that the political elite emerges from the same class as the financial elite.

[Daniel44125]

If you do not allow them a contribution it would limit corporatism. As I stated before giving the government that power to regulate and dictate contracts. Giving them the power to bail out corporations while letting others fail as they all should would somehow make things better for the little guy? You can't see the hypocrisy and lack of thought in this argument? Government is supposed to be limited to securing INDIVIDUAL rights alone. Secure economic FREEDOM not dictate the economy.

[Daniel44125]

The same regulations people seek to secure them give government the power to make them insecure Seeking socialism and government control over markets gives the same corruptible people the power you wish to remedy The ONLY way is FREE ENTERPRISE CAPITALISM Once you regulate or allow a corporation to enjoy a windfall through many ways you no longer have a free system or secure one Of course ideologues never will realize this That is why the CONSTITUTION LIMITS Government.

[AFRIKTODAY]

Enough you Goering look alike freak! Why don't you mention th e two decades of endless inflationary monetary policies? Why don't you speak about the too big to fail bankers and corrupt corporations? Why don't you discuss 8 years of fruitless wars and millions of innocent victims and countless destruction? The day is running close when your fat neck will be hanging around a tree! You better believe that!

[Daniel44125]

That's exactly right

[KeeperOfTheWord]

Substantial controversy? I wonder why! Hmmm...