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2021-11-17 Economy

Top Obama Economist Larry Summers Comes Out Swinging Against Biden Admin Over Inflation Surge

[Daily Caller] A former Obama economic adviser has become a prominent Democratic critic of the Biden administration’s handling of the inflation surge.

Former Treasury Secretary Larry Summers, who served as head of the National Economic Council during the Obama administration, slammed the Federal Reserve and Biden administration’s response to the surge in prices.

"After years of advocating more expansionary fiscal and monetary policy, I altered my view this past winter, and I believe the Biden administration and the Federal Reserve need to further adjust their thinking on Inflation today," Summers wrote in an op-ed in The Washington Post Monday.

Summers criticized Fed Chair Jerome Powell’s recent remarks when he called inflation transitory at a speech in Jackson Hole in August.

Posted by Besoeker 2021-11-17 01:52|| || Front Page|| [23 views ] Top

#1 Summers said all this half a year ago. See his interview w Martin Wolf of the FT. "Too much water in the tub"... 15x bigger than was possibly needed

Posted by Merrick Ferret 2021-11-17 02:16|| 2021-11-17 02:16|| Front Page Top

#2 Krugman admitted error on this per a tweet

Paul Krugman
@paulkrugman
Trying to clarify my own thoughts on inflation. I got inflation wrong; I didn't see the current surge coming. But why? I didn't think the fiscal stimulus early this year would boost demand as much as Summers et al predicted ... and, in fact, so far it hasn't 1/

Posted by Lord Garth 2021-11-17 09:04|| 2021-11-17 09:04|| Front Page Top

#3 Who listens to Krugman? That asshole hasn't been right about anything since he married his harpy wife and went left decades ago

Posted by Merrick Ferret 2021-11-17 09:15|| 2021-11-17 09:15|| Front Page Top

#4 Merrick

A lot of people swear by Krugman. A few years ago I was on a cruise. A lot of NY people who regularly read the NYTimes. I told them about a few idiotic Krugman comments. I didn't have the broadband to get them live and they didn't believe me.

Posted by Lord Garth 2021-11-17 09:28|| 2021-11-17 09:28|| Front Page Top

Green New Deal wind turbine maintenance.

Posted by Besoeker 2021-11-17 09:45|| 2021-11-17 09:45|| Front Page Top

#6 Any Obama cronie taking a swipe at Biden is just their way of prepping the field for the deployment of Big Mike.

Posted by Rex Mundi 2021-11-17 13:56|| 2021-11-17 13:56|| Front Page Top

#7 Michelle Obama made it clear she loathes politicians and politics, and deeply resented having to play the supporting wife. I don’t think she’ll be interested in playing second diddle to her husband’s despised former Number 2.

Posted by trailing wife 2021-11-17 15:03|| 2021-11-17 15:03|| Front Page Top

#8 tw, of course, if Big Mike is named VP after Kamala is somehow removed, Joe will immediately resign, making her president.

Posted by Rambler in Virginia 2021-11-17 16:52|| 2021-11-17 16:52|| Front Page Top

#9 I don't think Michelle liked any part of it at all.

With stuff coming out of Harris' mouth, stuff like a white man would have received support, saw another thing I read about losing "the colored community" I think it was how they put it (themselves) if replaced by a gay white man, it sounds like Buttgig is being weighed, with Harris getting a chance at a Supreme Court seat.

Harris is arrogant enough and Buttgig conceited enough to not fully understand that VP may not be the place to be standing when this stalled bus gets hit by the train.

Posted by swksvolFF 2021-11-17 17:13|| 2021-11-17 17:13|| Front Page Top

#10 /\ Far, far too many white men.

Posted by Besoeker 2021-11-17 17:20|| 2021-11-17 17:20|| Front Page Top

#11 Huh. Seems Ace has similar thoughts, FWTW.

*at the risk of being off topic, I have to point out this should not happen. Not because I don't want Harris to fail so spectacularly as to blow up The Narrative. I want that very much. It sets a precedent that a party can run a P/VP ticket however they want, install the preferred dictator into VP after the election, and then stage some reason for the President to resign.

Posted by swksvolFF 2021-11-17 17:30|| 2021-11-17 17:30|| Front Page Top

#12 /\ Exactly what we very well may see take place.

Posted by Besoeker 2021-11-17 18:17|| 2021-11-17 18:17|| Front Page Top

#13 Welp, after installing Mrs. Buttgig as president, they could put Mrs. Buttgig in as vice-president, and run an Everything is AWFL campaign because those who control a Karen, control a thing.

*Affluent White Female Liberal.

Posted by swksvolFF 2021-11-17 19:19|| 2021-11-17 19:19|| Front Page Top

#14 Are Plans Being Made To Replace Harris?

Email Received By Fox News Reporter Raises Question ... said "They’re preparing something in Congress that they have not done in many, many years”

“Chad Pergram said they’re preparing something in Congress that they have not done in many, many years – It’s about the process by which you go about confirming a new vice president,” she said…

On the podcast, Pergram said he received an email from a source who wrote that the reporter should “start to familiarize yourself with the confirmation process not just in the Senate, but in the House, for a vice president.”

Posted by Merrick Ferret 2021-11-17 20:16|| 2021-11-17 20:16|| Front Page Top