Former Treasury Secretary Lawrence Summers says the Federal Reserve may need to get involved in fiscal policy and weigh in on the US government’s $33.5 debt mountain because of its implications for interest rates. Summers, a Harvard University professor and paid contributor to Bloomberg TV, speaks on “Wall Street Week” with David Westin.
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Brrrrrr ????????????????????????
Go on, print more debt and spending more and rolling over again with the more debt, until the end of the America economy.
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank as subscriber to this channel ????
Larry was only a few months late on getting interest up in 21 as Joe was doing stupid with spending. Larry however is 25 years late on the debt. Nobody talks about it that has any cloput. THat loon Biden thinks he oowns a printing press. Thanksfully he got slowed. The mess we are ;leaving the younger generation is going to be staggering. There must have been a side deal in the mid 40s when the USA got the money deal and everyone signed up for it that mattered.
Fed is determined to make back-to-back mistakes on monetary policy.
Well America has real fiscal discipline problems but their not intractable! So let's pay down the US DEBT – By firstly repealing the Trump Tax Cuts for the wealthy a year early & then implement a Wealth Tax on those with wealth above $25-Million at 7% per year for a period of 3-years then it ends!
This would have no negative impact on the lower/middle class in America. All those funds or at least greater the 90% would go directly towards payment of Debt which would lower inflation risk and normalize markets in-line with the "Fed Mandate"!
We just need political will from the GOP and Corporate America! __"No Problems" as the Young People Say these days!
Gaetz crazys have shutdown the ability to do anything
I completely agree that the federal deficit is bonkers and the FOMC can’t manage the economy while Biden is signing up future generations with insurmountable debts to buy votes. But I don’t understand why the wise old Professor Summers thinks it’s appointee Powell’s job to fix it. Summers is in a far better position to make that case -Dems repeatedly appointed him, they can’t claim he is a fool. He is a tenured Prof at rich useless University -he can’t be fired or muzzled.
If only the general population knew how historic this is; Summers is THE voice the establishment uses to do conditioning of general market participants and dumb media talking heads; his comments about the Feds balance sheet, its mark-to-market losses, debt issuance, and compensating for fiscal fiscal policy failures are HISTORIC. They're not even pretending anymore
Basically if US keep spending, interest rate goes up, taxes go up, equity has to go down. The spending is out of control and we have old people in charge who has no clue.
Summers got it.