Did Larry Summers just take a shot at Trump and people who believe in God, all in one fell swoop? I’m assuming when he labeled Trump’s economic teams plans as ‘well beyond voodoo economics’ and equal to ‘creationism’ he meant it in the nicest of ways for all of you bible toting jackasses out there.
Summers isn’t a fan of Trump’s economic policies, whatsoever. He doesn’t give a shit about $2t in overseas cash being repatriated over — because most of that money will be used to execute reckless buybacks and drunken mergers and big old stupid dividend hikes.
Why would Wall Street like that?
“This is probably the largest transition ideologically and in terms of substantive policy that we’ve seen in the U.S. in the last three quarters of a century,” Summers told Tom Keene in a Bloomberg Television interview Tuesday. “Those kinds of transitions have to be — given the central role of the US in the global system — matters of enormous uncertainty. I don’t think that’s fully recognized by markets.”
Summers was also critical of a paper jointly written by economist Peter Navarro, who will lead a newly formed White House National Trade Council, and Commerce Department head Wilbur Ross.
“The Navarro-Ross paper is well beyond voodoo economics,” Summers said of the September report on Trump’s growth plans. “The logic of it, the arguments made, are so far out of the mainstream of any kind of responsible economic thinking that they are the economic equivalent of creationism.”
“The vast majority of the companies who have large overseas cash also have substantial amounts of domestic cash,” he said. “The reality is that cash that is brought home will be used to pay dividends, to buy back shares, to engage in mergers and acquisitions, to rearrange the financial chessboard, not to invest in large amounts of new capital. It is a chimera to suppose that there will be large increases in capital investment as a consequence of that repatriation.”
Larry of Harvard has spoken. As you were. Yes.
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The man is a hatted ass.
Mr. Summers is just another Butt-hurt PHD’ed academic who won’t have a chance to exercise his Super Abundant Ego in the power-circle of Trump policy gorillas. Like as not, his leanings that “BREXIT” is a BAD IDEA (contrary to Trump-insider and delightful youtube star Nigel Farage, and NUKING the $100 bill (only Criminals and Terrorists use it, right) would rub the furry fur of the new 75%ers. He will slink back to some island in the Clinton Archipeligo and continue to shout across the wide expanse from his peak to see if anybody in the Trump heartland will even twitch at his words anymore.
From the Dr. hisself, et al. “India is just a flesh wound”:
http://larrysummers.com/2016/11/21/most-sweeping-change-in-currency-policy-in-the-world-in-decades/
I’m not impressed with his economic predictability.