10 Things You Didn’t Know About Lawrence ‘Larry’ Summers

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One thing I can say, for an economist with his credentials it is hard to understand how he can be such an idiot. The principles of a sound economy, and that goes for any country, is THRIFT, without it a country cannot survive and a good example of it is Rome. Marco Tulio Ciceron on 55 B.C. said:
"The budget should be balanced, the Treasury must be replenished, public debt should be reduced, the arrogance of public officials should be tempered and controlled, and assistance to other countries must be removed so Rome does not go bankrupt. People must learn to work again, instead of living off the state. "
A good example that “debt” is an evil is our economy and people living on “credit”; there is what in economic terms is “The point of diminishing returns”; in other words, a point when people or governments can no longer survive and everything is lost. Good example are the millions of people in the USA living on credit and loosing their jobs resulting in loosing their property and possessions. The same can be said about any country. Money is power and a good example now days is China, they have plenty of hard money to finance any super project which create thousands of jobs for people with different levels of education, from professionals to blue collar labor. Any economist who does not see that is an idiot and our government is full of them.
Something which puzzles me is how Larry Summers has obtained all of his qualifications and jobs without even knowing the principles of “Classic Economy” such as “thrift”.
Remember, always save for a rainy day!

Cicuta of CA 5:59AM January 29, 2012

he is also one of the chief architects of the global recession

oel 5:50AM September 24, 2011

For any economy to be sound it must PRODUCE something. We as a country are producing less and less. Jobs follow the production line. AS yet I dont see jobs coming our way in nthe volume that we as a country need. By summer time we may see the results of so many people having nothing to do but cause trouble in the larger cities. In our old west history if we needed something we made it ourselves. Now we wait for china to make it for us.

harry koschorreck of OR 6:32PM May 25, 2009

There is no positive jolt from creating debt. I'd say the idea that it's possible got us where we are today, but nobody with a position of power "Larry" really believes it. None of this stuff is hard. To believe that, we must accept that, the most acclaimed economists of the day are all idiots. If a, so called, expert states that debt is sound currency then he is either simple minded or lying. It's really that easy. You can't make a silk purse out of a sows ear.

Wilson of TX 12:12PM May 01, 2009

Wasn't he one of the architects of the ninja loans,

marcia 1:46AM February 23, 2009

Summers is a Clinton retread and whatever Obama's reasons, they don't excuse this man's inappropriateness. He's against infrastructure investment according to our great Rep from Oregon, Peter Defasio, and favors more corporate hog troughing. Obama promised the Unions he would restore America's infrastructure--he need s to do that.

Jean Wyman of OR 4:36PM January 22, 2009

To put money back into the economy you have to make sure it gets there. Sending out stimulas checks to all americans does not mean that the money will be spent on durable goods which is going to be needed to give the current economic situation a quick jolt. When the last stimulas checks were issued, americans either held onto them in savings accounts or used them to pay off high interest credit cards. To make sure that the stimulas checks will be spent to give the economy the jolt it needs, then you must send out "Stimulas Debit Cards" with a condition that the money can only be spent on durable goods sold in the United States (not for paying off credit cards or to put in savings). You could give the cards an expiration date (90 days) which would pretty much guarantee that the money would be spent fast therefore giving the economy the quick jolt it truly needs.

Richard Raymond of NH 8:16PM January 14, 2009

"i am glad that obama is not pc and has chosen an excellent economist"
Excellent economist?!!! This guy has been wrong about EVERYTHING. Having Larry Summers, a believer in deregulation and an opponent of the Kyoto protocols, lead your economic team is the exact opposite of "change." God help us.

Andy of 9:14AM January 04, 2009

"I'm very disappointed in our new president elect for choosing someone who believes women are genetically inferior."
Well of course he never has said that any time any where. You've become hysterical about a non-event and a non-issue.
In a history class, I once taught, a fanatical ultra feminist student said it was so terrible that women were not allowed to own property or to go to court. I said that may have been true in a very few places during a very few eras, but it was not a universal rule. I told her that I had written a Ph.D theirs largely based on 14th century southern French court records, which were full of property-owning women suing and pulling legal shenanigans. If we were in France, I could take her there, and she could touch the court records to prove they really existed.
She responded that she didn't care about reality, facts, data, evidence,and truth; as a "feminist," she just KNEW that every woman everywhere has always been a victim.
I don't know why I am writing this. Like that student, you and other feminists can not be reached by the truth, even if the truth bit you. I guess I just want you to know that there is at least one person in this world that realizes feminists are demented.
By saying that even more women that already are there [which looks like more than 50%] should be in Obama's administration SIMPLY BECAuSE THEY ARE WOMEN, I note also that you proved the true motive for "feminists" is to grab jobs and money their talents deny them.

Jan Rogozinski of FL 10:19AM December 28, 2008

it has been well known that men have more variance in their iq scores. the issue is whether this is environmental or hereditary. and this cannot be answered without studies which are unlikely to be performed.
that said, i am glad that obama is not pc and has chosen an excellent economist.
still, if there is interest in a liberal economist, what about krugman or if you want one whose relationship with obama is not strained, joseph stiglitz.

rlk of MA 4:36PM December 04, 2008