"I Told You So" - Larry Summers Gloats About Being Right On Inflation

[McRocket]

"I Told You So" - Larry Summers Gloats About Being Right On Inflation

Nearly one year ago, Larry Summers, the esteemed former Clinton advisor, was met with a flurry of attacks from his fellow Democrats after he warned that the new administration's plans to massively expand social spending on top of the massive COVID-inspired stimulus programs would cause inflationary pressures to skyrocket.

...

So, during a recent interview with Bloomberg, Summers - who has apparently avoided having his Democratic Party membership card from being revoked by the virtue of being right - offered an updated view on his outlook for inflation, as well as offering an explanation of how Summers' came to his conclusions.

https://www.zerohedge.com/economics/...ight-inflation

Here is the Bloomberg interview:

https://www.bloomberg.com/news/artic...?sref=i4qXzk6d


Notice - Big government lovers?
That he is saying that inflation is NOT transitory (as the Fed is now also saying).
That the major cause of the huge, jump in inflation was primarily, TOO MUCH GOVERNMENT SPENDING.
NOT from 'supply shortages'.

And, please remember, Larry Summers was United States Secretary of the Treasury from 1999 to 2001 and as the 8th Director of the National Economic Council from 2009 to 2010. He is a former president of Harvard University (2001–2006) and Chief Economist of the World Bank.

This guy's resume is a Democrat's, economic dream.

[Hawkeye10]

I am calling myself right again as well....I was the first on JPP this year concerned about inflation....I said that there was no way it was just a few months deal like we were being told.

[Hawkeye10]

I have never taken an economics class in my life but I noticed the problem, and I knew that we were being lied to by the alleged experts.

[Althea]

LMFAO

[Althea]

LMFAO...'govt. spending'

You're killing me.

The biggest culprit for rising prices that’s not being talked about is the increasing economic concentration of the American economy in the hands of a relative few giant big corporations with the power to raise prices.

If markets were competitive, companies would seek to keep their prices down in order to maintain customer loyalty and demand. When the prices of their supplies rose, they’d cut their profits before they raised prices to their customers, for fear that otherwise a competitor would grab those customers away.


But strange enough, this isn’t happening. In fact, even in the face of supply constraints, corporations are raking in record profits. More than 80 percent of big (S&P 500) companies that have reported results this season have topped analysts’ earnings forecasts, according to Refinitiv.

[katzgar]

I have never taken an economics class in my life but I noticed the problem, and I knew that we were being lied to by the alleged experts.

you are mentally ill

[katzgar]

"I Told You So" - Larry Summers Gloats About Being Right On Inflation

Nearly one year ago, Larry Summers, the esteemed former Clinton advisor, was met with a flurry of attacks from his fellow Democrats after he warned that the new administration's plans to massively expand social spending on top of the massive COVID-inspired stimulus programs would cause inflationary pressures to skyrocket.

...

So, during a recent interview with Bloomberg, Summers - who has apparently avoided having his Democratic Party membership card from being revoked by the virtue of being right - offered an updated view on his outlook for inflation, as well as offering an explanation of how Summers' came to his conclusions.

https://www.zerohedge.com/economics/...ight-inflation

Here is the Bloomberg interview:

https://www.bloomberg.com/news/artic...?sref=i4qXzk6d


Notice - Big government lovers?
That he is saying that inflation is NOT transitory (as the Fed is now also saying).
That the major cause of the huge, jump in inflation was primarily, TOO MUCH GOVERNMENT SPENDING.
NOT from 'supply shortages'.

And, please remember, Larry Summers was United States Secretary of the Treasury from 1999 to 2001 and as the 8th Director of the National Economic Council from 2009 to 2010. He is a former president of Harvard University (2001–2006) and Chief Economist of the World Bank.

This guy's resume is a Democrat's, economic dream.

you are mentally ill

[McRocket]

you are mentally ill

[katzgar]

ok, ok you are just a moron

[McRocket]

ok, ok you are just a moron

So I am a moron for daring to post an article about someone else whom made a prediction about inflation?

Suuuuuuure...that makes LOTS of sense.


In all seriousness.
You seem SO mentally disturbed that I do not take anything you say REMOTELY seriously.

You sincerely post like a mentally-defective child/senior.
I honestly feel sorry for you.

Get help!!!



Good day.

[MAGA MAN]

It's a tax on the poor.

[katzgar]

So I am a moron for daring to post an article about someone else whom made a prediction about inflation?

Suuuuuuure...that makes LOTS of sense.


In all seriousness.
You seem SO mentally disturbed that I do not take anything you say REMOTELY seriously.

You sincerely post like a mentally-defective child/senior.
I honestly feel sorry for you.

Get help!!!



Good day.

you posted a stupid article, that makes you a moron

[evince]

Inflation is part of capitalism


Do you righties now hate capitalism?

[evince]

https://en.m.wikipedia.org/wiki/Business_cycle



Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) Such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm.[2]

[evince]

Now remember the republicans use the short bus school of economics


The Austrian school



The one that tries to pretend math has nothing to do with economics



It’s why their ideas always fail in practice