Larry Summers Blasts 'Death Panel' Style Ads on Finance Reform Video

Complete video at: http://fora.tv/2009/09/18/Larry_Summers_The_Future_of_Global_Finance

Larry Summers, Director of the National Economic Council, addresses accusations made in ads funded by the Chamber of Commerce attacking the White House's proposed agency to protect consumer rights. Summers compares the advertisements to the "death panel ads" produced by opponents of healthcare reform. "Those with an argument, make it," he says. "Those without a good argument, try to scare people."

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A year after the economic crisis shifted into high gear, financial scholars and policymakers gathered at Georgetown for the Global Finance Conference presented by the McDonough School of Business and the Financial Times.

Larry Summers, economist and the Director of the White House's National Economic Council for President Barack Obama, tells the audience that his concerns remain in commercial real estate and that the availability of credit and capital remain tight, but says there are signs of economic normalization.

"We know that our economy will be stronger than ever if we commit ourselves to the work that needs to done today," says Summers. "It would be irresponsible for us to not learn the lessons of what is happening." - Georgetown University

Lawrence H. Summers is the Director of the National Economic Council. He was appointed by President Barack H. Obama on November 24, 2008.

Until January, he was the Charles W. Eliot University Professor at Harvard University. He served as the 27th president of Harvard University from July 2001 until June 2006. From 1999 to 2001, he served as the 71st United States Secretary of the Treasury following his earlier service as Deputy and Under Secretary of the Treasury and as Chief Economist of the World Bank.

Summers has taught economics at Harvard and MIT. His research contributions were recognized when he received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and when he was the first social scientist to receive the National Science Foundations Alan T. Waterman Award for outstanding scientific achievement. He is a member of the National Academy of Science and has written extensively on economic analysis and policy publishing over 150 articles in professional economic journals.

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eirefrance: I'm going home for the 3 day weekend, and I'll be willing to pick this up tuesday, if you are. I'll part with this: you may have a point about the Fed and the gold standard. I don't know. I do know this. Ever country in the world has a central bank, and central bank's have presided over the wealthiest century in human history. Maybe there is no connection, but how can you prove that without hypotheticals?

Daniel44125: Well. The dollar has lost 96% of its value since the Federal Reserve was established. Our cost of living has risen since then. People are slaves to their debt and can't pay cash as they once used to. That's not a hypothetical. Fractional reserve banking in inflationary and transfers wealth from the populous to the government and the well connected. Usually banks and corporations that are close to them. I don't believe our wealth can be attributed to central banks in fact we would be wealthier.

Daniel44125: Have a great weekend

Largehippo: And once again, I agree with you, but what you're saying is threatening to real progress. This man with a horrendous past (and probably future too) is doing something good right now. You can criticize him all you want, but take the time to recognize that in this video, he's saying something important and valuable... He's also speaking to an audience that needs convincing, unlike your replies.

Largehippo: Daniel, free market capitalism has never succeeded, and has only been implemented under shocking levels of oppression. The Friedman school of thought has been incredibly destructive both economically and politically in every nation in which it was implemented. These nations only saw economic recovery as they reinstated their regulations and adopted a more social system. I'm thinking mostly of Chile, Argentina, Bolivia and Brazil. I can see you like to sound informed, but you're not.

Daniel44125: Another idiot applying for Monica Lewinsky's position at the White house I see. Keynesian school of thought has been destructive and oppressive. Those countries you mentioned never had a true Free enterprise system, it was always corporatism. You are the uninformed one. And I don't come from the Friedman school. I agree with him on a lot but there is a key thing I do not. I am from the Austrian school. The Constitutional school

AFRIKTODAY: Dude, please I don't know what you are talking about! "He is saying something important and valuable" In what regard? Hitler and Stalin said alot of important and valuable things! Who cares? Criminals ought to be put to justice in order to " establish a better present and prepare a better future"! You have no idea of the nonsensicality of your own statements! Bureaucrats like him are criminals and need not to be heard but by the courts of justice! Shut up!

AFRIKTODAY: Can you define free market capitalism please? Milton Friedman, a capitalist? The same man who called for the separation of Gold from the dollar? The same disciple of Keynes who supported macro economics? The same man who cozied with dictators, secret societies, corporatists, old money for all his life? You can't call a man like that symbol of capitalism. Maybe you ought to educate yourself on free market austrian economics or anarcho capitalism dude! Check Murray Rothbard...dude!

GBS990: Amazing, the people that caused the problem, now want to regulate the institutions that carried out the government mandates. Thanks Barnie and the rest of the self-serving bureaucrats.

NeverContango: Perhaps Mr. Summers, it comes down to "innate differences" of political philosophy? Your "independent body" would become the target for every lobbiest in the country. It would attempt to define all service model standards in the credit industries, thus nullifying competition. And it would eventually continue the grand Fannie/Mac-esque tradition of legislating well intentioned but fundamentally misguided affirmative practices -- e.g., a requirement that credit cards extend subprime credit.

Largehippo: No country has ever had a "true free enterprise system"... just like no countries have a true democracy or capitalism. They are simply the closest things that have existed, and they were simply horrific. You can argue theories all you want, but they're obviously flawed in their impossibility to implement. I've seen and read your side of the argument, and although in the idealist stages it could be functional, there's no possible way that the modern capitalist systems will give up corporatism.

Largehippo: Shut up!... how substantive. I'm also an idealist, I'd love to see every political and corporate predator brought to justice... but sadly that's not the system we're have, and won't obtain that through raging youtube replies. Let me boil this down: I hate Larry Summers, and although I think it would be better to end financial speculation and interest-yielding investment/options... I still consider it a step forward to regulate them to whatever degree possible. you're just dreaming, friend.

AFRIKTODAY: Utter imbecile, The same people who stimulated and profited from the economic boom and bust are now given the keys to regulate the US economy! Whooo! How come no one has ever thought of that, buddy! Please, if someone has to shut the fuck up, it is you! Primo, financial speculation is an entire part of a capitalistic system; maybe we should turn into North Korea! The issue is very simple and that's what you do not understand: Success and failure should be applied equally to any market's actor!

AFRIKTODAY: What exactly do you mean by "idealistic"? "And what do you describe as horrific"? You have no idea of what you are talking about, buddy and maybe you just the product, like many of out there, of Keynesian-Monetarist garbage! What is the idealism in letting incompetent and uncompetitive companies to fail? What is the idealism is calling for an end of artificial low interest rate and government intervention in markets? Of which ideal are you talking about connoisseur? Please, shut the fuck up!

Daniel44125: A free enterprise system will not always give way to corporatism. It only does because in our Government we allow corporations, groups, and unions to donate to campaigns bribing politicians to serve their will. If we force them to follow the constitution as they should. If we amend it to not allow corporate contributions it won't fall into corporatism.

Daniel44125: The same regulations people seek to secure them give government the power to make them insecure Seeking socialism and government control over markets gives the same corruptible people the power you wish to remedy The ONLY way is FREE ENTERPRISE CAPITALISM Once you regulate or allow a corporation to enjoy a windfall through many ways you no longer have a free system or secure one Of course ideologues never will realize this That is why the CONSTITUTION LIMITS Government.

Daniel44125: It amazes me how these Statists seek protection from human beings by giving them the power that makes them even more insecure. Give up liberty for security and you shall have neither nor will you deserve it because you violate others rights that have not sought it. Simple but true. No wonder statists seek help they aren't very bright.

Largehippo: Yea, corporatism emerged despite protections against financial interests influencing national politics. You argue for the centralization of wealth (effectively) but you deny it's innate effects. The constitution is not immune, and in it's original drafts it was a great thing in the US... it's just been perverted by greed, as would any other. The problem you have is that the political elite emerges from the same class as the financial elite.

Largehippo: Yea, I look at multiple angles of problems while you focus and argue a single point. You're like a shining beacon of knowledge. All hail the free market.

Daniel44125: If you do not allow them a contribution it would limit corporatism. As I stated before giving the government that power to regulate and dictate contracts. Giving them the power to bail out corporations while letting others fail as they all should would somehow make things better for the little guy? You can't see the hypocrisy and lack of thought in this argument? Government is supposed to be limited to securing INDIVIDUAL rights alone. Secure economic FREEDOM not dictate the economy.

Daniel44125: I don't argue for centralization of wealth. I argue for liberty and the right to keep wealth one has earned with his own time and labor. That right is for all individuals. ALL HAIL THE GOVERNMENT is your argument. Statists with your impotent brains. Somehow giving government more power would limit corruption. stupid argument. Limiting government impact is how you do that.

Daniel44125: Kinda hard for you to ACTUALLY look at all angles from under the Oval Office desk now isn't it?

Largehippo: Ad hominem is even better. Way to keep raising the bar. You're not analyzing anything, you're just distorting information.. 'ALL HAIL THE GOVERNMENT' is certainly not my argument. The first thing I typed still stands unscathed. You've so far you've just thrown scattered ideas around, and I'm done replying to them for now. You can live in your bubble of selective and distorted ideas, I'm impressed that you so fervently stick to a single argument without examining the clearly demonstrated flaws.

Daniel44125: My argument is sound. I attacked it from multiple angles with others besides you. I really am not here to educate or debate Capitalism. Read the Road to Serfdom by F.A. Hayek Read Human Action by Ludwig von Mises Read some Murray Rothbard. Read even Milton Friedman.

GBS990: How many layers of government regulation should there be? The government was the ones that required the banks to make sub prime loans, ala Barnie Frank. If the press would do its job of reporting fraud, both in the private sector and government, we would not have lunatic videos like this one.

Author: ForaTv; Uploaded: Oct 8, 2009; Duration: 2:41; Views: 665

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