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The Latest Breaking News from Larry Summers

Former FTX users say the failed crypto exchange was a 'Ponzi scheme.' Here's how Ponzis work

SBF, as Bankman-Fried was often called, says he didn’t commit fraud. But bankruptcy specialists say the findings so far are ‘pretty devastating.’

Fortune

Pausing interest rate hikes would be the Fed’s ‘worst mistake,’ Citadel’s Griffin says

Despite recession fears and inflation seemingly receding, Griffin says the Federal Reserve should stay the course with interest rate hikes.

Fortune

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

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People charmed by FTX CEO Sam Bankman-Fried will be 'looking and feeling fairly silly,' Larry Summers warns of crypto crackdown

The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."

Fortune

‘It’s very possible we are peaking’: IMF managing director says global inflation could soon be going down, while economist Paul Krugman says in the U.S. it might already be at 4%

Declines in rental prices and slowing wage growth could mean inflation is past its peak, but not everyone agrees.

Fortune

Don't Bet on Inflation Going Away Soon

"The history of developed countries since 1970 is very discouraging about the prospects of bringing down 8 percent inflation," says Larry Summers.

Reason

How Biden changed his tune on inflation as prices soared and the midterms loomed

At first, the White House said inflation would be a temporary issue. But it quickly became the top economic priority — and major source of midterm political pain — for President Biden.

WEKU

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Larry Summers Calls Terminal Rate Crossing 5% 'A Milestone:' What He Says About Potential Of Further Rise

Former Treasury Secretary Lawrence H.

Benzinga

Hot Inflation Numbers Could Crater Stocks 5% — And Larry Summers Says Prices Aren't Dropping Any Time Soon

The Consumer Price Index (CPI) data for September will be reported on Oct. 13 by the U.S. The Bureau of Labor Statistics. Analysts at JPMorgan Chase & Co and former U.S. Secretary of the Treasury Larry Summers weighed in on what is happening and what could happen.

Benzinga

Larry Summers wants to spend trillions on climate

The former Treasury secretary is looking for the World Bank to increase its lending

Axios

Larry Summers Says Sense Of Saudi-Russian Collaboration 'Can't Be Happy One For Americans'

Former Treasury Secretary Lawrence H.

Benzinga

Markets treating UK like ‘developing country’ after Kwarteng budget, warns ex-US Treasury chief

Current turmoil ‘hallmark of situations where credibility lost’, says Larry Summers

The Independent UK

Can Larry Summers please shut up now?

Former Harvard president has been playing inflation Cassandra on TV for months. Can we hear other views?

Salon

Democrats in battleground races criticize Biden student loan plan

It's a sign of fears that the plan could alienate swing voters in November.

Axios

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Reason

Biden's Student Debt Relief Plan Will Worsen Inflation

"Student loan relief would lead some people to spend more," warns Obama economic advisor and Harvard economist Jason Furman

Axios

Biden faces new political risks in student loan plan

He risks leaving progressive and working-class Democrats unsatisfied.

Tribune News Service

Clive Crook: Want a better IRS? Simplify the tax code

One of the most conspicuous parts of the tax-and-spending package known as the Inflation Reduction Act is vastly expanded funding for the Internal Revenue Service. The promised flood of cash — an additional $80 billion over 10 years, compared with baseline annual spending of around $15 billion — raises some…

Tribune News Service

Biden gets big economic win as inflation threatens legacy

WASHINGTON — President Joe Biden raised the final pillar of his economic agenda with the Senate’s passage of a breakthrough climate and tax package, sealing a legacy that risks being undermined by an inflation surge he’s blamed for sparking.

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WEKU

Senate will take up Democrats' tax, climate and health bill on Saturday, Schumer says

Senate Majority Leader Chuck Schumer has repeatedly said Democrats are on track to pass the Inflation Reduction Act in the coming days, but a few roadblocks still stand in the way.

Reason

After 2 Consecutive Quarters of Negative Economic Growth, Is America in a Recession?

Most Americans believe so.

Reason

Inflation Hits 9.1 Percent, Highest Level in 41 Years

Inflation picked up speed in June, rather than slowing.

Roll Call

Sanders, Graham square off on climate, gas prices in debate - Roll Call

Sens. Bernie Sanders, I-V.t., and Lindsey Graham, R-S.C. sparred over rising gas prices during a Monday debate.

The Independent UK

Former Treasury secretary warns recession is ‘more likely than not’ in next two years

Larry Summers took issue with current Treasury Secretary Janet Yellen’s assessment of recession risk

WEKU

The job market stays red-hot with the unemployment rate near a pre-pandemic low

U.S. employers added 390,000 jobs in May as the labor market stays hot. The unemployment rate held steady at 3.6%.

Reason

Biden Says Fighting Inflation Is His Top Economic Priority. His Antitrust Policy Would Make Inflation Worse.

Attacking big firms just for being big could drive up prices.

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