Fausta's Blog

American and Latin American Politics, Society, and Culture

December 14, 2009 By Fausta

Larry Summers believes “”Today, everybody agrees that the recession is over,”

because, er… he says so:


Recession Is Over, White House Adviser Says
Yet Romer Says While Wall Street Recession is Over, Main Street Recession is Not

“Today, everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be,” Summers said on ABC.

You would think Larry’s trying to sell you something, and you would not be wrong,

The White House’s optimism comes after a week of activity by the president and Democrats to improve the economy.

“A week of activity by the president and Democrats to improve the economy”? You mean, by the same folks who have tripled the national debt and crippling small businesses?

Last Tuesday, the Obama administration announced it was extending the Troubled Asset Relief Program until October 2010 in an attempt to free up credit for small businesses to expand and for homeowners to secure their mortgages through the administration’s housing program.

On Friday, the White House’s pay czar, Ken Feinberg, released new rulings on the pay packages for some of the highest-paid employees at companies receiving what the administration deems “exceptional assistance” from the government.

Also on Friday, House Democrats passed financial reform legislation to tighten federal regulation of Wall Street, and create an agency to protect consumers from abusive lending practices, a fund to help failing banks and new rules for the trading of some of the financial instruments that helped cause the crisis.

Summers tied the president’s health-care overhaul to efforts to reduce the federal deficit.

Yup,

  • more TARP
  • more bad mortgages since the Community Reinvestment Act is not only still law but is being expanded
  • more government intervention on private industry
  • more budget-busting in the form of a national healthcare bill

That’s why Larry thinks the recession is over.

Tim Cavanaugh is skeptical, to put it mildly,

The transportation services index is still tanking. (Zzzz!) Unemployment continues to exceed expectations. (Better luck next time, suckers!) Is the recession really over? Can something this magical just up and runnoft?

Go ask the unemployed.

I’m betting on inflation.

Share

Filed Under: Barack Obama, Democrats Tagged With: Fausta's blog, Larry Summers, recession

Comments

  1. Kathy says

    December 14, 2009 at 5:56 pm

    So he’s either a drooling idiot or a liar. I’m betting liar.

  2. Jim says

    December 14, 2009 at 9:53 pm

    “So he’s either a drooling idiot or a liar. I’m betting liar.”

    Actually, Larry is both drooling idiot and liar simultaneously. Aside from his infamous theories about women’s deficiencies in the sciences, mathematics, engineering, et al when at Harvard, Mr. Summers has a long history of idiocy. He is perhaps best known for giving the Russians catastrophically bad advice on transitioning to a market economy.

    Try this article highlighting Larry’s many lowlights…
    http://www.minnpost.com/steveperry/2009/04/07/7898/larry_summers_greatest_hits

    “Looting Russia. In the early 1990s, Summers was a key figure in the so-called Harvard Boys group that did so much to convert Russia from a stodgy, collectivist command economy into a kleptocrat’s wet dream of privatization and profiteering. As Mark Ames wrote in the Nation last year, “[b]y the end of the 1990s, Russia’s GDP had collapsed by more than 60 percent, its population was suffering the worst death-to-birth ratio of any industrialized nation in the twentieth century, and the financial markets that Summers and [his protege Andrei] Schleifer helped create had collapsed in what was then the world’s biggest debt default ever.”

  3. O Bloody Hell says

    December 15, 2009 at 9:41 am

    > “So he’s either a drooling idiot or a liar. I’m betting liar.”

    I’m betting on magical thinking, so it’s option “A” for me.

    “Just cover your eyes and WISH it away!”

    > had collapsed in what was then the world’s biggest debt default ever.

    We’re working on topping that by a large margin.

Tweets by @Fausta
retirees_raise-2015_300x250

Pages

  • About
  • Email

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Previous Posts

  • Mrs. Maisel goes full Alinsky on Mrs. Schlafly
  • Venezuela: Did the Minister of Defense back out at the last minute?
  • You need to unfriend me
  • Go ahead and Kiss the Girl, if you dare
  • Ashamed

Recent Comments

  • John on Mrs. Maisel goes full Alinsky on Mrs. Schlafly
  • Today’s hot topics: Democrats’ collusion shift, tax-return rift, Venezuela drift, and more! – PoliticalWitchDoctor.com on Venezuela: Did the Minister of Defense back out at the last minute?
  • Today’s hot topics: Democrats’ collusion shift, tax-return rift, Venezuela drift, and more! - AmericanTruthToday on Venezuela: Did the Minister of Defense back out at the last minute?
  • Did Venezuela’s Minister of Defense Back Out At The Last Minute? on Venezuela: Did the Minister of Defense back out at the last minute?
  • Roseanne Not Back, Khan not Invited, Operaman’s back, Jobs back, Fausta’s back (but not here yet) Thoughts under the fedora – Da Tech Guy Blog on Venezuela: Did the Minister of Defense back out at the last minute?

Archives

  • 2019
    • December 2019
    • May 2019
    • January 2019
  • 2018
    • December 2018
    • October 2018
    • July 2018
    • June 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
  • 2017
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
  • 2016
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
  • 2015
    • December 2015
    • November 2015
    • October 2015
    • September 2015
    • August 2015
    • July 2015
    • June 2015
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
  • 2014
    • December 2014
    • November 2014
    • October 2014
    • September 2014
    • August 2014
    • July 2014
    • June 2014
    • May 2014
    • April 2014
    • March 2014
    • February 2014
    • January 2014
  • 2013
    • December 2013
    • November 2013
    • October 2013
    • September 2013
    • August 2013
    • July 2013
    • June 2013
    • May 2013
    • April 2013
    • March 2013
    • February 2013
    • January 2013
  • 2012
    • December 2012
    • November 2012
    • October 2012
    • September 2012
    • August 2012
    • July 2012
    • June 2012
    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
  • 2011
    • December 2011
    • November 2011
    • October 2011
    • September 2011
    • August 2011
    • July 2011
    • June 2011
    • May 2011
    • April 2011
    • March 2011
    • February 2011
    • January 2011
  • 2010
    • December 2010
    • November 2010
    • October 2010
    • September 2010
    • August 2010
    • July 2010
    • June 2010
    • May 2010
    • April 2010
    • March 2010
    • February 2010
    • January 2010
  • 2009
    • December 2009
    • November 2009
    • October 2009
    • September 2009
    • August 2009
    • July 2009
    • June 2009
    • May 2009
    • April 2009
    • March 2009
    • February 2009
    • January 2009
  • 2008
    • December 2008
    • November 2008
    • October 2008
    • September 2008
    • August 2008
    • July 2008
    • June 2008
    • May 2008
    • April 2008
    • March 2008
    • February 2008
    • January 2008
  • 2007
    • December 2007
    • November 2007
    • October 2007
    • September 2007
    • August 2007
    • July 2007
    • June 2007
    • May 2007
    • April 2007
    • March 2007
    • February 2007
    • January 2007
  • 2006
    • December 2006
    • November 2006
    • October 2006
    • September 2006
    • August 2006
    • July 2006
    • June 2006
    • May 2006
    • April 2006
    • March 2006
    • February 2006
    • January 2006
  • 2005
    • December 2005
    • November 2005
    • October 2005
    • September 2005
    • August 2005
    • July 2005
    • June 2005
    • May 2005
    • April 2005
    • March 2005
    • February 2005
    • January 2005
  • 2004
    • December 2004
    • November 2004
    • October 2004
    • September 2004
    • August 2004
    • July 2004
    • June 2004
    • May 2004
    • April 2004
    • March 2004
Content Copyright Fausta's Blog

Site Developed and Managed by 300m.com