Charlie Rose Science Series
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03/17/2008
Lawrence Summers
A conversation with Lawrence Summers
Keywords:
A continued discussion about the purchase of Bear Stearns with former Secretary of the Treasury and current President of Harvard University, Lawrence Summers.
Charlie wishes to thank all those who have expressed concern for his eye injury, caused by a pot-hole in Manhattan, NYC.
Charlie wishes to thank all those who have expressed concern for his eye injury, caused by a pot-hole in Manhattan, NYC.
DVD
Charlie Rose DVDs on Amazon.
Charlie Rose DVDs on Amazon.
Audio
Audio available through Audible.com.
Audio available through Audible.com.
Transcripts
Transcripts available through Voxant.
Transcripts available through Voxant.
Why does Charlie interview this guy. He seems to have contempt for Charlie, just ignoring his questions, making speeches and never offering anything beyond answers that have been offered for months everywhere else. He's just seems unfriendly, arrogant and uninteresting.
Reply to Jan Hollingsworth If you want to learn about what is happening to the US economy and US government bailouts then go to the following website: Elite Trader the number 1 Wall Street community for active traders on the net -and these professionals discuss Stocks, Futures, Options, Currencies, Derivatives, the Real Estate market, and the US economy in general. There are 100,000 members participating on these forums including traders (from US and from around the world), economic professors, students, people interested on the stock market, and actual traders who put their money on the line on a daily basis. My screen name on that forum is:SouthAmerica And here are some threads that you might find interesting reading regarding what is happening to the US economy, the US dollar, the foreclosures and Bushvilles, the US government bailouts, and so onâ?¦. Over 75 years ago Wall Street Crashed; but today the New Crash is already underway... http://www.elitetrader.com/vb/showthread.php?s=&threadid=117003 The US dollar and the biggest default in history. http://www.elitetrader.com/vb/showthread.php?s=&threadid=121313 Today the main feature of the US economy is government Bailouts. http://www.elitetrader.com/vb/showthread.php?s=&threadid=118828 Central Banks and the US Dollar. http://www.elitetrader.com/vb/showthread.php?s=&threadid=81958 .
Reply to Jan Hollingsworth If you want to learn about what is happening to the US economy and US government bailouts then go to the following website: Elite Trader the number 1 Wall Street community for active traders on the net -and these professionals discuss Stocks, Futures, Options, Currencies, Derivatives, the Real Estate market, and the US economy in general. There are 100,000 members participating on these forums including traders (from US and from around the world), economic professors, students, people interested on the stock market, and actual traders who put their money on the line on a daily basis. My screen name on that forum is:SouthAmerica And here are some threads that you might find interesting reading regarding what is happening to the US economy, the US dollar, the foreclosures and Bushvilles, the US government bailouts, and so onâ?¦. Over 75 years ago Wall Street Crashed; but today the New Crash is already underway... http://www.elitetrader.com/vb/showthread.php?s=&threadid=117003 The US dollar and the biggest default in history. http://www.elitetrader.com/vb/showthread.php?s=&threadid=121313 Today the main feature of the US economy â?? government Bailouts. http://www.elitetrader.com/vb/showthread.php?s=&threadid=118828 Central Banks and the US Dollar. http://www.elitetrader.com/vb/showthread.php?s=&threadid=81958 .
Kudos to you who could sit through Summers talk. Brutally dull and enough "ums" to choke a cow. When I heard he was on, I was expecting someone who could COMMUNICATE.
March 17, 2008 I cannot believe that Lawrence Summers actually believes he is communicating in an effective manner. On and on and on, with no room for Charlie to help create a bite of information that we might be able to comprehend. Amazing ignorance of the conversation process! Sorry Charlie but this interview should go to the dump! For those of us who do not know the wider money markets, please get someone on your program to talk in a way that we can really get what they are saying. We do want to understand what is being said!!!!!!! Frustrating! I am very sorry about your eye. My best to you and your staff! Jan Hollingsworth
Mr Summers said collateralized loans are stable. Duh! It's the non-quality of sub-prime loan collateral that caused this debacle (along with fiscal insanity of Iraq). He lost me start to finish.
Apologies to Mr Sorkin. It's Mr Summers espousing the party-line. Namely a bailout is justified. Moral hazards ignored a la Savings & Loan bailout. Which assures a certain repetition in the future. They'll let innumerable destroyed mortgagees be evicted and dispossessed, but they'll lend, print and distribute OUR play money to the financial wise-guys to salvage their venal egregious greed for another day. Banana republic inflation insured.--$$$$$--What happened to the responsible income-to-loan ratios P+I+TAXES+INS) requirement of 4 or 5 to 1????? --$$$$$-- Victim of greed for loan FEES and the sale of the known worthless sub-primes to the secondary market. Citigroup et al are all scumbag institutions that deserve their market thrashing. Poetic justice. Blood sucking predators with their ARM and CC usury. Puppys and old women will rejoice if they are allowed to bellyup. They decry regulation. So give them what they want - no intervention.
If ppl aren't working, saving and paying their way at a given interest rate, I fail to see how they will do so at a lower one, and this unlike the loans, is a transfer of money from savers to borrowers without a doubt, and hence can only be seen as a bailout. It is also not at all clear that the collateral for the loans is worth anything at all. The last time this sort of thing was done, after Sept. 11, it led directly to the conditions we see the result of now. How it is supposed to be any different this time is beyond me. If you want ppl with money that is worth something to lend it to you, and it is clear that we need it, then you have to raise interest rates to compensate for the risk, not lower them. There is absolutely no evidence that in the long-run Keynesianism, especially monetary Keynesianism, has ever done anything except to inflate the price of commodities, no matter what you think it is doing in the short- or medium-term. What they are doing is supporting prices, when in fact they should be allowed to drop.
Hope your eye is on the mend. Hate when those things happen.
Relax. He isn't President of Harvard any more. He was replaced by Drew G. Faust, a woman and professor at Harvard, background in History and American Civilization. The latter subject seems an oxymoron to me lately.
I don't believe Summers is still president of Harvard University !!!!!!!!!!