Charlie Rose

winter  05/17/2011 11:33 AM Report

Notice Summers is nowhere to be seen lately. He no longer needs to PR-up public opinion that props his policies ...or incompetence since the effects of both have played themselves out and jobs and homes have been lost across America due to his and his cohorts bullying of Brookly Born

having worked. Organized crime has evolved to become institutionalized crime and theres no hope of clawback w/o measures that would be advertised as draconian ...thats what Freedom does for our crooks.

jackbarry99  02/13/2010 12:08 PM Report

"GRFIV" sums it all up for me...

Mr. Summers is so full of affectation, that he really harms the Obama Administration... , and he should NOT be out where non-bafflegab (straight talk) is valued.

robdverity  02/03/2010 06:24 AM Report

Previous comments before listening. 1/2 way thru and it's more even fatuous than imagined it would be. The entitlement mentality of 1) too big to fail, and 2) bonus rationalization says he nor 'they' get-it.

Too big to fail as a given is the first mantra that needs demythologizing. Haitians - as a tragic reminder - show that gangrenous wounds need to be removed - by amputation if needed. The world's finances are in chaos so how did keeping big banks afloat benefit/avert anything. Other than an assured moral hazard repetition.

Big bonuses also are a perverse rewarding of egregious greed that should warrant real jail time instead. These guys aren't harmless children. They've caused REAL damage. Death, destruction and crimes against humanity that are slathered over by debate about their bonuses. It's obscene.

We're a sick society with values that will doubtless ultimately reward us accordingly. Just so Hank Paulson and his ilk (Summers, Geithner, Rubins ad naseum) can have their prestiguous toys a la yachts, islands and multiple homes - all tax havens probably.

Anarchists arise!

robdverity  02/03/2010 03:21 AM Report

Erudition by Summers, REMant et al amounts to flatulation in the wind when the laws of the land and its legislators are for sale. Laissez faire economic principles only work in laissez faire conditions. Plutocracies don't support such conditions by definition. Nor does gangrenes corruption. Pick your label.

grfiv  02/01/2010 10:38 PM Report

I detest Larry Summers' affect so much that I completely miss his message. If The President values his advice, fine ... keep him; but he should never be let out in public.

BENEZRAA  02/01/2010 06:32 PM Report

OOPS! ALMOST FORGOT THE MEDICINE FOR THE WEB DESIGN MELANCHOLICS....

Relax! Calm down! Don't allow your upset with the brand-new-thing get in the way of learning how it works and making the most of it. Put a sock in the 'Helen Keller' type analyses of the new website and discover the beauty in it. Once you get the hang of it, once you have a sense of where the 'furniture' has been rearranged, you'll find that in many ways, the site is quite maneuverable and quite friendly. Perhaps there will be less vulgarity in the Comments, as it is not quite so easy to anonymously make comments. If you increase the magnitude of the screen input, you'll find that even the "red print upon black background" is quite readable and much easier on the eyes than "black on bright white" hour after hour. Give up a pack of cigarettes per day for a few weeks and you'll find that not only will you feel better, you will be able to afford a larger computer monitor to accommodate larger magnitude screen input. And pack a thermos of expresso made at home for those hours spent with a laptop at MacDonald's or Panera's or Starbucks....

BENEZRAA  02/01/2010 06:18 PM Report

EXCELLENT COMMENTS BY "REMant" and MEDICINE FOR THE WEB DESIGN MELANCHOLICS:

"REMant" responds at a far higher level than my own education permits. If I understand his reasoning, then he is saying that there is an economics need to return to the Gold Standard, that there is a need to focus on creating Supply (Entrepeneurship being fundamental to the development of suppy), and that failure to correct the above still leave Summers and Volcker willing and contributory participants in the perpetuation of the Pyramid Scheme Economic System, which is largely defined by the wanton printing of money and the overly liberal extension of credit. I suspect that "REMant" is on the one side ('Supply' side) of the theoretical economics see-saw, and that Summers and Volcker are somewhere up in the air, as they are not entirely on the ('Demand' side of the see-saw). Would a perfect balance be economically optimal for economic reality, ad infinitum? Or must the balance change to suit changing times? Greater minds than mine may be able to answer these questions. I have two questions that I would like to see or hear spoken to: (1) At what point, when the disparity between rich and poor is oppressively great, is it appropriate to extend credit and grants liberally as a means of approaching more equitable distribution in advance of and perhaps prevention of violent civil disruption, and (2) will government restore greater separation between the insurance industry and the industries of banking and finance, so that the insurance industry may once again be a solid vehicle for the preservation of capital independent of reliance on the taxpayer?

REMant  02/01/2010 04:18 PM Report

Whether Summers looks ppl in the eye or not, or speaks eloquently, intelligibly or even discernibly, this interview I think deserves careful consideration. In the opening he speaks of a lost decade, and not just in the price of Dow stocks, but in real terms. He concludes by saying the key lies in a renewed middle class. He understands the issue, the question is whether he understands the causes and the solution. I think tho that it is fair to say it is not just one decade, but perhaps a decade and a half, or even a generation, that has been lost.

The inventory replenishment, which makes up the bulk of the "growth" in the 4th quarter, is misleading, and IMHO says little about the economy going forward, the admin's policies and the Fed's and Wall St's belief in a "traditional" reflation, notwithstanding.

And I question whether productivity has increased because of layoffs or because of improvement, as well as, whether Americans work harder because they like to, or because they have to.

But no one can argue with the point that reining in risk taking, ie, credit creation, is the most important aspect of preventing future problems, yet here talk of liquidity and other such demand-oriented concepts creeps in again. In my view Volcker, through re-establishing Glass-Steagall, aims at dividing not just hedge funds, et al, from commercial banks insured by the taxpayer, but also separating the asset-inflation game from the savings-productivity virtuous cycle. Nowadays the banks and Wall St generally hardly to know what the latter is. Asset inflation is basically a pyramid scheme and even if it doesn't issue in bubbles it transfers wealth away from really productive uses and the lower and middle classes, who are not participants. This contracts the economy, at least in this country. If the point of investment is actually investment, there is no need for liquidity, which is just a synonym for the kind of leveraging he and Volcker alike, profess to deplore. Frankly I have not seen the merit in that argument since I was introduced to it in my first class in finance. We simply do not need to be creating more and more debt in order to move forward. The problem is that Glass-Steagall was in essence undermined by the abandonment of the gold standard and the increase in the Fed's activism, which have fueled the rise of the financial sector and the explosion in derivatives. There really is no rationale for options, liquidity, when you don't have the money to begin with, and even if you do. The question ought to be not how to finagle demand, but how to create supply.

The proposed bank fee must be seen to acknowledge the fact that the Fed's policies have given the banks a huge windfall that far exceeds the TARP, and that, in fact, the latter has been largely financed by the Fed. And they are still borrowing printed money at near zero and buying Treasuries at 3.5 percent. It is questionable whether the market value that is being sustained by it is, itself, sustainable, should be sustained, or ever should have been sustained.

Globalization favors the nations with the strongest currencies, which, more than tariffs and subsidies, determines wealth flows, and in my view Americans have welcomed the emergence of the 3rd and 2nd world economies for just this reason, while the Europeans have more correctly seen in it more of a zero-sum game, a Ponzi scheme, and the impact on the first world of China, Malaysia, Brazil, et al, has undoubtedly been huge beginning in the mid-90's, not only encouraging profligacy, but also supplanting established trade. Were their central banks less involved in holding up prices, the requisite adjustments would have been far less damaging to them. The problem globally is the same as those in this country: to develop more independence and autonomy, a new middle-class, as it were.

A strong middle-class must means not just a large number of ppl with the median income, but a republic of entrepreneurial, self-governing individuals. It must be worked from the bottom up, not the top down, just the way you build any franchise, sports or MacDonald's. If the dollar is to remain as an international currency, it can only be because the companies and countries who use it follow these principles, not for anything the financial sector does. That is why the admin's structural plans are important, though they should not be taken out of this context. They must return the investment and more. Just printing money for more health care, education, will never work, unless its results in a more productive workforce.

robdverity  02/01/2010 02:49 PM Report

Summers is the patriot we've needed since Reagan.

robdverity  02/01/2010 02:45 PM Report

Summers (along with Robert Rubin) bought Obama in his campaign. Obama has been a venal whore for the financial and MI oligarches ever since. A democracy for sale is a plutocracy by definition. We qualify in spades. Predatory legislation? It's for sale. Preemptive and sustainability of wars? Discounted special every hour 24/7. Corruption from within trumps al Qaeda. Summers, Rubin, Paulson ad nauseam are just some of the scum on top. Paulson et al are burdened with islands and yachts in the Bahamas. Tit for tat retribution as weighed against the misery under any bridge (esp Detroit) would be a more just place for these financial wise-guys. The wise-guys are the moral hazard. It will all repeat under Summers and Obama. Anarchy is long overdue.

charliem  02/01/2010 01:50 PM Report

I agree with vtmtnman and Susanna:

"Hi Charlie & Web Staff I would like to know if this is a test site for web design staff or is it a play site, where you change the format every other day."

My Comment:

For months I have been annoyed by the new format of this web site. Please redesign this site with the KISS (Keep It Simple ......) principle in mind.

See: http://www.houstonpbs.org/ProgramSchedule/HDSchedule.html for an example of Look, Click, Find Information-Formatting.

From a Frustrated and Annoyed Charlie Rose admirer and very regular viewer.

Cheers Charliem.

vtmtnman  02/01/2010 01:12 PM Report

I agree with #Susanna 01/31/2010 10:17 AM ...

<<<

Hi Charlie & Web Staff I would like to know if this is a test site for web design staff or is it a play site, where you change the format every other day.

>>>

My comments …

Charlie ... You are a legend ! We are very fortunate to have you interview so many people with so many interests ! You read so many different books, you travel so much, and you do your homework on each of so many topics and people and interests ! Your guests notice your homework, and feel good about it. You laugh with your guests, and they loosen up, revealing more about themselves. Everyone is your Friend – So wonderful !

Here in Vermont, at elevation 1,500’, I receive 2 Public Television channels … Vermont Public Television and Mountain Lakes. I do not watch your show at night, because there are other good shows. I watch “Charlie Rose” CR the next day, on VPT, from 1330 to 1425. I plan my day around CR, looking ahead of time to know the topics, scheduling my typing or my Web Research for the CR Show. By the way, your “Brain Series” has been fascinating !!!

The main word for the following, if I were not polite, would be “Absolutely Pathetic”. Otherwise I would use “Travesty” or “Tragic”. A person like you, and a show like yours, deserves the best of all Web Sites … but it is perhaps the worst of all Web Sites that I visit !

You began with paper Transcripts, with a wait of about 6 weeks, at which point one might forget what had been requested … very bad.

“The Newshour” and “Nightly Business Report” began to publish transcripts OnLine, but CR continued with paper … unforgivable.

Finally, CR began with a Web Site … and with a smile of relief, I said, “Finally !!! ” … BUT the Web Site was very slow, and difficult to figure out.

Then, the Web Site was changed often, frustrating users who had finally figured out some way to cope with the complications !!!

I can not recall all the various Web Sites, but the Web Site 2 iterations ago, had some good points, even though it was an irritating huge maze of choices !!! It had a nice biography of each guest, and I very much liked that. There was also a text description of what the interviews would be about – that was nice !

The recent Web Site was extremely bad.

Today’s Web Site is the ABSOLUTE LAST STRAW !!! It is almost impossible to tell who the guests were yesterday, which is what I need. There is no biography. Sometimes only one guest is listed, when there are actually two or three ! The Web Site is very slow.

Another point … The current fad on many Web Sites is to have Videos. This is very frustrating because it takes about 10 times longer to wait for a Video to crawl to completion, to find out if it is of interest ! I can Speed-Read, so I prefer text even more than other people. Every now and then it is fun to have a Video to watch cars in Washington, DC skidding in the snow.

Another point … After being on very slow DialUp since 1994, I just graduated, about 2 years ago, to Satellite Internet, a bit slower than DSL. Furthermore, with Hughes Satellite Internet, I am limited to 200 MB of DownLoad per day. Hughes punishes those who try to DL more, by reducing their speed to below DialUp for 24 hours ! I can not watch more than a few Videos per day. Videos on CBS MarketWatch do not even begin most of the time ! “YouTube” Videos seem to function better. NBC News is as confusing as Microsoft, and almost impossible !!! – they seem to have forsaken text.

Probably there are still many 1,000’s of people on the Internet with DialUp, and now there are 1,000’s of people with Satellite Internet. They might be interested in CR. It would be nice to consider them.

My iPhone barely connects with AT&T “Edge”, which is very slow. At my house my iPhone connects with 0 or 1 or 2 Bars. I bought a Wilson Booster {about $275} for my car, and in my driveway, there are about 5 bars now. Recently, AT&T installed a tower about 20 miles to my West, in line of sight, and now my iPhone in the car, most of the time, has 5 Bars with “3G” ! I bought a Booster {about $475} for my house, so that I can walk around outside with a connection. I am now connected at 5 Bars with “3G” ! At this point, my iPhone is faster than my Satellite Internet ! It is fun to check the “CNN App”, and get the current news, even with Audio/Video’s !!!

Please completely revamp your Web Site … making it very simple, easy to see the topics and guests of yesterday, with a brief description of the discussions, including biographies of guests, with mostly text, and with Video’s optional and with fewer DownLoad MB’s … Thank you !

MarieIsenburg  02/01/2010 12:47 PM Report

Two questions on prospective bank regulation:

1. How can the banks support this since their profits come not from consumer services but from fees and speculation? 2. If investment in the types of securities that undermined the financial system continue to represents a significant portion of GDP, could future crisis in that sector really be ignored by the government? Will sovereign funds no longer make bets on these "instruments"? Thank you.

lou  02/01/2010 04:25 AM Report

summers is brilliant and paints images well. his perspective is truly important. i was rivetted by the interview.

if we cultivate the abilities to comprehend future business demands of the developing countries and entrepreneurs able to respond to them we will prosper. more business people who will cling to outdated auto designs and paper shuffle ponzi schemes will only cause us to decline further.

BENEZRAA  01/31/2010 02:43 PM Report

KUDOS TO LARRY SUMMERS (and therefore also Kudos for President Obama)

The one positive legacy of the Obama Administration may be finance and bank reforms on the advice of Larry Summers. Although it was a trying experience to listen to Larry Summers (his delivery style is subtle as well as choppy and painfully slow) turning up the volume and listening more than once made it possible to follow and understand the conversation. I agree with the comments made to this page by Elderview. I will add that if the snakes, jackals, and hyenas at Davos don't undermine Larry Summers; then, there is an opportunity for real progress to be made at Davos.

When it comes to developing national and international banking structures, "who" banks with "whom" is also a vital consideration. Which nations shall participate with which other nations and in what ways is not a trivial matter. The USA shares no landed connection to Europe, Russia, Asia, India, and Africa -- all of whom may reach each other overland (and today that even includes England via the Chunnel). The Middle East is proximal and central to Europe, Russia, Asia, India, and Africa. International political and trade influence in the Middle East is profoundly important. Imagine for example if Russia directly or indirectly obtains beach front property in Iran and Iraq. Imagine for example if the Irish, English, French, Germans, Russians and Chinese continue to encourage "black market" deals in Iran and Iraq (in this definition of "black market", please include legal deals and deals through third party nations made to promote vulgar financial interests and to undermine sanctions and American interests).

The USA has no small task at Davos. The question is, will the foreign policy weakness projected by President Obama (not unlike that of Woodrow Wilson at Versailles) encourage and enable an international banking fiasco at Davos....

Elderview  01/30/2010 06:43 PM Report

Summers was not boring to me and it was not a social occasion. He was completely focused on making a very complex economic situation clear and yet brief. He was choosing his words carefully in order to achieve that goal. I found it the most comprehensive and easily understood explanation of the past several years of financial and economic activity and the subsequent consequences that I have heard yet. His explanation of the proposed regulations, which would allow the 'super' banks to continue to do business as usual, but prevent them from passing the risk to others was fascinating and welcome. Isn't that the way business transactions are supposed to work? . . .but what does an elder female know???

lbootsb2  01/30/2010 11:54 AM Report

I don't recall him as such an arrogant jackass. So in love with his own blah, blah blah..

What a boring old toad he's become. Or maybe he's always been this way. He said absolutely nothing worth while in the entire hour. We couldn't help but note his failure to make eye contact with Charlie. That was strange because almost everybody connects with Charlie

Lind Bane, San ANtonio