Larry Summers on government regulation

[squamish4244]

I don't know why this is getting so many dislikes, everything he said happened as described, for the reasons he described.

[gim10003]

Almost everyone, conservative and liberal, agrees with the very general remarks he makes in this video. So, what's the fuss? He basically says (1) there is such a thing as systemic risk; and (2) we need policies that mitigate it. That's not a controversial observation.

[danhanover1]

This poor guy is all BS and no go. Who are these super smarts who are going to run everything? What is wrong with developing a theory of economics and describing it. The guy is no Hayek, no Friedman, no Keynes.

[DaHonestAbe]

Shouldn't this guy be in jail for robbing Harvard?

[fntime]

This guy lost his chance to comment on economic problems.

He is an over intellectualized 'Poindexter' who doesn't have

the goods. You think I'm wrong, look at him and listen to him.

People are who they look like. And yes, you can judge a book

by its cover. All mammals know that except intellectualized

men, who use their mind to confuse themselves.

This man is posuer!

[fntime]

This guy lost his chance to comment on economic problems.

He is an over intellectualized 'Poindexter' who doesn't have

the goods. You think I'm wrong, look at him and listen to him.

People are who they look like. And yes, you can judge a book

by its cover. All mammals know that except intellectualized

men, who use their mind to confuse themselves.

This man is posuer!

[OrganNLou]

If you elect republicans, you elect the most corrupt party in history!

[Aphoresis]

@OrganNLou

hahaha, you need to do research on the Democratic party.

[capricious71]

This guy's hilarious. He was a major proponent of deregulation!

America is a mess and you can blame this guy and he's a professor of economics at Harvard!

What are the students learning there?!

[pegw100]

He really knows nothing about the economy but yet he teaches it at Harvard? What is wrong with Harvard? This man just likes to play around and test things to see if they work and that is what he has done in the Obama administration which is the beginning of our demise.

[redgixxer18]

like how corrupt is this guy?? biggest crook in the US and hes former treasury sec AND president of harvard lol wow USA just wow

[mba2ceo]

Corruption is #1 reason for all crisis. They steal because they can. Implement & enforce laws that prevent thievery eliminates crisis.

[webster2020]

I am convinced that this guy has NO FUCKING IDEA what he is talking about. I watched him and I felt more stupid than when I started.

[Porojukaha]

I think its funny that the only people who watch this, are obviously people who know something about economics. And amongst people who actually KNOW what hes talking about, his aproval rating is 25%. maybe thats cuz hes completely full of shit? maybe its cuz keynesian economics is bullshit. Maybe its cuz the other 5 people took their economics 101 book at face value and didnt realize just how much of a liberal, keynesian bias it had.

[Vote4RonPaulLiberty]

@Porojukaha Maybe it's because common sense alone should tell you it's a bunch of shit but most people clearly lack common sense. At any rate you're correct about Keynesian economics.

[GMHGTO]

Politicians try to make economics confusing, so much easier listening to Peter Schiff.

[glali07]

This guy teaches at Harvard?? What a delusional man.

[pekwind]

@glali07 he not only teaches there, guess what? he was the president of harvard.

[Porojukaha]

@glali07 Aw Harvard. the source for corrupt politicians, delusional (actually, bought off) economists, tort lawyers, really, really shitty businessmen with massive entitlement mentalities, basically, the font of everything good in this world. How much better off are we as a nation because of this wonderful institutions existence. Too bad youll never get to go since your daddy didnt suck Jimmy Carters dick.

[Tnat1on]

fat stupid fuck

[xsumuhdihx]

this guy couldn't find his asshole with mapquest directions and a personal board of advisors

[pmanisc]

@xsumuhdihx hysterical! Do you think the Government could find this guys asshole with...

[drusha1]

idiot

[anindyag]

Seems like this management of systemic risk is just another type of central control.

[NOTAdemocracy]

'Insensitive to risk..?? The banks knew that no matter how much they gambled, the taxpayer via both the Republican or Democrat Government would bail them out. In effect, the more you gambled the more you got paid. It made complete crony corporatist business sense to leverage (indebt) as much as they possibly could. The regulators and media were bribed/ordered to look the other way and the biggest scam in the worlds history took place. Switch off your TV. Cancel your newspaper. Stall paying tax

[CaptainRon0001]

I think that the American Population should vote on a tax plan when we pick the president and fuck the president, these people need to be audited...............

and for Larry Summers, FUCK YOU HARVARDS!!!!!!!!!!!!!!!!!!!!!!­!!!

[MaxwellBennett]

He is corrupt.

[ImperialUSA]

All you neo-liberal Americans are hilarious. Lack of regulation is what caused your bloody global economic crisis, not TOO much regulation. Every strong economy in the world has regulation, it is a necessary part of a strong and well-oiled economy. Your extreme capitalism ideology is misguided.

[Rawego]

Larry should be shot for the derivatives fiasco. period.

[Volomonoh]

Smart regulation is such a contradiction...no regulation is smart. Thats like drowning a fish in water. This guy is clearly corrupt and bought off by someone.

[ucjb2]

Larry, you ignorant slut. It's your Keynesian ideology that has gotten us 13 trillion in debt. YOU HAVE NO CREDIBILITY.

[greene825]

@ucjb2 Dwight, you ignorant slut!

[Windsblow]

Larry Summers has no understanding of free enterprise and it natural ability to balance risk. Regulatory oversight only complicates and negates the natural equalibrium of free markets. Keyensian economics has failed and will continue to destroy individual freedoms and human progression towards a true egalitarian society. Larry is either a flaming idiot or a intentional elitist interventionist liar.

[residentzombie]

@Windsblow He is the ladder.

[daPlumber702]

the guy shows signs of a drug dealer lying to an interrogating police officer about a drug deal. Watch his hands, big example of him not having facts to back up his words so he tries to get it across other ways.

[Freddieboy44]

Sommers is trying to answer in his mentor's (Greenspat) way by stating that bs is not bs because there's too much or too little bs in the so called "bs" that it doesn't justify the bs that it shouldn't be called bs any more, but euphemized into a more bs type of bs, such as BS. Now this BS isn't meant to bs so that BS can be bs'ed further, but only to rationalize that BS is much better bs.

[homehelpercharles]

SIMPLE, SYSTEMIC REGULATION IS NEEDED. It's only a year since the big hit, and wall street is back to b a u - like this recession never happened. There were no restrictions in the early 1900's and we got 1929. Restrictions were imposed in the 1930s and again in the 1950s. Only little bumps.

Then Reagan deregulated banks and wall street, and we get this mess. Sure, Sommers has made mistakes, but apparently he's learned from them. "Socialism" ? You must listen to Rush Limbaugh. Get real!

[my4rk89]

When the crash happened in the 1930s it was because we had a CENTRALIZED bank that failed to do what it was supposed to, it was a failure of central planning! Not a failure of the free market. If you think that these recent issues were caused by deregulation you are sorely mistaken.

[stratvic]

His Keynesianism will knock the economy further on it ass and keep it there. You can not spend yourself out of a depression you can only invest your way out Governments make lousy investors, besides not being able to distinguish the basic difference between an investment and spending on consumption.

[tigerone1970]

He can forget about the dynamism of the economy. Deregulation contributed massively to what is playing out as the Second Great Depression. Just as it did on the first one, which is why so much reglations were drafted in the 1930s.

If you benefit the top 0.5% at the expense of the middle class, and if you benefit corporate capital at the expense of labor, and do so consistently for 30 years, of course you are going to create a massively imbalanced economy.

That is supply side economics.

[gunman806]

I would posit that technology is the principal source of the intense economic stratification of today. Advances in communications technology and management theory have enabled the existence of extremely large and complex commercial organizations, effectively consolidating and centralizing markets. This has translated into fewer majority/major shareholders to labourers.

[gunman806]

The second source, which is probably more important than the first, is automation. Many who previously made a living as a farmer or factory-worker have been relegated to the low-paying segment of the tertiary sector. This comes as a consequence of significant gains in productivity throughout the primary and secondary sectors.

[bigpapi255]

This guy creeps me out. What the fuck is with his neck, and his weird ass hand motions, and creepy smile. And I hate how the mainstream press just loves this guy despite being an overeducated idiot who uses big words but has no idea what the fuck he's talking about. Summers supported the same deregulation that got us into this crisis. I have no idea why Obama hired that creep. I'd say fire this fat douchebag and replace him with an economist like Paul Krugman who actually knows what he's doing.

[tessler6868]

you can't run capitalism on the honor system (duh). regulate the hell out of it (& taxes). they don't like it (like haliburton) they can't pick a better country. government contracts should go to american companies. will clear the field for 'old' business values & start ups (who won't expect to 'borrow' payroll month after month. sheesh).

[flanksteak2]

Haliburton is based in the United Arab Emirates, not the United States.

[tessler6868]

yes, should have put para end of sentence. haliburton moved to dubai, yes?

[ourearthhome]

The idea of unregulated free markets has more than a little merit but the theory and practice of the free market was developed long before the advent of derivatives. The refusal to regulate derivatives going back to the 1980s and in which Larry Summers participated in the 1990s turns out to have been a mistake. Insisting on keeping government out of derivatives regulation is merely free market fundamentalism that gives what is good and correct about free markets a bad name.

[Chuichupachichi]

The words of Larry Summers do sound like economic wisdom. But he doesn't address the big problems within Corp. America. That is the ongoing, permitted conflict of interests. Executive boards are legally obligated to manage their business in a manner which is in the investors' best interests. Therefor, when conglomerates own the information media, this causes a conflict of interest which inevitably creates a corruption of deception. It must spread like cancer throughout all of corporate America

[tessler6868]

excellent point, chichupachichi (mouthful)

[Chuichupachichi]

p1)Although extremely poor grammatical skills can indeed be indicative of ones degree of intelligence. Being that one can achieve having much better grammar than the level of which ones formal education would have enabled. Never the less, "Concreets" grammar isn't anywhere near poor enough so as to attribute as much consideration to it as you have. "Considering", as I would rather, that the content of his comments are sensible & quite factual. Therefor, seeking to dismiss his argument over mere

[Concreet420]

And what the hell has happened at Harvard? They disallow men to workout certain days to honor Muslims, Have an almost entitrley Leftist staff, and teach politicaly correct big gov bs.

Get your Masters in Big Brother Economics.

And if i cant impose my Christian traditions on seculars on Campus, then muslims shouldnt be able to tell me when i can work out, and where i cant prey.

Muslim Prayer spots, Muslim exercise days, and Larry Summers. To think this instution once produced minds like jAdams

[JollieOllie18]

Considering your grammar, I wouldn't be too concerned about what you can or can't do at Harvard.

[Chuichupachichi]

trivial matters, is in itself reason enough for which to emphasize a critical consideration of your comments. The immediately recognizable "ad hominem" of your reply is a prime example of why it is of greater value to possess factual knowledge and or, critical thinking skills. Even if combined with a somewhat less than perfect degree of grammatical skills. Than to be capable of writing volumes of grammatically perfect, meaningless text. Even for a writer, meaningless, empty text is enemy #1

[tessler6868]

lol. you don't even know what to complain about. larry summers tried to turn harvard into r&d for corporate america. finally got head handed to him by spunky liberal arts department & good for them. btw, practicing christians aren't obligated to pray 5 times a day on their knees. but if they were, you bet there'd be accomodation. if you don't like business environment here (after wall street/corporations screwed us with their free market bs), go to hong kong or china or dubai. good riddance.

[Concreet420]

If we have a government that pays for all of our financial institution's failures, then all of the related institutions will have no incentive to alleviate the situation, and will be encouraged to wait for government help. As we have seen with this last trillion dollar bailout which thus far has achieved nothing accept a lobbyist scramble for peices of the bailout.

[hillaroo666]

The solution for over-regulation of our markets is more regulation. Right.

Summers, Stiglitz and Obambi are fixing to give us a perfect storm like we have never seen.

Obambi has his heart set on copying the disasters of FDR - one of the prime architects of the Great Depression.

[td000]

Larry likes to talk over people haha

[peltecs]

guy looks like W.F. Buckley Jr.! Really!

[dmbfantony]

Larry is a jerk.