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Former Treasury Secretary Larry Summers had strong words for President Donald Trump's administration on Sunday, warning that the White House could be squandering one of its most valuable assets.
"I think that making policy based on facts, advancing issues based on analysis, is central to the effective functioning of government. And so I'm very concerned by the repeated tendency to engage in alternative facts and to assert things that are not supported by reality," Summers told CNBC from the China Development Forum in Beijing. "And I think over time that will do great damage to credibility, and in many ways in governing, credibility is the coin of the realm."
Summers, along with Rubin, Greenspan and Clinton were complicit in the mortgage derivatives debacle. They lined the pockets of their Wall St. pals, and themselves. Anything coming out of that crooks mouth is discounted.
Former Treasury Secretary Larry Summers had strong words for President Donald Trump's administration on Sunday, warning that the White House could be squandering one of its most valuable assets.
Oh My
I'm surprised that anyone would quote Larry Summers for anything except as example of how the TBTF banks took control of the Presidency. I knew I had made a mistake by voting for Obama in early 2009 when Obama made him part of the his Administration instead of prosecuting him for the 2008 Mortgage debacle.
They can have 'the coin of the realm', that sounds like British talk.
you fail to understand what is being discussed.
The USA attracts many billions of dollars of foreign investment due to its excellent regulatory systems. we are a nation of law, a nation based in fact, a nation that provides solid trustworthy institutions.
This brings massive amounts of monies, IP and people to our shores. When Trump lies, when he sows doubt when he debases and devalues our structures and institutions we become less attractive. Trump is not only lying, he is recklessly lying. Trump is purposely or ignorantly damaging relations with nations that we depend on.
When our word is not longer trustworthy, When the POTUS, is likely to verbally assault other international leaders seemingly at random, those leaders have much less reason to seek favor or relationships with the USA. And in fact can use Trump's lies, his bellicose nature to justify whatever they want.
There is currently NO leader in the EU who could not juice their standing by simply announcing something negative about Trump. Many wanted to build a relationship with Trump, but now see he is simply unfit and dangerous to their careers. trump is like a monkey with a loaded gun, you don't know what will happen next and the safest thing to do is to avoid any and all interactions.
The Irish PM Enda Kenny risked Eire's long term relationship with the USA. Kenny did not want to be associated with Trumpland in anyway that could be viewed as supportive. That would have been very damaging for his domestic support.
I'm surprised that anyone would quote Larry Summers for anything except as example of how the TBTF banks took control of the Presidency. I knew I had made a mistake by voting for Obama in early 2009 when Obama made him part of the his Administration instead of prosecuting him for the 2008 Mortgage debacle.
So instead you vote and stump for a guy that put in like 4 TBTF bankers in his Cabinet.
Larry Summers is a Keynesian nut job. Clueless and beholden to the oligarchs.
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