Comments on: The perils of European incrementalism http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/ Sat, 21 Jun 2014 15:30:06 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: devilliers123 http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-477 Tue, 31 Jan 2012 10:25:29 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-477 Larry-”I Lost $1,800,000,000.00 for Harvard Betting on Derivatives”-Summers: He’s got some other serious claims to fame, Obama is considering him for the top post at the World Bank, he helped Alan Greenspan muzzle Brooksley Born who wanted to regulate derivatives in the 1990s. You can watch that here. I wouldn’t let Summers advise me on investing for my late dog. He must have been impressed with how Summers falls asleep at White House meetings. This year Larry is attacking “Capitalism” and says it needs to be reformed. We don’t have capitalism, if we did the banks that made decisions would have failed. We have Corporatcracy as I wrote about here and on this one site it got 145,000 reads which indicates that people–other than those at Davos–get this.”

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By: thinkintoit http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-243 Wed, 21 Sep 2011 14:26:53 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-243 @FoxxDrake-Well said!

@Summers-Where was the big-enough-to-get-it-done plan when you were around? You punted with just enough to keep in the game. To bash the Europeans for something you did as well is rather hypocritical, don’t you think?

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By: Mahal http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-242 Wed, 21 Sep 2011 14:01:08 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-242 When the sub-prime crisis flashed though the financial world, many banks lost billions of euros. The governments in the EU had to prevent these institutions to topple by lending again billions of euros. This was the beginning of the current recession and nothing else. American greed and – I call it fraudulent practices – from banks issuing sub-prime mortgages and selling those wrapped in financial packages to the worlds financial institutions caused all this and where we are now. Commentators and bloggers need to have an attention span of more than a few minutes to write valuable insights in my opinion.

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By: CaptnCrunch http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-241 Wed, 21 Sep 2011 12:17:08 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-241 Another interesting piece Mr summers, and I see from reader responses just as inflammatory as earlier ones. That you’ve made policy mistakes in prior careers is undeniable, but that very vantage point is what I believe gives your words credibility today.

People don’t want truth, they want easy and we’re way past easy in attempting to dig ourselves, and by “ourselves” I mean the world, out of this dank dark deep hole we find ourselves in.

Raise some taxes, cut some dead weight, accept what is and move firmly and positively forward. If we’re going to eat this elephant we all have to take big bites.

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By: advocatusdiabol http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-240 Wed, 21 Sep 2011 01:08:40 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-240 Mr. Summers has good enough advice once he satiated himself at the trough doesn’t he. But back when he could have made a difference, he was busy taking payment for creating this mess and could not be bothered worrying about the mess he was helping create as he counted his money. They all do this: make a fortune and then confess how troubled it had all been while they sit in comfort having reaped a profit while they built doom. The man should be in prison but if not, at least destitute like so many his action brought that upon. And the fool above who thinks recessions and depression are not a failure of demand but of supply (credit) needs to go back and study more and stop his myopic greedy thinking.

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By: RSDallas http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-239 Tue, 20 Sep 2011 21:42:49 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-239 Mr. Summers,

I just for the life of me don’t understand why your and Krugman always trying to solve this problem by throwing more money at the problem, or slack as you call it. Most of the developed countries have a structural debt problem and a lazy work ethic problem caused by (1) The social freebies from each government. (2) The inability of a government to refrain from thinking it always has the answers to the challenges faced in the public. (3) Lastly, but more poisonous than everything combined; Government has now become the sole entity that chooses which businesses can fail and which can not.

The problems we face today don’t have anything to do with ours or Europe’s decisiveness. It’s all about debt and the thought that someone in Government thinks that no one should be held accountable for their actions. The citizens who have been so unjustly given a free ride are responding as they have been taught too Mr. Summers.

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By: neilc23 http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-238 Tue, 20 Sep 2011 18:58:55 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-238 This is precisely how things are playing out with this administration. The Commission on Fiscal Responsibility and Reform laid out what steps needed to be taken to get control of our runaway debt. Unfortunately, the administration backed away from the agreement made on July 21st between Obama and Boehner that called for $4 trillion debt reduction and an increase in tax revenues of $800 billion. Now the President is calling for $1 trillion less.

Politicians seem all too interested in looking out for their next election. But as a parent and grand parent, I am far more concerned about future generations and my posterity in particular.

We drastically need to rout out the inefficiencies in government now . . . land begin the lengthy process eliminating our education deficit. The dropout rate in America is at historic highs, for high school as well as for college. If we don’t solve our education problem, we’ll decrease our global competitiveness . . . while increasing the wage disparity.

The NEW middle class will no longer work in factories, but in jobs that require more technical skills. Because of this gap in the middle, corporations are competing for average middle of the curve graduates thereby increasing their salaries. This causes the widened 50/90 gap, i.e., middling workers in the middle (with salaries higher than their true value) and the low-end workers in the 90th percentile.

Former Chief Economist for the International Monetary Fund, R. Ragan, enunciates the problem in a rather objective way in his book “Fault Lines”.

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By: neahkahnie http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-236 Tue, 20 Sep 2011 18:13:10 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-236 Summers is a shill for Wall Street, inflation, and phony greenbacks. He is as believable as “The Maestro” and his ilk of “Masters of the Universe.”

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By: Lambick http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-235 Tue, 20 Sep 2011 12:14:25 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-235 Whatever his prior misdeeds, Summers does have a point: if we all keep on contracting, we go into a tailspin. But, after decades of debt-driven froth – at a time when we could easily have managed to cut back a bit – we now simply don’t have space left for Keynesian expansionism. There is no way we can avoid deleveraging and that is going to hurt us all (eventually including the BRICs) for some time to come. One would have thought that Japan taught us something, so maybe Summers could include this conundrum in his teaching during the next semester.

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By: represent90 http://blogs.reuters.com/lawrencesummers/2011/09/19/the-perils-of-european-incrementalism/#comment-233 Tue, 20 Sep 2011 03:01:40 +0000 http://blogs.reuters.com/lawrencesummers/?p=94#comment-233 I echo the same sentiments as my fellow commentators: Mr. Summers, please stop writing. You have no advice to give. You are part of the problem. Your support for OTC derivatives, with your buddies Greenspan and Rubin, helped to spiral our economy out of control. Go back to your ivory tower.

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