Quote of the day–Larry Summers

Here is what I think they don’t get…It was their irresponsible risk-taking in many cases that brought the economy to collapse.

And they don’t get in some cases that they wouldn’t be where they are today, and they certainly would not be paying the bonuses they are paying today, if their government hadn’t taken extraordinary actions.

Larry Summers
December 13, 2009
White House economic adviser referring to the banking industry. He also chairs the National Economic Council.
White House Lashes Out at Bankers
[In the first sentence he hopes you won’t get it was Federal regulations which required irresponsible risk-taking. In the second sentence he hints that he knows this is true and that the U.S. government rewarded that same behavior.

If you think the government knows what it is doing in terms of the economy then you need to do more reading or if pictures and minimal words are all you are up for then check this out (via Linoge and John Lott):

–Joe]

4 thoughts on “Quote of the day–Larry Summers

  1. This “collapse” is not due to poor decisions at the White House. It is planned. Read Lenin.

    Then read Masters of Deceit, by J. Edgar Hoover, published 1958.

    High unemployment is necessary for a communist ‘take-over’.

    The two blue curves could have been drawn by my 6 year old grandson. The red curve may be an accurate curve except for the Y axis numbers. They should be maybe, doubled in value.

    Terry

  2. All this business finally got me to read “Atlas Shrugged” all the way through. Those people (in the sense in which Gen’l Lee meant “those people”) are screwing us over by the numbers. I went to a local tea party here back in September and was amused to find the Randroids and the Christian Constitutionalists on the same page, so to speak.

  3. Dismal as the numbers are, I have little more faith in their veracity than I do in the Hockey Stick graph. One could add another line to the graph to show the U-6 unemployment number, which would lend strength to Terrys comment. The easy way to do this is to take the actual numbers, and multiply by 1.7 for a good approximation.

    Listen to the cheers from the media to see this months number drop. Remember the cheers from the media when the number dropped last July. I can’t wait to see the numbers in January after the effect of the holiday temp hires disappears.

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