No Such Thing as 'Too Big to Fail'? - Larry Summers

Complete video at: http://fora.tv/2009/09/18/Larry_Summers_The_Future_of_Global_Finance

Larry Summers, Director of the National Economic Council, argues large firms in financial trouble should be allowed to fail in order to regulate market discipline. "Our financial system will not be fail-safe until it is safe for failure," says Summers. "It is essential that we develop means of managing the failure of financial institutions."

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A year after the economic crisis shifted into high gear, financial scholars and policymakers gathered at Georgetown for the Global Finance Conference presented by the McDonough School of Business and the Financial Times.

Larry Summers, economist and the Director of the White House's National Economic Council for President Barack Obama, tells the audience that his concerns remain in commercial real estate and that the availability of credit and capital remain tight, but says there are signs of economic normalization.

"We know that our economy will be stronger than ever if we commit ourselves to the work that needs to done today," says Summers. "It would be irresponsible for us to not learn the lessons of what is happening." - Georgetown University

Lawrence H. Summers is the Director of the National Economic Council. He was appointed by President Barack H. Obama on November 24, 2008.

Until January, he was the Charles W. Eliot University Professor at Harvard University. He served as the 27th president of Harvard University from July 2001 until June 2006. From 1999 to 2001, he served as the 71st United States Secretary of the Treasury following his earlier service as Deputy and Under Secretary of the Treasury and as Chief Economist of the World Bank.

Summers has taught economics at Harvard and MIT. His research contributions were recognized when he received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and when he was the first social scientist to receive the National Science Foundations Alan T. Waterman Award for outstanding scientific achievement. He is a member of the National Academy of Science and has written extensively on economic analysis and policy publishing over 150 articles in professional economic journals.

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[mule1969]

I'd rather take my chances with "collapse and chaos" than have this arrogant scumbag "manage the failure" that HE helped create.

[funkalunatic]

I wonder if he knows that his mannerisms are that of an exaggerated caricature of a corrupt politician. He looks like a bad movie villain actor, what with the nose upturned, the wagging hand, the overly-measured words, and the quick smile flash at strategic moments...

[Benjefwil]

@wtong89 Deregulation started much earlier than that. In fact Reagan is probably the most guilty of setting the precedent of deregulation and the removal of social safety nets.

[wtong89]

China does not have a financial crisis because it is a one partied country. No gridlock and redtapes.

[wtong89]

@mule1969

People who saved the Banks were Republican, i mean the bailout plan was orchestrated by them. Obama is enforcing what is already a law. Collpase and Chaos = global depression worse than the Great Depression. He did not create it, Deregulation happen during the Clinton Administration because of a deal between REpublican and Democrat. Republican wanted to deregulate and Democrats supported it since the Economy was in good shape. Republicans are kings of deregulation.

[richesforcheap]

this man is the meaning of hypocrite

[Hiro139]

FUCK YOU LARRY SOMMERS AND YOUR KEYNESIAN BULLSHIT!

[highonhayek]

(1:00)

THANKS FOR THE LIES!!!

[pretorious700]

This douche should be in a jail with a 300 lb cellmate named Bubba.

[dlucas90]

"If the American people ever allow the banks to control the issuance of their currency, the banks and the corporations that grow up around them will deprive the people of all property"- Thomas Jefferson

"I believe that banking institutions are more dangerous to our liberties than standing armies" - Thomas Jefferson

The writters of the constitution knew how to construct a document that, when followed, would prevent all the BS we deal with today concerning money and government.