Larry Summers


Last quote by Larry Summers

There is a range of estimates that a reasonable and thoughtful person could have and then there are estimates that if you have them you can really only have them if you were ignorant to the subject or if you were being motivated by politics. And I'm afraid the claims of Secretary Mnuchin that this would generate so much economic growth that it would pay for itself falls into that
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Nov 08 2017
Larry Summers has been quoted 85 times in 49 different articles. On this page, you will find all of Larry Summers’s quotes organized by date and topic. Alongside each quote is a link back to the article where the quote was reported, so you can go back to the source for more context if you need it. Topics that Larry Summers speaks about are Europe and United States, for example. Most recently, Larry Summers was quoted in the article The New Washington Drama: Treasury Secretary Versus Treasury Secretary saying, “The Treasury secretary's credibility is an important national asset that could be needed at any moment. I am very sorry to see it squandered on behalf of a set of tax reform proposals that are at best a bargaining position. I'm not aware of so irresponsible an estimate coming from a Treasury secretary in the last 50 years. Steven Mnuchin may be the greatest sycophant in Cabinet history.”.
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Larry Summers quotes

Oct 05 2017

President @realDonaldTrump is right. Puerto Rico's debt should be wiped out. If ever there was a case for a full debt write off, it's Puerto

Oct 05 2017 - Unemployment

There are a bunch of people who were knocked out by the recession who aren't coming back even in the places where unemployment has

Sep 07 2017 - Twitter

With the same values and preferences, and the same basic attitude about government activity versus private activity, you should expect government to be larger in the future than it has been in the

Sep 07 2017 - Twitter

If we want to maintain traditional American values, government will need to be significantly

Sep 03 2017 - Inequality

Think about the contrast between George Eastman, who pioneered fundamental innovations in photography, and Steve

Aug 22 2017

@Stevenmnuchin1 invests his credibility in defending @realDonaldTrump. Will he have credibility when financial crisis requires it? Presidents are poorly served by sycophant advisers who reflexively flatter & defend them. I'm disappointed in

Aug 21 2017

@Stevenmnuchin1 invests his credibility in defending @realDonaldTrump. Will he have credibility when financial crisis requires it? 'Presidents are poorly served by sycophant advisers who reflexively flatter & defend them. I'm disappointed in

Aug 16 2017 - Trump Presidency

I have been disappointed that there have been no resignations on principle by the political appointees of this administration. There's a tradition in America of people of principle when they are sufficiently offended and disagree with their president on matters fundamental

Aug 16 2017

Every member of Mr. Trump's advisory councils should wrestle with his or her conscience, and ponder Edmund Burke's famous warning that 'All that is necessary for the triumph of evil is for good men to do

Aug 16 2017 - Trump Presidency

Anyone who thinks that by attending a meeting less than monthly with 30 people in a room they are moving the nation is engaged in egotistical self-delusion of a high

Aug 15 2017 - Trump Presidency

If a substantial group of CEOs resigned en masse, what realistically could the president do other than tweet his frustration and hopefully ultimately learn a lesson?feedback

Aug 15 2017 - Trump Presidency

Since Inauguration Day, I have been troubled by abdication of moral responsibility on the part of business leaders who have lent their reputations to President Trump. Every member of Trump's advisory councils should wrestle with his or her conscience and ponder Edmund Burke's famous warning that 'all that is necessary for the triumph of evil is for good men to do

Aug 14 2017

At what point as a patriot is your allegiance to your country rather to your president? I've always thought of my allegiance as a patriot as being to my

Jul 19 2017

The international financial institutions are the cheapest and best lever we have to push to further defense of our economic and geoeconomic interests. It would be a shame if these institutions either stagnated or their leadership came to embody values very different to those of the United

Jul 10 2017 - G20

There is no precedent for a head of government's adult child taking a seat. There is no precedent for good reason. It was insulting to the others present and sent a signal of disempowerment regarding senior government

Jul 09 2017

A corporate CEO who acted this way would already have been

Jun 20 2017 - Carbon

There is a reasonable shot that there will be an opening that will be taken in the next several years. It's hard to argue against a fuel tax that Exxon's in favor

Jun 04 2017

The United States may have its first post-rational

Jun 02 2017

This is a mistake no serious business person would

Jun 01 2017

It's a kind of pure test, to have a separate source of variation and find that diversity does

Jun 01 2017 - Trump Presidency

This decision is an immoral assault on the public health, safety and security of everyone on this planet. New Yorkers are already experiencing hotter summers, more powerful storms and rising seas, which disproportionately affect already vulnerable communities. ... I am committing to honor the goals of the Paris agreement with an Executive Order in the coming days, so our city can remain a home for generations to

May 24 2017 - Twitter

This is a mistake no serious business person would make. It appears to be the most egregious accounting error in a presidential budget in the nearly 40 years I have been tracking

Apr 27 2017

I just don't understand what could cause an administration to put its secretary of the Treasury in a position to assert something ... that is generally regarded by economists as

Apr 27 2017

If I had been asked by the White House to assert a proposition as demonstrably false as the claim that this plan would produce revenue, I would have resigned rather than put the credibility of the department behind a proposition that no one with real experience would believe was true. There's none of that coming from the administration, and yet there's this confident statement that it will pay for itself. I don't know how they could possibly know without having done economic

Apr 09 2017 - Trump administration

By focusing on trade and currency manipulation, the Trump administration is missing the bigger, more important,

Apr 08 2017 - Democratic Party

It is a remarkably big switch from October. If you are a Democrat, you are primed for negativity. It carries through in your view of everything else. I'd bet there will be some minor convergence, but there will still be a large divergence on what should be a matter of objective

Apr 07 2017

Why tax in ways that reduce the size of the pie rather than ways that assure that the larger pie is well distributed? Imagine that 50 people can produce robots who will do the work of

Mar 30 2017

If you use the standard of what the administration has held out the hope for, 3 to 4 percent growth, there is nothing in any data suggesting we're moving towards that 3 to 4 percent growth standard. We may be seeing a kind of sugar high, and sugar highs tend to be followed by much less happy periods. If you continue to have the degree of division, confusion, rancor and uncertainty in Washington that we've seen, we may not see those sentiment changes last as long as many people thought they would a couple months

Mar 30 2017 - Russia

There's a huge set of leadership issues around the president's ability to lead in the way presidents do that comes before, and is separate from, whatever add-on you get from Russia

Mar 20 2017

I certainly wouldn't want to be critical of the Bank of China. But I do think that the strains come from the fact that they seem to need to do things to maintain demand that probably they won't be able to do forever. And so in a sense their delaying reform is, I think, a cause for

Mar 19 2017

I certainly wasn't encouraged and it certainly wasn't a favorable development. Having been involved in writing many G-7 and G-20 communiques, I don't think the world is hanging on that prose, so I think the real question is not what words there were in the communique, but what will happen over

Mar 19 2017 - Fake news

I think that making policy based on facts, advancing issues based on analysis, is central to the effective functioning of government. And so I'm very concerned by the repeated tendency to engage in alternative facts and to assert things that are not supported by reality. And I think over time that will do great damage to credibility, and in many ways in governing, credibility is the coin of the

Feb 07 2017

If we do the border adjustment, my guess is that the dollar will rise substantially. I don't think it's a very good idea because I think it will cause financial problems all over the world because all kinds of dollar debtors will hugely

Feb 07 2017 - Mexico

If our policy is to try to wall off the U.S. market and try to hope that other countries fail, that could be a policy.' I think it's a policy that will be catastrophic in terms of our long-term security interests. That means anybody thinking about locating in Mexico now has a 15 percent cost advantage. That 15 percent is huge relative to what he's accomplished yelling at a few

Feb 02 2017 - Protectionism

Hyper protectionism will make us poorer. I think the limbo we're in, in respect to corporate taxes that leave trillions of dollars abroad, is untenable and does real economic damage. So I'm a strong supporter of corporate tax reform. But it should be done right. It shouldn't be something that undermines the competitiveness of many

Feb 02 2017 - Protectionism

Hyper protectionism will make us poorer. Consumers will pay more for their goods, which means they'll have less spending power to spend on American goods, and that'll definitely have consequences for the economy ... Other nations will retaliate, and that'll have consequences for the health of our companies. The consequences of protection are that we will be poorer and the world will be less

Jan 20 2017

Is this any moment for the wholesale repeal of the changes that have been made in the last eight years, suggested by some? No, I think that would be a grave

Jan 20 2017

I think it's hard to argue that the system is not safer today than it was 10 years ago. There's more capital by many measures, there's substantial more liquidity, there are better procedures for resolving failed institutions. There's more transparency with respect to liabilities. There's more comprehensive regulation of systemic institutions, there's better procedures for international

Jan 20 2017

At the same time, it does bear emphasis that if you look at a ratio that I have found relevant in some of my work - the market value of equity to the total value of assets for large banks - it's lower than it was in the decade before the financial

Jan 20 2017

So do we have any basis for complacency? No. Are there important issues of liquidity in the functioning of markets in difficult circumstances that remain to be addressed?

Jan 19 2017 - Mexico

The decline in the peso is a dagger at Ohio. It is a major change in the relative attractiveness of locating production activity in Mexico versus locating it in the American

Jan 18 2017

If it's not put to rest ... populist policies we're pursuing will only have very short-run benefits. Ultimately, there will be more uncertainty, reductions in confidence and a bit of a downward

Jan 10 2017

Unfortunately, the potential reforms identified by House Speaker Paul D. Ryan (R-Wis.) and President-elect Donald Trump appear likely to do significant damage to the tax base and to the U.S. and global

Nov 23 2016 - Demonetization

The costs [of demonetization] exceed the

Nov 16 2016

The only infrastructure investments it can fund are the ones that are very commercial and yield

Nov 16 2016

If you add it all up, it doesn't seem like a very favorable equation except for a limited number of companies that are going to benefit from the deregulatory

Oct 11 2016

It's a sign of some serious problems that are associated with the Brexit

Oct 11 2016

The decline in the pound is like a

Jan 22 2015

There is every reason to expect that QE will be less impactful in a context like the present one in Europe than it was in the context of the United

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