Charlie Rose

destroygary  07/23/2011 09:00 PM Report

Summers (and others) should be jailed for their part in the de-regulation of the banking industry that caused the 2008 Wall Street meltdown.

doodahdaze  02/25/2009 07:18 AM Report

It seems like everything was set in place by political forces, essentially pushed by the will of the American people from all different directions and intentions. And these "Bankers" saw the situation for what it was, and so, exploited it to THEIR maximum potential... So the blame (really) can be spread all around, and the intellectuals are quite skilled at playing that game, and at creating markets in that arena to maintain their living, comfort level, standards. So "moral hazard", and "perverse incentives" shouldn't bother anybody since everybody is guilty of the same thing, and the bankers are just fine, leave them alone, blah blah blah... And the world keeps on turning... And we all, can keep on hating bankers, and scumbag professions like that.

doodahdaze  02/25/2009 06:53 AM Report

Thermus,

If what you say is true about Mr. Summers, then according to much of the analysis done here on the Charlie Rose Show, Mr. Summers is directly involved with lighting the fuse that CAUSED this catastrophe on the majority of the American people and their offspring... I think Mr. Rose should question him about this, because if what you say is true, he's not just a nincompoop, he's a real piece of SH*T... Assuming that that Faber guy (one of Charlie's guests) is on to something, by focusing on these, way too big for their britches or to fail, for that matter(as our?, their?. Yes, THEIR congressmen told us, not to long ago.) Wall Street "Investment" "Banks" (a.k.a "Bankers")(CEO Bigtime, Monolithic, Conglomerate, Paid for Advertising <wink>, "Financial-Services" "OH-SO-NOBLE" "Bankers"!)... Funny how all this started right after the "WALL STREET!" tech stock "bookcooking" bubble burst... Coincidence?...

Theramus  02/24/2009 11:42 PM Report

Irish,

I hope for the very best from Mr Obama's Presidency - he has a wonderful temperament, a fine mind and a great education. Lord know's he's been dealt a tough hand by the less than worthy Mr Bush.

That being said having Mr Summers as the US economics boss is like the Mayor appointing the dude who torched the boozer the chief fire officer - scary indeed.

Before Clinton left office in 1999, Mr Summers saw to it that he signed off on the "Commodity Futures Modernization Act" - a repeal of the Glass-Steagall act that separated regular banks from investment banks.....

You know the rest.

As mentioned - IMO the man is class A NINKINGPOOP.

doodahdaze  02/23/2009 10:45 PM Report

Fart-tufe, no body has ever accused you of being an extremely envious, jealous fellow have they. I'm not passing judgement, it's just that it seems to me that you defeat yourself.

tartufe  02/23/2009 10:16 PM Report

Obama is paying off his keepers - Citigroup - through Summers, Rubin et al. Geithner part of the Wall Street bandits. Obama giving OUR money to these scumbag maggots.

To reward these users of gimmickry instruments that brought our system down is a putrefying criminal action.

Citigroup is singularly anathema. Puppy kicking maggots that should be allowed their true place in laissez faire capitalism - belly up. Failed predatory, rapacious, confiscatory, egregious greedy bastards that deserve discarding.

Venality and corruption has corroded our system from the top down. The Harvard and ivy league elite, with their outsized feelings of entitlement doubtless see nothing remiss in promoting too-clever-by-half financial instruments to (in)securitize us into leveraged chaos. Go Larry - you got it coming. We owe you - along with Obama. Our progeny will pay your progeny tribute as well.

IRISH  02/20/2009 03:48 PM Report

From afar in the country to the north, every segment of the American society to a greater (the quants on Wall St and management et al)or lesser degree (homeowners defrauded in their mortgage by criminal means) are the problem. To criticize Summers and Obama for Bush II dump on the American people is only expected.

doodahdaze  02/20/2009 12:30 PM Report

I keep hearing how smart this guy is, I just don't see it. He sounds more like a partisan politician than he does an object economist.

"..., so this never happens again.". So he says...

Yeah right!

There's a time for everything, so I guess, NOW, it is, "Summer" time.

ShalomFreedman  02/19/2009 11:23 PM Report

Summers is not a charismatic figure but here he is straightforward, clear and makes good sense. He points out that President Obama has been in office for only four weeks. He points out the great problems inherited the trillion dollar deficit , the Economy in steep decline. He suggests that the housing measure will help four million homeowners. He talks about a business cycle meaning just that, that the recovery time will come. He talks about the spending needed now, and the fiscal discipline which may be necessary in five years to come. He is cautious and will make no predictions about the timing of the turnaround. He gives the sense of loyalty to the President, and the sense of the President's being on top of the situation. He also gives credit to Secretary Geitner and another key player Austen Goolsbee.

He is credible, but the world outside, including the world's stock- markets is not at the moment showing much faith in the government's actions, or in the economic future.

tartufe  02/19/2009 11:05 PM Report

The PBS "Inside the Meltdown" told of the billions(?) in insurance via Credit Default Swaps (CDS) at Lehman and AIG. Gimmicky financial instruments packaged, leveraged and repackaged and crow-barred the world into financial collapse. The taxpayer should not BAILOUT any institution that was guilty of their use.

To qualify for bailout all banks and institutions accepting such bails out should have to publish AN HONEST balance sheet in the Wall Street Journal, NYT and the Financial Times. Liabilities attributed to gimmickry too-clever-by-fractions financial instruments should automatically disqualify them. They should be exposed to investors and allowed to fail if the market so dictates (without federal taxpayer assistance). Paulson's lip-service devotion to laissez faire free-market capitalism (that he so reluctantly disregarded) should be assured of free reign.

An ancilliary benefit may be realized if most of the users of gimmickry instruments are also the biggest credit card issuing banks. A thorough purging of these predators would in itself be a stimulus if it meant the debtors were released from their confiscatory burdens by default.

Citigroup et al a perfect example.

Theramus  02/19/2009 10:20 PM Report

Mr Summers is a class A NINKINGPOOP - evidence: 1994 quote:

"There are no...limits to the carrying capacity of the earth that are likely to bind any time in the foreseeable future. There isn't a risk of an apocalypse due to global warming or anything else. The idea that we should put limits on growth because of some natural limit, is a profound error and one that, were it ever to prove influential, would have staggering social costs."

This talk of his prodigous intellectual prowess is a conceit. He is was part of the crew that laid the ground work for the current financial catastrophe in the late 90s.

Mr Summers main talents appear to be a Cheneyesque ability to suckup to the powerful and bully his agenda through. I fear that White House Economic Advisory Board, of which Mr Volcker is the chair, have been sidelined by Mr Summer. Mr Volcker is the only great mind among the current crowd. His board seems to destined to have the impact of the Iraq study group.... i.e., none to inconsequential.

My estimation of Mr Obama's judgement has declined significantly as I've watched him put increasing trust in Mr Summers.

REMant  02/19/2009 10:17 PM Report

It seems the admin decided today that Timothy needed help. I have posted my comments on Mr Summer's appearances in the discussion that followed this.