Full Summers Interview: Recession Is Coming; Fed Is 'Behind The Curve'
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- Опубликовано: 18 июн 2022
- Former Treasury Secretary Larry Summers shares advice for the federal government on what to do next, as the country heads toward an inevitable recession.
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#Treasury #Economy #Recession
Every day becomes more unattainable to live in this country.
elections have consequences, play stupid games win stupid prizes
@@chrischoir3594 doesn’t matter who wins the election anymore. We’re doomed either way
Lmfao its global not just in this country ...geesh
@@chrischoir3594 its global numbnuts, not just in the US ...LOL
Keep up or get out of the way.
At this rate, we'll be fortunate if it's only a"recession".....
Our economy is literally doing too good and it's for that reason we must slow it down to a manageable pace.
@@TruckTaxiMoveIt 11 million surplus positions.
13 million must lose current jobs.
Workers are buying survival food and goods. Not luxury items.
Happy Fathers Day everybody! 🌿🌿
I love hearing that a recession is not inevitable but at the same time not one so-called expert has the answers as to how to avoid what is clearly inevitable. Way too often the positive spin is purely to prevent an early panic and nothing more! As of right now I can guarantee you that if you could see current real time movement of the money the 1% have invested you will see that they are preparing for the flood as usual!
At least you're half right
Just because you raise interest rates doesn’t mean people will stop buying especially essential items. The rich will keep spending and the rest of us will pay for inflation and higher interest.
I think it’s more that raising interest rates has a delayed effect
It's more about keeping people from putting a large amount of wealth in borrowing. Including the rich.
You got it! The worker pays for it elites. The American way since Regan.
Raising rates are not meant to stop people from buying essential items. It slows the economy because borrowing costs are more expensive and the US is a debt based economy. Most of our economic growth is fueled by debt. If fewer people can afford debt they’ll be less of it therefore slowing the economy. It’s not up for debate. This is not the first rate hiking cycle. Almost all rate hiking cycles cause recessions
@@markm4623 Agree. 1. Tax break 2. Buybacks 3. Inflation 4. Rate Increase 5. Cash out 6. Bankruptcy 7. Stock Market crash. 8. Government bailout ,8. recession. This time, the bailout was first in March 2020.
Did not create new jobs , those were existing jobs for rehires or this were left over jobs from those how retired or left the job market.
Everything that comes from Biden’s mouth is BS
The "new" jobs are just people going back to work after then Covid shut down. Frightening financial times.
Biden will take credit for the sun coming up tomorrow morning . like he had something to do with it and if it is cloudy it was Trump or Putins fault
Agree with all three of his proposals especially lowering pharma costs and eliminating tax cuts for the ultra wealthy. People over profits.
So your unaware of the largest medicare premium increase in history and increase in medical industry subsidies ?
Movie to China and you'll get your wishes. GL
US where people eat like they have affordable health care, and support tax policy like they're billionaire.
@@goonerOZZ you assume too much. I have to laugh at your comment, knowing you are spitting out words you've been taught.
Like everywhere, some of us eat a poor diet. Others eat moderately healthy, and then you have people like me who eat no sugar, no gluten or refined carbs, no processed food... Only healthy, nutrient - dense foods.
If you are in the USA, the people around you eat poorly. That doesn't say anything about the rest of us.
@@ashakabeta yeah your health care is still unaffordable for most of your citizens and your tax only benefit the rich... 👍👍👍 Good on your healthy diet though! 👍👍👍
There will be a lot more people camping in Walmart parking lots when the real estate bubble bursts.
There’s a point there
Can this administration lie any more? We feel the pain. We don’t believe your bullcrap
It's happening all over the world.
@@ciaran6309 Most people in this country are ignorant and uneducated .Your factual comment is too complex for most people to comprehend.
If you want inflation to come down immediately pop the housing bubble by taxing these housing investing corps
High Energy cost. High borrowing rate, high inflation, low job growth, global war, high personal debt:= Recession on the way.
Recession or no recession, putting all of that aside, one can not deny the fact that Larry Summers has got to be one of the best at economic advisory/commentary we have ever seen. The guy is simply brilliant.
I'm one that will deny that assertion.
He was forced out of the presidency of Harvard because of his " behavior" . Look it up.
At least he is better than Yellen and Powell... they both were wrong with inflation and now it causes us a lot... look at the price...they let inflation arise for like a year without doing anything...
@@TruckTaxiMoveIt #SASS
This isn't like the Great Depression. This is the Ultra Depression.
You must not be very old.
@@TransConBrilliance Yeah, reallly. A time machine should send him back to Kansas during the Dust Bowl. Poor baby.
The economic collapse that is coming and has already begun will be the most catastrophic economic meltdown the world has ever seen! And I’m not being hyperbolic
Nonsense.
@@TransConBrilliance Boomers didn't experience the Great Depression. Try again.
President Trump gave us Energy Independence, a Great Economy, Secure Borders and No New Wars.
Secure borders? Then why are you all whining so much about "caravans"?
@@GoshRae Pedo Joe just gives little girls nightmares:
ruclips.net/video/nvK-ze8_0CU/видео.html
@@GoshRae you’re in denial that times were better when Trump was president? The major issues we have now don’t compare to what we had before. We had it good.
If Economy is strong, why we have this high inflation?
Once people start cutting back, companies will lay off and unemployment will triple. All these “influencers,” people at Twitter that work 4 hours a week, anyone who doesn’t have an essential job will be let go. My guess 15% of entire workforce is totally unnecessary.
I just doubled my donation to the food bank. They’ll need it.
Actually we need to go on a diet.
I'm seeing people who are obese literally starving because they're feeding their fears and drowning in sorrow.
@@TruckTaxiMoveIt seriously? Diet part is different.
Better hang onto that food. When a carton of eggs costs $8 and milk is $6, YOU’RE going to need it.
Biden really let us down
Thanks Joe
😊
Nothing to see here. Biden is doing a great job. Good thing democrats are for the poor people.😂
A medically-induced coma is not the same as one produced by a catastrophic event.
A prescribed burn is not the same as one produced by lightning or arson.
If our economy slides into a recession it should be viewed as a controlled circumstance for the long term financial health of our country.
totally correct
Recession coming so less cash for the poor, more for the rich and bigger guns for everyone. Keep that Ukrainian war going forever.
Exactly
That Ukrainians war bout to spill into your living room.
Conservatives say they want smaller governments, but they have NO problem putting the burden on Americans to pay for their ideas. Here's what happened to America from Trump's tariffs.
You’re too absorbed in politics. The economy mostly revolves around the Fed. That’s what this is all about. Their policies…
@Phantom Way more than you'll ever be.
@@markm4623 So give me a policy that's in place that determines gas prices? I'll bet you can't come up with one.
Joey's voters, excuses please:
Summers, is correct and willing to state the truth.
Yes 👍
Prices are set by the laws of supply and demand, this is true. However, the big economic lie about inflation is that when you print trillions of dollars to fund tax cuts to corporations that they then use to (instead of funding expansion, paying workers more, or - god forbid, draw down their hideous debt burden) buy back stock to inflate stock prices this causes true inflation. And when you shovel even more printed money to sop up corporate debt (they call it "QE") then OF COURSE the currency is worth less and can buy less. All this excess QE is now coming home to roost. And they are not chickens. They are vultures ready to pick at the bones of the American economy
Atleast we dont have anymore mean tweets right?
Sec. Summers was absolutely correct when he said inflation wasn’t transitory! I would follow his advice over Chair. Powell!
I agree with the antibiotic analogy ,but running the full course often comes with gastric issues.
If aerospace engineering was as unscientific as Summers, airplanes would fall out of the sky every day. Economics did not see the pandemic, did not see the collapse of global supply chains, did not see the Ukraine war. The economic "models" for all of this are non-existent. American leaders need to do the basics of ensuring average Americans can make it, and quit obsessing over Wall St and profits. Only 10% of the country has any money at all in Wall St, and we have tens of millions of citizens that cannot afford food, cannot afford housing, cannot afford gas.
I guess spending all that money in Afghanistan and Iraq was a bad idea lol
We are in a Recession, on the way to the Great Depression then to a Great Desperation, then to "Survival of the Fittest!" Eyes Wide Open" while the wallet is empty & the cupboard bare!!🤔
People are rejoining their old jobs🤣🤣
Frfr 😂😂
please in a couple weeks he will be demanding another few billion for Ukraine
Nobody talks about how the fed did not raise interest rates when they were giving out the pandemic stimulus. I'm a nobody and I know if they flood the economy with new money you can't keep interest rates low. Sure the rich and upper middle class cashed in but anybody with one class in economics knew this was coming.
The fact is the total amount of money in circulation also affects inflation and we know the wealthy have been borrowing money at stupid low rates while parking that money outside the economy so the best thing to do is tax the rich a ton more and get ready to spend it on a jobs program when unemployment gets about 7%.
Looks my friend in other contry around the world they don’t give stimulus to the people like in here and they have some problem with the inflation.you should look for other reason my friend 🌿
@@rafaelrrosa4612 it is a global economy. When you print money inside US a large portion is spent on domestic consumption which is mostly funded by imports. Then the imports feed into inflation into the exporting country. Noting operates in vacuum. The money just doesnt stay inside US borders.
He is the no doubt the best
God be with us.
How can your hosts try to redefine a recession -Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.
So? What does it matter when people realize it? They are going to have to buy the food, buy the gas, etc, anyway - just like they have all along.
Millionaire couldn't afford a bigger water bottle?😆
Avg Americans can't maintain paying high rent, high gas, and high food prices all at once. People are going broke daily sadly.
He is true, the shopping malls are always crowded of people spending money on no necessary things.! lol
BE PATIENT ,GOD BLESS ,HAPPY FATHERS DAY...
Why is Chuck Todd still here?? I thought he got his @ss fired already!!
I know right? I think they’re looking for a replacement. They were considering you, but you’re semi-illiterate. So the search continues.
There is no curve all the problems are on the supply side people are buying things they need like food gas and shelter
What caused supply shortages? It was the increase in money supply in 2020 because of Covid. More money chasing the same amount of goods and services
What is a recession? What is a depression? I am asking seriously.
Are you 9?
Economy is strong until it isn't. Hold on tight! 1929 / 2008
something happened in 2008?
Julie , the coming up economic meltdown will make the Great Depression look like a Sunday picnic .. (The Great Reset is coming to a city near you!) if you don’t know what that is, please research it.. I’ll give you a hint, it’s only good for those at the top
We were just told that our electricity bill will rise another 70. Extra a month then in November it will rise somewhere from70.-85. A month extra this is outrageous considering it was horrible last winter average bill was 235. A month! Up by my bill 115. A month .
You need micro solar and micro thermo plants in your home. I'm guessing your home is also highly inefficient.
USA! USA!.....have not heard that in a while.....maybe for a LONG while...
SAVE,SAVE,SAVE!! Americans spend too much on crap. You did it to yourself America.
When you spending "recedes", you are in a "recession". Do you know of anyone who's spending has not receded?
That’s not how it works those aren’t new job they just lifted the restrictions and people that were forced onto unemployment got their jobs back
1:56 Larry "Rubio" Summers
people without jobs versus people with jobs, the former without money versus people with money. which is preferable?
All 3 of those proposal will provide minimal relief. The average person takes an additional $40/check after Trump’s federal income tax cut. Healthcare costs will never be reduced until there is an overhaul of the lobbying done by big pharma.
Very smart guy.
Americans never thought America could become the next Venezuela…. Well, here we are….
Our federal government is way way behind. on everything.
Who could have thought the Americans' love for Ukraine would precipitate, even accelerate its collapse...?
Already threw out those pretty lawn flags....they annoy me now...
What an ignorant comment on so many levels. Firstly, inflation had been steadily rising way before February 24 (when Russia brutally invaded Ukraine). The government handed out trillions of dollars like lollipops with little to no scrutiny to many people who didn’t need it as stimulus. It was rife with fraud (PPP and unemployment), people were prevented from being evicted and foreclosed on (many used that money to buy stuff). With all this extra cash and only one main way to spend it (with social distancing and shutdowns) via retail and online it increased shipping demand by over 14% which nearly broke the supply chain. Now of course Putin invaded a country and exacerbated fuel and gas prices. When a dictator or bully oppresses there is a cost to fight back which must be absorbed or that dictator or bully takes more than your lunch next time (look what ignoring Nazi Germany did). It’s small minded people like you which dictators hope will think selfishly and foolishly of the short term so they can achieve their aims
Oh no! all my debt is losing its value!
Yet, interest rates are going up. Catch 22.
YES GRANP IST STRONG LIKE A CAKE IN THE SCHOOL.JAJAJAJAJA
Nobody is talking about cutting spending and easing... 1.3 trillion in revenue per year, yet spend 4 trillion. CUT SPENDING DRAMATICALLY, RAISE INTEREST RATES AND STOP QE, FFS!
Been here Since January but MSM is giving time to the corporations and billionaires are cashing out
Somebody wake LARRY UP
There is precedent for the current situation . Rapid price increase of oil in 78 led to a major North Atlantic inflation . A huge interest rate increase by Paul Volker ‘s Fed , caused a recession lasting two years. The problem today however is not only an oil price increase but global supply chain issues caused in good part by global Covid related measures. Supply pressures are everywhere. Raising the interest rate in this environment will do little to control inflation unless aggregate supply increases in tandem . We now run the real risk of a stagflation …. Stagnation accompanied by inflation . Measures aimed at reducing the supply bottlenecks are now critical but of course not easy and naturally will take time . Impossible to say how long this will take .
Increase Supply will not happen. Due to strangled hold by Russia and the back log from covid
🤔 Recession is HERE...NOW. Outright depression looming. 🤬
What was the government thinking handing stimulus money in waves? Did they check to see if only the needy were getting the benefit? How many companies got stimulus and for what?
What about the corporate tax cuts, and tariffs!
Econ is strong 💪- which country ? Smh 🤦♂️
Ronald Reagan ran 15% inflation
The headlines about fed is behind the curve or getting a soft landing are just people opinions. The fed should never have printed so much money and they purposely did what they did because they wanted higher inflation. Now we have inflation and they are pretending to fight inflation just to keep the public calm. A soft landing is already impossible because damage to the economy already happened because of inflation. The airplane cockpit is on fire before the plane is landed so how is a soft landing possible? If the fed was serious about fighting inflation rates needs to be 20% like what paul volker did in 1970s. This fed chair doesn’t have the courage to do that. J Powell doesn’t want to surprise the market because he wants plenty of time and plenty of warnings for the billionaire to get out first.
To ask to the president about inflation is to lose your time .the inflation don’t afecte that kind of people . When they said that they know the filling of the people. They are laying one more time.
So the long and short from mr summers is that we are f**ked.
Chill out. It’s just the economic cycle. There is no surprise here if you understand macroeconomics.
Nope
car is far to costly price gougeing ?
Raise taxes he says
Better batton down the hatches, people. This is not going to be pretty. Have you noticed fewer homes for sale? I see brand new construction for LEASE. STOP using those credit cards, it's going to damage your credit where bankruptcy will be the only option.
Every time I hear "Behind the curve", I think we are in some kind of baseball game. Sadly it's not a game. In reality we are in Darwin economics, where Most people have to adapt to the changes on a daily base's in order to survive. Buy less gas, less food, less housing.
Why this keep incurring fix it America your citizens derserve better.I derserve better,The American citizens derserve better... The table gonna turn.
Come on red wave this November!!!
Larry, have another drink of water.
NBC must be really desperate to dig up this old fossil.
This is off the subject that they are talking about. I love to watch Meet The Press and I think Chuck Todd is a really great reporter. But the one thing that drives me nuts about him is how much he mumbles!!!! Please Chuck stop the mumbling!
nothing will lowwer rent; get rid of the job and rent in trouble
Chuck’s voice trails off at the end of each segment and I have trouble hearing what he’s saying. Why does he continue to do this?
Because he's toted the democrats and he knows it a lie
He's exhausted trying to hold up the Biden administration failures.
When we enter into your presence in prayer we open our spirit to receive the brightness of your love. Lord fill us with your power and presence as we wait upon you. Radiate through us and touch others with your power and peace.. 🙏
The Fed calling 2.5% neutral rate here at 9 % inflation rate sorry aint going to cut it. Inflation will come roaring back along with stock market. Biden admin would rather have high inflation than a recession come mid terms. Save the stock market at all costs!1
🤔
Today, for a private banker at the Federal Reserve, one dollar can become 10 or more money credits in the dark of night, leaving us all in debt.
The Sustainable Prosperity Talk Show Channel presents a simple animated presentation with an action plan for establishing a citizen owned money system in the USA. ( turn off the audio if you like, the videos have captions )
We can reduce the power of the private bankers of the Federal Reserve by passing legislation to separate the banks from the operation of our national money system.
With a money system update, one dollar will be one dollar among all citizens of the USA including bankers.
Ideally, we develop an organized group online, and on the ground, to call for the Repeal of the Federal Reserve Act and the establishment of a citizen owned money system, and then call upon President Biden to use various Executive Orders to provide the needed legislation.
Then, with the Presidents’ support, we would have a fair money system that supports our shared prosperity.
Larry Summers is lost.
Larry's been lost for some time now, especially after the 2008 Financial Crisis.
The Fed isn't raising interest rates now in anticipation of inflation, they're raising rates because with $2.7 Trillion on their books of bad mortgage (from 2008) and private business debt (from March of 2020) on their balance sheets, they don't have any more monetary policy ammunition left unless they raise rates.
Fed knows a recession is coming. Rises are not to fight inflation, they no they never will rise them enough and also can not control oil snd shortages. Not stupud.
They raise the rates because they know will have to lower them once recession hits.
You’re a fool who just doesn’t like the truth he has to say. He was calling inflation being out of control for a year. The Biden administration and Fed both missed it and now have to overcorrect. Unfortunately capitalism doesn’t work with very low unemployment as it drives up prices for finite resources. The only way to fix this is reduce demand (which rising interest rates does) and will most likely cause a recession. When a pendulum swings, it swings the other way too
Chuck TOdd is a joker
Recessions is coming cause you gave all the wealth to the two percent,
Was Larry a muppet before he was appointed by Obozo?
imagine the damage thats been done two more years the country is destroyed.
I hate politics.
Good vrs greedy evil controller.
Supporting ukraine is not helping.u go poorer to save their country
Time to tax all companies big and small 90% and distribute that money directly to all households who make under $100K per year. Anyone else can suffer and pay more.
You're not too smart are you?...Or move to Cuba,,you'll get a free rice cooker... GL
100k isn’t crap these days..you obviously don’t know the true cost of living
Yes, destroy everyone’s one source of income, going to a job, by putting the company out of business through draconian tax increases. Brilliant…
3 things Biden needs to do during this red hot inflation, 1 monthly voucher for gas, 2 monthly voucher for electric, 3 monthly voucher for food, all for households income 100k and below. no money just vouchers
100k is still not middle class these days.
Christmas every month is what got us into this problem.
What he needs to do is to close America's wallet; starting with the Ukraine then cut off all foreign aid.
Allow for temporary oil production in the US while putting forward renewable energy plans like solar panels on all new residential and commercial units. Thermal energy and gasification plants.
Etc ...
@@amc1701 $100,000 can easily get you a $250,000 house a $30,000 car a $120,000 education, Health Care co-pays, child care, vacations, holiday treats, etc ... full gamut of middle class life.
You know that’ll just make inflation worse because of the increase in demand for those goods… as appealing as it sounds we shouldn’t be giving out money during this time but instead finding ways to limit spending and increase supply especially in essentials like gas to lower the transportation costs for all the foods and goods we consume
@@TruckTaxiMoveIt yeap. And excuse my ignorance? How many make 100 000 min.?
70+ think is more of middle class and think 73% make 55000 smh...
Economy is strong????????? Hahahaha hahahahahahahahahahahaha hahahaha ha hahahaha!!!!