Larry Summer it is

the next guy

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I don't think you'll find anybody currently in the fed either that will support bringing back glass steagall.

do you think reinstating glass steagall would of prevented the crisis? I mean Lehman and bear sterns were just investment banks, countrywide was just a mortgage bank, WaMu was just a commercial bank, goldman sachs doesn't really have a retail side, AIG is an insurance company. none of these banks would fall under glass steagall,
The thing is they were bough by other banks ie Merrill Lynch and BOA. Under GS that would not have been approved. Hell travelers and citicorp should not have merged
 

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What question did you ask?

What was disgusting about the memo mentioned in the article in Vice? They have a direct link to the two memos. Both memos discuss what you can already learn about from the WTO webpage, So in your opinion, use your reading comprehension, critical thinking skills, and assess what you feel what was disgusting aside from what the author feels.

We get it JUSE_HEDD, you advocate for the status quo at whatever costs no matter what the topic is, especially if it comes from the mouth of our current President. You've made it well known around these parts where you stand. It's the government is always right and others have to prove malice at every turn. We are essentially accountable to our governments, not the other way around.

I don't have a problem with people QUESTIONING the status quo...I have a problem with people BLINDLY BELIEVING they already have an answer about the status quo because of some information from conspiracy crap.

Question everything...and when I mean everything...i mean E-V-E-R-Y-T-H-I-N-G!!! The one being accused AND the accuser.

As far as the memo goes, there is nothing conspiratorial about it. These are authentic government memos. And this only adds to the sheer amount of nonsense by Summers already exposed by Matt Taibbi:

The point I'm trying to emphasize is not the realness of the memos I'm sure they're real. What comes to question is the narrative of the events. Larry Summers is incompetent and I do not wish he would be Chairman of the Fed, but the complicity of what components that caused the global financial crisis was not some evil plot by Larry Summers and banking executives that were colluding an effort to purposely bankrupt countries and leave societies in financial ruins.

This is what the article from Vice was entailing.
 

tru_m.a.c

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but the complicity of what components that caused the global financial crisis was not some evil plot by Larry Summers and banking executives that were colluding an effort to purposely bankrupt countries and leave societies in financial ruins.

This is what the article from Vice was entailing.

So you're arguing that we shouldn't think of his incompetence as some illuminati take over the world shyt?

And? So? None of the conspiracy theorist dropped links. Those that brought up the links were pointing out proof of his ineptitude.

You're the only person to use the word evil in this thread. You're the only one to use the word plot. You're the only person to use conspiracy. You're the only person to use colluding.

We don't need a grainy ass youtube vid filled with fill in the blank conspiracies to nail Summers. Everything is out in the open. Economist after economist have written books & blogs on his direct influence on deregulation.

You're arguing with yourself right now.
 

Domingo Halliburton

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The thing is they were bough by other banks ie Merrill Lynch and BOA. Under GS that would not have been approved. Hell travelers and citicorp should not have merged

I see what you mean about Citigroup they were able to exist because of the repeal of Glass. BofA was essentially forced to buy Merrill Lynch.

And I think a much stronger regulation would be to require some of these derivatives be held on their own books. Things like mortgage backed securities and CDOs. As it currently stands you don't have to hold onto any security (and especially these exotic ones) you originate.
 

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So you're arguing that we shouldn't think of his incompetence as some illuminati take over the world shyt?

Exactly. Not everything is always just black and white. This or that. There is no "there" there.

And? So? None of the conspiracy theorist dropped links. Those that brought up the links were pointing out proof of his ineptitude.

You're the only person to use the word evil in this thread. You're the only one to use the word plot. You're the only person to use conspiracy. You're the only person to use colluding.

We don't need a grainy ass youtube vid filled with fill in the blank conspiracies to nail Summers. Everything is out in the open. Economist after economist have written books & blogs on his direct influence on deregulation.

Jesus H. Christ let me break it down:

Type Posted this link about the article regarding the Larry Summers Memo:
Read it: http://m.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

The article is mainly discussing a so-called "confidential memo" that supposedly "leaked" from Timothy Geithner to Larry Summers back in 97' about the WTO Financial Service Negotiations discussion final stages.

You can read the memo for your self here: http://www.gregpalast.com//vulturespicnic/pages/filecabinet/chapter12/Geithner_Summers Memo.pdf

Type said "Did you guys read that memo that vice got a hold of? shyt is disturbing."

I asked him "What did he find disturbing about it?" Without him giving me a clear answer.

So now I will ask you...read the memo...and YOU tell ME what is outrageous about it. This is where this discussion stemmed from.
 

tru_m.a.c

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Exactly. Not everything is always just black and white. This or that. There is no "there" there.



Jesus H. Christ let me break it down:

Type Posted this link about the article regarding the Larry Summers Memo:
Read it: http://m.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

The article is mainly discussing a so-called "confidential memo" that supposedly "leaked" from Timothy Geithner to Larry Summers back in 97' about the WTO Financial Service Negotiations discussion final stages.

You can read the memo for your self here: http://www.gregpalast.com//vulturespicnic/pages/filecabinet/chapter12/Geithner_Summers Memo.pdf

Type said "Did you guys read that memo that vice got a hold of? shyt is disturbing."

I asked him "What did he find disturbing about it?" Without him giving me a clear answer.

So now I will ask you...read the memo...and YOU tell ME what is outrageous about it. This is where this discussion stemmed from.

And I clearly TUH said there is nothing conspiratorial about it.

And you responded with, "but the complicity of what components that caused the global financial crisis was not some evil plot by Larry Summers and banking executives that were colluding an effort to purposely bankrupt countries and leave societies in financial ruins." Which is exactly what TUH said.

:heh: like I said, you're arguing with yourself
 

Dusty Bake Activate

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yellin wasn't going to be any different than bernanke or probably summers for that matter.

I would be amazed if glass stegall is put back into place.
We don't know that. From what I understand, Yellen was basically going to be a continuation of Bernanke. And she has an impeccable background education and experience wise and is well-respected and well-liked by a broad spectrum of people.

As far as Summers would do, we don't know. I heard there was grumblings that he indicated he was more concerned with inflation than full employment and pare back QE before Bernanke wants to, and I doubt he would be in favor of implementing any useful regulatory mechanisms in Dodd-Frank or otherwise on the banking industry. Not saying that Yellen would, but we know Summers won't.

Plus he has a track record of being wrong on everything. He was wrong when him and Rubin stopped Brooksley Born from regulating derivatives. Wrong on repeal of the Glass-Steagall Act. Wrong on shaping the Commodity Futures Modernization Act. Wrong on denial of a housing bubble (which Janet Yellen correctly called). He was wrong on the stimulus (he thought it should be in smaller than it what it was). And he never pushed for any debt relief for homeowners. And he's a fukking a$$hole who nobody likes except for Obama and his clique of Wall Street bosses.

Janet Yellen got the blessing of Joseph Stiglitz, so that's a good enough indication that she would be a better candidate than Summers to me considering what we already know about him.

http://www.project-syndicate.org/commentary/guidelines-for-new-central-bankers-by-joseph-e--stiglitz

NEW YORK – With leadership transitions at many central banks either under way or coming soon, many of those who were partly responsible for creating the global economic crisis that erupted in 2008 – before taking strong action to prevent the worst – are departing to mixed reviews. The main question now is the extent to which those reviews will influence their successors’ behavior.

Meanwhile, GDP in many European countries remains markedly below pre-crisis levels. In the United States, despite GDP growth, most citizens are worse-off today than they were before the crisis, because income gains since then have gone almost entirely to those at the top.

In short, many central bankers who served in the heady pre-crisis years have much to answer for. Given their excessive belief in unfettered markets, they turned a blind eye to palpable abuses, including predatory lending, and denied the existence of an obvious bubble. Instead, central bankers focused single-mindedly on price stability, though the costs of somewhat higher inflation would have been miniscule compared to the havoc wrought by the financial excesses that they allowed, if not encouraged. The world has paid dearly for their lack of understanding of the risks of securitization, and, more broadly, their failure to focus on leverage and the shadow banking system.

Of course, not all central bankers are to blame. It was no accident that countries like Australia, Brazil, Canada, China, India, and Turkey avoided financial crisis; their central bankers had learned from experience – their own or others’ – that unfettered markets are not always efficient or self-regulating.

For example, when Malaysia’s central-bank governor supported the imposition of capital controls during the East Asian crisis of 1997-1998, the policy was scorned, but the former governor has since been vindicated. Malaysia had a shorter downturn, and emerged from the crisis with a smaller legacy of debt. Even the International Monetary Fund now recognizes that capital controls may be useful, especially in times of crisis.

Such lessons are most obviously relevant to the current competition to succeed Ben Bernanke as Chair of the US Federal Reserve Board, the world’s most powerful monetary authority.

The Fed has two main responsibilities: macro-level regulation aimed at ensuring full employment, output growth, and price and financial stability; and micro-level regulation aimed at financial markets. The two are intimately connected: micro-level regulation affects the supply and allocation of credit – a crucial determinant of macroeconomic activity. The Fed’s failure to fulfill its responsibilities for micro-level regulation has much to do with its failure to meet macro-level goals.

Any serious candidate for Fed chairman should understand the importance of good regulation and the need to return the US banking system to the business of providing credit, especially to ordinary Americans and small and medium-size businesses (that is, those who cannot raise money on capital markets).

Sound economic judgment and discretion are required as well, given the need to weigh the risks of alternative policies and the ease with which financial markets can be roiled. (That said, the US cannot afford a Fed chairman who is overly supportive of the financial sector and unwilling to regulate it.)

Given the certainty of divisions among officials on the relative importance of inflation and unemployment, a successful Fed chairman must also be able to work well with people of diverse perspectives. But the next leader of the Fed should be committed to ensuring that America’s unemployment rate falls below its current unacceptably high level; an unemployment rate of 7% – or even 6% – should not be viewed as inevitable.

Some people argue that what America needs most is a central banker who has “experienced” crises firsthand. But what matters is not just “being there” during a crisis, but showing good judgment in managing it.

Those in the US Treasury who were responsible for managing the East Asian crisis performed miserably, converting downturns into recessions and recessions into depressions. So, too, those responsible for managing the 2008 crisis cannot be credited with creating a robust, inclusive recovery. Botched efforts at mortgage restructuring, failure to restore credit to small and medium-size enterprises, and the mishandling of bank bailouts have all been well documented, as have major flaws in forecasting both output and unemployment as the economy went into free-fall.

Even more important for a central banker managing a crisis is a commitment to measures that make another crisis less likely. By contrast, a laissez-faire approach would make another crisis all but inevitable.

A top contender to succeed Bernanke is Fed Vice Chair Janet Yellen, one of my best students when I taught at Yale. She is an economist of great intellect, with a strong ability to forge consensus, and she has proved her mettle as Chair of the President’s Council of Economic Advisers, President of the San Francisco Fed, and in her current role.

Yellen brings to bear an understanding not just of financial markets and monetary policy, but also of labor markets – which is essential in an era when unemployment and wage stagnation are primary concerns. (A classic article that she co-authored remains, many years later, on my list of required reading for Ph.D. students.)

Given the fragile economic recovery and the need for continuity in policy – as well as for confidence in the Fed’s leadership and global cooperation based on mutual understanding and respect – Yellen’s steady hand is precisely what US policy making requires. President Barack Obama is supposed to appoint senior officials with the “advice and consent” of the US Senate. Roughly one-third of Democratic senators have reportedly written to Obama in support of Yellen. He should heed their counsel.

US Federal Reserve Chairman Ben Bernanke's aggressive response to the 2008 financial crisis has been both praised and scorned. As Bernanke's term nears its end and the race to succeed him heats up, Project Syndicate's experts consider the future of Fed policy – and what it means for the global recovery.
http://www.project-syndicate.org/commentary/guidelines-for-new-central-bankers-by-joseph-e--stiglitz
 

Domingo Halliburton

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We don't know that. From what I understand, Yellen was basically going to be a continuation of Bernanke. And she has an impeccable background education and experience wise and is well-respected and well-liked by a broad spectrum of people.

As far as Summers would do, we don't know. I heard there was grumblings that he indicated he was more concerned with inflation than full employment and pare back QE before Bernanke wants to, and I doubt he would be in favor of implementing any useful regulatory mechanisms in Dodd-Frank or otherwise on the banking industry. Not saying that Yellen would, but we know Summers won't.

To be honest I don't know much about Yellen. I don't get the inflation thing. I've actually heard people in the fed say they think inflation may be too low. Which is a ridiculous sentiment by the way. I mean it was like 1.7% last year which isn't bad at all.
 

Julius Skrrvin

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Even if Yellen, Summers and Bernanke all govern the same Summers still shouldnt get the job. His resume has black marks on it, and by all available account's hes a misogynist and a twat.
 
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