Guest Post by Martin Armstrong
Larry Summers is a classic example of how a PHD means absolutely nothing compared to real life experience. He had the audacity to say, “The vast majority of the companies who have large overseas cash also have substantial amounts of domestic cash.” Obviously, Summers has never advised a real company. If Trump makes it a 10% tax, any company who does not bring their cash home would be a short. EBay had two companies it wanted to buy domestically. It backed out of the deal because it would have to bring in cash from overseas and pay too much tax to make it worthwhile. That’s how much Larry Summers knows about the world.
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Summers went further, “The reality is that cash that is brought home will be used to pay dividends, to buy back shares, to engage in mergers and acquisitions, to rearrange the financial chessboard, not to invest in large amounts of new capital. It is a chimera to suppose that there will be large increases in capital investment as a consequence of that repatriation.”
First of all, paying dividends and buying back shares will put money DIRECTLY into the hands of investors who will redistribute the funds. Summers tries to “stimulate” by handing banks billions with no strings attached in hopes that they will lend the money to people who want to borrow. Then he wants to impose negative interest rates to punish people for not spending or investing.
Larry Summers has publicly admitted he is incapable of forecasting the economy, so where does he get off saying this nonsense? Quite frankly, those who are watching their pension funds go bankrupt should sue this guy for his non-conventional idea of negative interest rates to “stimulate” the economy. He gave us the 2007-2009 crisis by repealing Glass-Steagall and supporting the bankers, and he set the pension crisis in motion with negative interest rates. Thank God Hillary lost because this clown would be in charge of screwing up the economy even more.
Leaked Podesta Email Reveals Why Larry Summers Did Not Become Obama’s Treasury Secretary
Three years ago, a very unhappy Larry Summers conceded that he would not become Fed Chair when he withdrew from the running to become Ben Bernanke’s replacement on September 15, 2013, following some dramatic pressure by the press and numerous liberal economists. However, we now know that that was only the most recent of Larry’s disappointments. According to one of the Podesta emails released today, it appears that America was this close to having Larry Summers as the appointed replacement to Hank Paulson as Treasury Secretary by the Obama administration in 2009. However, that did not happen as a result of what may have been a letter from the late powerful corporate lawyer Bob Pirie, founder of Skadden Arps, who on November 7, 2008 wrote an email to John Podesta by way of Harold Ickes, explaining why Obama should pick Tim Geithner or Paul Volcker, and not Larry Summers.
From the leaked Podesta email: https: http://www.zerohedge.com/news/2016-10-20/leaked-podesta-email-reveals-why-larry-summers-did-not-become-obamas-treasury-secret
Something about the appearance, voice, and message,
of Larry Summers is off-putting. He is very special, especially,
in his own opinion. He was quoted sometime in 2016, that the
US “should” remove the $100. fiat note from circulation.
http://www.marketwatch.com/story/why-larry-summers-wants-to-... Proxy Highlight
Feb 16, 2016 … Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too. So says former Treasury Secretary Lawrence Summers.
He managed to lose a billion for Harvard by an aggressive bet on interest rates, think what he could do for the whole country. A high iq moron.
How great it will be if Trump returns to a policy of tariffs for goods shipped INTO the country. That would be enough to get these companies back home.
Larry has always struck me as different. I hope the country can rebound.