“The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.”
“The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending.”
Jesus, that’s just sick.
Ignorant: does not know.
Stupid: does not remember what he has been taught.
Idiot: continues to believe in things which he knows are untrue or unworkable.
Larry Summers is an ignorant, stupid idiot.
… ignorant, stupid idiot.
We already have BDS, PDS, etc. Now we can add: ISIS, to the list!
.
It could also be said,
The central irony of the crisis is that those that caused it are currently causing more of it and will cause still more of it into the near future at least.
It could also be said that those that caused the crisis are still listened to as though being an authority on how to solve it.
“When you have fallen in the crapper, the way out is to dig to the bottom of hole”
Paradoxical, but in socialist-utopia-land, it makes perfect sense.
Dig Barry, dig.
Deeper, faster. Only twelve more months & a few wakies.
Under Keynesianism savings are BAD: the ‘paradox of thrift’ is what they call it. It’s the lesson Krugman most enjoys teaching his students each year.
Robert Murphy explains Austria capital theory taking on Krugman and Cowen who ridicule it as the “hangover theory”.
Did it occur to Summers that maybe all of this government borrowing is destroying business confidence?
Remind me not to buy U.S. government bonds for the next decade. It’s not clear to me that I’ll get my money back.
I’m just going to stick with faith healing.
More wisdom from the legendary Harvard economist ( and genius) who insisted that Harvard invest $6 billion from its cash operating account -necessary for paying day to day obligations of the university – in long term investments of unknown risk, resulting in a $1.8 billion loss to the University.
Btw, he also advised Clinton not to regulate the derivatives contracts that ultimately fueled the CDO inferno in the US and the collapse of US financial institutions in 2008. He’s been sort of a one stop shop for economy breaking bad advice.
Larry has an almost perfect history of dabbling in the financial advice business, and walking away from the smoking ruin created to start his next gig.
More wisdom from the legendary Harvard economist ( and genius) who insisted that Harvard invest $6 billion from its cash operating account -necessary for paying day to day obligations of the university – in long term investments of unknown risk, resulting in a $1.8 billion loss to the University.
Btw, he also advised Clinton not to regulate the derivatives contracts that ultimately fueled the CDO inferno in the US and the collapse of US financial institutions in 2008. He’s been sort of a one stop shop for economy breaking bad advice.
So the central irony really is Larry offers advice on how to end a catastrophe that he personally had a large hand in creating.
rabbit, 5 and 7 year Treasury notes are trading at negative real yields. Buying a government note right now is more like paying an insurance premium instead of making a loan to the government.
What’s the insurance for? Why, a bad economy, of course!
Another way to think about it is that China is PAYING US to borrow money from them. That’s the price they’re paying to keep their currency weaker than it should be. Their export promotion policy is about to explode. When it does, our interest rates will soar.
Note holders are cutting their losses. Bond holders are picking up pennies in front of the steam roller.
and if we do not pay the piper now (if it is not to late) Our children will suffer for decades due to our ignorance! How does adding more debt to almost insurmountable debt solve a debt problem, these people are idiots ( I do not use that bad word lightly) Just a greedy group of people that would rather the next generation pay for the excess of their liberalism…..Was there any other time in history where if you spent $10.00 and got back $8>00 you were on the road to success?
Was there any other time in history where if you spent $10.00 and got back $8>00 you were on the road to success?
~golfergirl
It seems like success for the middle class today is minimizing the loss of yesterday’s gains and calling it a new gain.
Larry should not think and talk after his blood-letting appointments.
Sure,
and an orgy can be resolved by a gangbang…