Silicon Valley Bank, the nation’s 16th-largest bank, failed because its managers made a textbook mistake, according to former Treasury Secretary Larry Summers. Summers, a Harvard University prof...
Tag: Summers
Summers, Blanchard Spar Over Long-Run Level of Interest Rates
(Bloomberg) — Former Treasury Secretary Lawrence Summers took the over while ex-International Monetary Fund chief economist Olivier Blanchard took the under in a good-natured debate on Tuesday a...
Larry Summers has a warning
The US dollar index continued its bullish comeback as investors remained optimistic about the next actions by the Federal Reserve. The DXY jumped to a high of $105.31, the highest point since January ...
‘The risk is that we’re going to hit the brakes very, very hard,’ Larry Summers says
“‘The risk is that we’re going to hit the brakes very, very hard.’ ” — Larry Summers Almost a full year of monetary-policy tightening by the Federal Reserve appears to be having little impact on price...
Larry Summers warns now is not the time for investor ‘euphoria’—markets are headed for a ‘turbulent period’
After a nearly yearlong campaign against inflation that helped tank markets in 2022, Federal Reserve Chairman Jerome Powell uttered the one word investors wanted to hear more than anything during his ...
Summers Urges Fed to Avoid Pledging Rate Hikes After Next Week
(Bloomberg) — Former Treasury Secretary Lawrence Summers urged the Federal Reserve to refrain from signaling its next move after an expected interest-rate hike next week because of the economy’s...
Summers Warns of 1970s Crisis If Central Banks Relent on Rates
(Bloomberg) — Going soft on inflation will plunge economies back into the recessionary depths of the 1970s and have “adverse effect on working people everywhere,” former US Treasury Secretary La...
Summers Says Recession Still Looms, Fed Getting Closer to Done
(Bloomberg) — Former Treasury Secretary Lawrence Summers said that the US economy is still facing a recession this year, despite encouraging news in recent weeks. Most Read from Bloomberg “One h...
Summers Sees ‘Tumult’ in 2023 With Reckoning for Bond Market
(Bloomberg) — Former Treasury Secretary Lawrence Summers warned that the assumption embedded in the bond market that the era of low interest rates — anchored by disinflationary pressures — is co...
Larry Summers gives up advisory role at crypto firm DCG amid criticism
Larry Summers, the Harvard professor and former top financial advisor during the Obama administration, has cut ties with troubled crypto conglomerate Digital Currency Group (DCG). Summers joined DCG ...
Why Hot Summers Could Ruin Your Winter Road Trips
A Gulf Power Par car battery getty In 2022, the United States experienced its third hottest summer on record according to the National Oceanic and Atmospheric Administration (NOAA). Enduring heat is a...
Larry Summers Says Fed Will Need to Boost Rates More Than Markets Expect
(Bloomberg) — Former Treasury Secretary Lawrence Summers warned that the Federal Reserve will probably need to raise interest rates more than markets are currently expecting, thanks to stubbornl...
FTX Collapse Similar to Enron Than Lehman Brother- Lawrence Summers
Lehman Brothers was an American financial firm whose bankruptcy led to recession. Enron’s collapse is also in the category of one of the biggest collapses in the market. Lawrence Summers is a well-k...
Find Here How Larry Summers Compared FTX Meltdown to Enron Scandal
In a recent interview on Bloomberg TV with Larry Summers, on November 11, 2022, he said “A lot of people have compared the FTX meltdown to Lehman. And he would compare it to Enron.” Lawrence (Larry) H...
Former US Treasury Secretary Larry Summers Compares FTX Collapse to Enron Fraud – Regulation Bitcoin News
Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said th...
Larry Summers has some choice words for Sam Bankman-Fried and FTX
The FTX downfall is not so much a Lehman moment as an Enron one. So says former Treasury Secretary Larry Summers about the once-heralded cryptocurrency exchange that today declared bankruptcy and anno...
People charmed by FTX CEO Sam Bankman-Fried will be ‘looking and feeling fairly silly,’ Larry Summers warns of crypto crackdown
The exponentially increasing troubles at FTX, previously one of the largest crypto exchanges in the world, could be the catalyst to increased federal regulation of the cryptocurrency world, warned for...
Fed may need to hike interest rates above 6% to crush inflation, Larry Summers says
Stubbornly high inflation could force the Federal Reserve to aggressively raise interest rates above 6%, the highest in more than two decades, according to former Treasury Secretary Larry Summers. The...
Summers Urges Fed to Keep Tightening, Even as ‘Collision’ Looms
(Bloomberg) — Former Treasury Secretary Lawrence Summers said it’s important for the Federal Reserve to deliver on the further monetary tightening it has signaled, even in the face of financial ...
Summer’s over, but the European travel season isn’t
This photograph taken on August 7, 2018, shows an American Airlines Airbus A330-243 aircraft on the tarmac at Roissy-Charles de Gaulle Airport, north of Paris. Joel Saget | AFP | Getty Images Airline ...
Summers Sees Heightened Risk of Market Breakdowns, Lauds BOE
(Bloomberg) — Former Treasury Secretary Lawrence Summers said that heightened volatility has raised the danger of “breakdowns” in market functioning — although that’s not yet been seen bey...
U.K. could trigger a global crisis as pound collapses while bond yields soar, Larry Summers says
““A currency crisis in a reserve currency could well have global consequences. I am surprised that we have heard nothing from the IMF.”” — Larry Summers, former U.S. Treasury secretary Former U.S. Tre...
Larry Summers called it again on the collapse of the British pound. Here’s how much worse it could get, analysts say
Britain’s currency is in trouble—and things could still get a lot worse for sterling, experts warn. The British pound crashed to an all-time low below $1.05 during early trade on Monday, before recoup...
Harvard economist Larry Summers says the Fed should keep hiking rates
The Federal Reserve has been intensely criticized this year for failing to do enough to rein in inflation. Last week, the Bureau of Labor Statistics revealed that prices rose again in August followi...
History Shows No Example of Hiking US Rates Too Fast, Summers Says
(Bloomberg) — Former Treasury Secretary Lawrence Summers argued against the Federal Reserve holding back from aggressive monetary tightening, saying that greater economic damage would result fro...
Summers Says Dollar Can Go Further, With ‘Huge Advantage’ for US
(Bloomberg) — Former Treasury Secretary Lawrence Summers said that the dollar has further scope for appreciation given an array of fundamentals behind it, and expressed skepticism about the effe...
Fed chief Powell ‘did what he needed to do’ in Jackson Hole, Larry Summers says
“ ‘The Fed is positioned as well as it can be — given the credibility losses and mistakes that there have been — with these remarks to manage things going forward.’ ” — Larry Summers Former U.S. Treas...
Top economist Larry Summers recommends a way for Biden to forgive trillions in student debt—and it echoes what Sen. Elizabeth Warren says
A day after criticizing any effort by the Biden Administration to forgive student loan debt, former Treasury Secretary Larry Summers has offered an alternative. “I think the best way to relieve studen...
Larry Summers Opposes Full Student-Loan Forgiveness
President Joe Biden will likely announce soon the fate of student debt, as the current pause in federal student-loan payments is set to expire Sept. 1. About 45 million people owe approximately $1.7 t...
Ford, Tesla And Netflix Are Among The Best-Performing Stocks During This Summer’s Massive Rally
Topline With the S&P 500 surging 17% since a low point in mid-June, big names like Ford, Tesla and Netflix have been among the top gainers, while several energy and consumer stocks have slumped de...
Larry Summers is ‘appalled’ by the private equity carve outs in the Inflation Reduction Act
Former Treasury Secretary Larry Summers initially supported the major tax, climate change, and health care bill that passed the Senate on Sunday. But he has a quibble with two of the late changes to t...
‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers comments on FTX bankruptcy
Former U.S. Treasury Secretary Larry Summers is likening the collapse of troubled cryptocurrency exchange FTX to the meltdown that engulfed Houston-based energy company Enron two decades ago. In an in...