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(Marketwatch)   Former Treasury Secretary Larry Summers warns that Trump's Treasury Dept. lacks the brainpower to accomplish anything. So, hello S&P credit downgrade   ( marketwatch.com) divider line
    More: Obvious, treasury secretary, Bill Clinton, Democratic Party, Barack Obama, Treasury Secretary Steven, George W. Bush, Hillary Rodham Clinton, President of the United States  
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1101 clicks; posted to Politics » on 15 Aug 2017 at 7:56 PM (48 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2017-08-15 09:39:31 AM  
Are we to believe this problem is limited to the Treasury?
2017-08-15 10:27:18 AM  
The whole economic system is based on trust. When trust breaks down...
2017-08-15 11:19:02 AM  
From Larry's site:

"With the term of Janet Yellen as Federal Reserve chair ending next February, the president will have to nominate and the Senate will have to confirm a new head of the central bank in coming months.


"If history is any guide, it is more likely than not that the economy will go into recession during the next Fed chair's four-year term. Recovery is now in its ninth year with relatively slow underlying growth for demographic and technological reasons, very low unemployment and high asset prices. Even without these factors, experience teaches that recessions are almost never forecast or even rapidly recognised by the Fed or the professional consensus forecast, but there is at least a 20 per cent or so chance that if the economy is not in recession, it will be so within a year. So the likelihood that the next Fed chair will have to address a recession is probably about two-thirds.


"In reporting on the last round of bank stress tests the Fed has asserted that even if the stock market loses half its value, the unemployment rate reaches 10 per cent and house and real estate prices fall only as much as they did in the last crisis, the big institutions will all be fine without capital increases. Market evidence suggests otherwise, based on past patterns their equity values would collapse."

Yeah, any guess who is gonna get screwed? Look in the mirror.
2017-08-15 01:10:41 PM  
Don't worry, I'm sure that the upcoming government shutdown will not add to the upcoming shiatshow...
2017-08-15 03:47:27 PM  
Trump's Treasury Dept. lacks the brainpower to accomplish anything.

FTFY Larry.
2017-08-15 06:08:06 PM  
Donald Trump has made more financial disclosures than anybody

I'm going to assume this is based on the premise that he has 100 times more to disclose than any previous president. That's he's only disclosed 1% of it means the claim is technically correct.
2017-08-15 07:00:46 PM  
Who'd have thought that a crackpot like Mnuchin would fail to recruit top notch talent?
2017-08-15 08:00:46 PM  

edmo: Are we to believe this problem is limited to the Treasury?

Nah, but with the debt ceiling coming up soon, it's immediately relevant.
2017-08-15 08:12:36 PM  
They were told no one would actually check their math...
2017-08-15 08:14:45 PM  
I strongly recommend getting a car with a bench seat as opposed to buckets. and invest in dark window tinting.
One will be able to sleep better that way.
2017-08-15 08:18:20 PM  
Git er dun, you ignorant, racist farking pricks.  Maybe they'll let you sell them your kids for dog meat like the Romans did the Goths.
2017-08-15 08:19:55 PM  
"Former" Treasury Sec?  Sounds like a disgruntled former employee.
2017-08-15 08:22:04 PM  
Well today has been terrifying. The president has condoned white surprimesist and we have learned we are farked in an election. Welcome to lord of the flys ladies and gentlemen.
2017-08-15 08:22:15 PM  
And no matter what happens on Trump's watch guess (((who))) Trumpsters will blame
2017-08-15 08:23:14 PM  
Aren't they all from Goldman Sachs any way? Is there that much difference between one money guy and the next? Time after time they have proven that it is largely luck that sorts out the winners from the losers, until the last "winner" blows up and is escorted from his plush corner office with his personal possessions in a carboard box.

That is why many employers only allow you one personal item and a couple of "awards". You should never have to get somebody else to carry a box. Nobody knows your name two seconds after you are fired.

Nassim Nicholas Taleb is my idol. You don't have to read all of his books. Just read the latest one. He upgrades and extends the points made in each previous book. One is plenty. If you want the mathematical and theoretical background, there is another book for quants and mathematicians.
2017-08-15 10:25:06 PM  
The opinion of the top financial adviser to the president that doubled national debt?  Well he is a lib so it should be fark worthy if nothing else.
2017-08-16 12:06:23 AM  
It isn't brainpower. It's honesty. Summers basically said he's lying. And worse: he lies so much that the market won't believe him when it's in crisis.
2017-08-16 12:08:22 AM  

wardog84: The opinion of the top financial adviser to the president that doubled national debt?  Well he is a lib so it should be fark worthy if nothing else.

Republicans had to approve every dollar spent for the last 6 years.

Who doubled the debt?

2017-08-16 04:44:08 AM  
I don't take anything Summers writes too seriously.  Apparently to him, deficits only matter when your politics are wrong.

It's past time we had a nonpartisan honest conversation about the budget and the lack of a magic pot of gold to pay for massive social and defense spending.
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