larry summers debates society. obama is ever more feeling trapped and.kellner said himself up as the default. he often does not say much of a lot of these meetings, holding his cards close. and obama is frustrated and often not sure what to do, he often defaults to a geithner plan for caution, usually a plan for not doing a great deal, plan for keeping the system in america, the structure as it is. ultimately geithner ends up being the last man standing. their relationship, it will be in, i'm sure, both men's memoirs, something of great interest in washington. geithner did want to leave. obama said police state, and it may have to do with the kind of relationships that you do see with presidents. you know, that loneliness that obama talks about. you know, sometimes you need someone to come in to remind you enclose the door and just tell. despite its me again. while we in this box. go over that part a third time. and i think ten that a lot of that. and not in the kind of way that larry did, when you see obama trying to get information, reports without the

larry summers who destroyed the banking system deregulate in the f.c.c. destroying welfare nafta all these things came out of a democratic administration and barack obama i mean the tragedy for me of the obama administration is that in the last two years what they have done is codified the destruction of international and domestic law put in place by the bush administration including the failure to restore basic civil liberties including his corpus it's staggering or poor posse come into our yes it's now legal for the u.s. army to turn its guns on america that's right something that i mean it eight hundred seventy we right we. the. the the way back you talk at the very end of your book you talk about how acts of defiance it's i thought of it as i was gandhi and it basically you know we're going to go to if we're going to get out we're going to go kicking the habit and that's nice but i'm not going down or if we go down might be like robbi potter is suggesting the s. and you economist was you know calling for a change or trade laws or that we hit bottom an

and obama who reappointed larry summers it was clinton who pushed and ruben omics and ruben brought in tim geithner as the bank allowed us to. be goldman sachs but operate to name a treasury secretary somebody who would serve its interest so there is just a feeling of one of disgust not only towards clinton but towards obama that they were grouped together now they are in their two piece of the same to the very same time so then are there no solutions for occupy wall street as there are changes and we're almost out of time i just overall quick answer here no there is no solution in there so why they're so frustrated metlife what this is doing is leading to a situation where once people realize there is no solution in the current system there are three revolutionary situation there what it's leading towards next year and it's not going to express itself next year it will express itself probably four years of. that's his prediction not for a violent one he did clarify he thinks it'll be a political one he said that police are too strong in this country for there to be a violent on tha

many protesters actually associate obama with wall street because he is the one who works with larry summers is the one who works with the same team basically of it used to rescue wall street there is anger probably more anger at larry summers than there is seriously at obama there was a little bit of this mentality of the zor like desire or was taken on taken in by his advisors but again it is deeper than obama it really is and this is a book about. disappointment in the age of obama first and foremost but it is also a book of hope that change is possible if people don't give up if they don't lose hope if they don't play what i call the betrayal sweepstakes which means always moaning and whining instead of organizing and fighting for progress for reforms they could improve the condition of people's lives is a bummer fighting for progress if we talk about his foreign policy great disappointment that he has for the most part in many ways continue the abuses and excesses of the bush era on the other hand he's beginning to pull out of iraq he is beginning to pull out of afghanistan but it is st

a question for larry summers. you said it really is too big to fail. i think it is too rich to fail. it has a lot of private wealth. it has a background in manufacturing infrastructure and has an economy. for the first time i heard the toxic word to a g-8 country. we are in a situation where things can go under control. somebody should do something. the ecb should step up their efforts but there is no willingness to go there. the question for larry summers, if you had a european passport, what would you do? what would be they guarantee, what would be needed to trigger the ecb or whoever to detoxify the debt? >> let me say an two things. business people like yourselves suggest that economists are unworldly and a variety of respect. you are often right. let me say the single thing or business people tend to make errors in judgment. to confuse the strength of technology, the basic function of the micro economy with the health of the macro economy. in 1999, it was phenomenal in terms of technological leadership. a staggering in its dynamism. stood out to t

tavis: i hear your point about larry summers that it could have been worse, but i don't think that is a winning political slogan. you can't tell them that it will garner votes. the second issue is, you say the stimulus wasn't big enough. other economists come to mind. . if the president were here, he would say that we got everything we could even though they controlled both houses of congress at the time. they argued that they could not get any more. we say it should of been larger home, they said they couldn't get any more. what do you say? >> i say that they did not come by and stimulus with some credible package of stability over a 10 or so your time. the worry was that this was a stimulus today followed by still is tomorrow at the day after that. we have had deficits three years running now. people understandably worry about where this leads. if you look at the congressional budget office numbers, the alternative fiscal scenario has absolutely terrifying implications. it means that if we don't change our path, all federal tax revenues will be absorbed by interest payments on the f

they go in and larry summers treats them like crack and tell them to leave. i read an interview with larry summers that came out recently in time magazine where he said it was incredibly accurate. everything in that scene happened except he didn't ask someone to punch them in the face. he said if you want to understand the twin these were guys who were accused everyday in college and he was dismissive of them. that is who he is. he is brilliant but he is arrogant and dismissive and thought what are these kids walking into my office for? this is not my problem. deal with it yourself and that is what he told them. he threw the out of the office. that scene is as word for word as i could do it many years later without having the tape recorder. that scene was very accurate and they kept it perfectly. that guy really looked like larry summers for me. >> host: carolyn in california. good morning. >> caller: good morning. how are you? i have a quick question. are was wondering if you're interested in a true story that is extremely intriguing that involves a great am

by the congress and by the white house tim geithner and larry summers to talk. for the actual officials of the obama administration actually read the legislation. that opened the floodgates for the banks to do this criminal enterprise called. decision that they didn't do with the insurance companies like g.e. the credit rating agencies so that's going to be rolled back. and we have to get back to. basics focus on the real economy. we can leave it at that i know you have a sore throat today totally understandable with the. winter is coming i guess you could say william angle joining us. here. thanks so much appreciate having you so that is going to do it for now but for more on the stories we covered the dot com slash usa check out our you tube page you got our to america you can also follow me on twitter at christine the big picture with tom hartman is coming up at the half hour and tonight he'll have a panel of liberal and conservative commentators breaking down last night's g.o.p. debate. you know how sometimes you see a story and it seems so for life you thin

the deregulation of the big banks street banks done by by the congress and by tim geithner and larry summers to talk. about making financial decisions that the obama administration actually rape the legislation in two thousand the open the floodgates for the banks to do this criminal enterprise called. securitization that didn't coots with the insurance companies like g.e. . the credit rating agencies so that's going to be rolled back. and we have to get back to. basics focus on the real economy. we can leave it at that i know you have a sore throat today totally understandable with the winter is coming i guess you could say william angle joining us. here. thanks so much appreciate having you all right not going to do it for now but for more on the stories we cover. you to. america you can also follow me on twitter christine. see you back here.

by the congress and by the white house tim geithner and larry summers to talk about it and financial officials of the obama administration actually wrote the legislation in one thousand nine hundred thousand that opened the floodgates for the banks to do this criminal enterprise called asset backed securities ation. they didn't do much with the insurance companies like g.e. . the credit rating agencies so that's got to be rolled back and we have to get back to. basics focus on the real economy. we can leave it at that i know you have a sore throat today i totally understand. winter is coming i guess you could say well you mangle joining us. here. thanks so much appreciate having you. all right so we just spoke about the twenty twelve election and about g.o.p. candidates well they are realizing fast that the world is getting smaller and that understanding the relationship between the u.s. and for example with china and iran and yes herman cain even uzbekistan that that's important there are new questions about what has been done well regarding national security and foreign policy and

big banks wall street banks done by by the congress and by the white house that tim geithner and larry summers top economic and financial officials of the obama administration actually wrote the legislation in ninety nine two thousand that opened the floodgates for the banks to do this criminal enterprise called asset backed securitization that they didn't hoots with the insurance companies like g.e. the credit rating agencies so that's got to be rolled back. and we have to get back to. the basic focus on the real economy. we can leave it at that i know you have a sore throat today totally understandable when. winter is coming i guess you could say william angle joining us. here. so much appreciate having you all right let's talk now about the thousand and twelve election and about the g.o.p. candidates they are realizing very fast that the world is getting smaller and that understanding the relationship between the u.s. and other countries like china and iran and yes herman cain even can stand is important and there are new questions about what has been done regarding the national national se

bench and it's no small claim either six and a half billion dollars is at stake exiled tycoon larry summers off skiing once the cash from chelsea owner roman abramovich a man who usually keeps a no public profile. reports that means britons are getting a regular since the billionaire's last stop. it's been dubbed the battle of the oligarchs in one corner is mr a estimated well fifteen billion assets for your child's a football club and a french chateau in the other corner is to be estimated fortune five hundred million he had to sell his yacht but he does still have his trusty stretch my bike when she never fails to show off her man average over his rise to riches is a story precious few knew until now his turn in the witness stand has lifted the lid on a life in the shadows he reveals how some of his companies employed primarily disabled staff and it lucrative thirty percent tax breaks and he came clean on the piles of cash he paid for protection as he dived into the infamous alamy and walls of the ninety's where we now know someone was murdered every three days not exactly the clean cut i

that guy really looked like larry summers. i felt that worked very well. >> host: care lin ventura ya, california. good morning. >> caller: good morning, how are can you? >> host: good. >> caller: i just have a quick question. i was wondering if he was interested in a true story that's extremely intriguing that involves a great amount of wealth, things that go on that people are not aware of, and i'm looking for the right writer. and i know that this film or book or whatever would be a complete hit and a smash -- >> guest: right. [laughter] >> caller: out of the story i would like to offer the wealth for humanitarian projects and to help people all over the world. and i'm looking for the right representative -- >> host: all right, carolyn. we got the idea. are you going to tell us what the story is? >> guest: well, it's a little danger and intrigue involved. it's about an individual who controlled the largest oil resource in the world and what happened to that individual because they don't have an army to protect them. >> host

. >> larry summers left. he has replaced larry summers.rior to that, he served as counselor to the secretary in the first two years of the obama administration, in he brings a wealth of experience. as you know, they koran in and help developing -- develop economic policy for the president. the experience he has brought to that is he had the same job. he served as the deputy head of the council under bob rubin, and then when bob became secretary of the treasury, jean became another director. -- gene became the director. in terms of consistently working democratic administrations that make policy. he is by background from ann arbor, mich., although he did not go to the university of michigan. he is a diehard walgreens fans. he was recruited as a tennis player on a scholarship and played and was the captain of the university of minnesota tennis team. he subsequently went to yale law school where he also continued his great academic pursuits. at the university of minnesota, he was a member of the phi beta kappa. after law school, he began to g

a question for larry summers. you said it really is too big to fail. i think it is too rich to fail. it has a lot of private wealth. it has a background in manufacturing infrastructure and has an economy. for the first time i heard the toxic word to a g-8 country. we are in a situation where things can go under control. somebody should do something. the ecb should step up their efforts but there is no willingness to go there. the question for larry summers, if you had a european passport, what would you do? what would be they guarantee, what would be needed to trigger the ecb or whoever to detoxify the debt? >> let me say an two things. business people like yourselves suggest that economists are unworldly and a variety of respect. you are often right. let me say the single thing or business people tend to make errors in judgment. to confuse the strength of technology, the basic function of the micro economy with the health of the macro economy. in 1999, it was phenomenal in terms of technological leadership. a staggering in its dynamism. stood out to t

. >> i gather larry summers is someone you're not a big fan of. >> i think rahm emanuel is a fantastic mayor of the city of chicago. and he needed to be playing a hired game. i wrote a piece on the nation. people convince me was too aggressive. i regret not naming that. that is the picture. you have these people. many people from the original clinton administration populated this administration. there's a conception of how politics should work. it is smaller than how politics should work that obama brought to washington. there's a story i was told that when obama was given the first budget there were 6000 in march and a. his instinct was to veto the budget. he was told by his lobbyists that there is no way you can do it. you cannot cut the ties with the democrats. had he vetoed it, he would have been the tea party. had he signaled his fundamental desire to change the system and the way washington works, he could have continued to rally the reform movement that now breaks out all over the world because of its frustration with the current wave that the murders he does not function. >> he

a question for larry summers. you said it really is too big to fail.hink it is too rich to fail. it has a lot of private wealth. it has a background in manufacturing infrastructure and has an economy. for the first time i heard the toxic word to a g-8 country. we are in a situation where things can go under control. somebody should do something. the ecb should step up their efforts but there is no willingness to go there. the question for larry summers, if you had a european passport, what would you do? what would be they guarantee, what would be needed to trigger the ecb or whoever to detoxify the debt? >> let me say an two things. business people like yourselves suggest that economists are unworldly and a variety of respect. you are often right. let me say the single thing or business people tend to make errors in judgment. to confuse the strength of technology, the basic function of the micro economy with the health of the macro economy. in 1999, it was phenomenal in terms of technological leadership. a staggering in its dynamism. stood out to the r

communications from former white house chief of staff rahm emanuel, and senior advisor jarrett and larry summers and former chief of staff to vice president biden. the republican ahead said subpoenas of "lack resort." >> what we have seen in the course of this investigation is down right obstruction. the administration has touted the tens of thousands of pages of documents, most of them highly technical never mentioning that producing the documents was like extracting a tooth without anesthesia. >>reporter: republicans say the subpoenas will include a compliance deadline of a week. >>shepard: the white house says they are cooperating and have been all along. >>reporter: a spokesman says the administration has turned over 85,000 documents including about 1,000 from the white house. democrats say this shows the white house is acting in good faith and that the subpoenas will slow down the process. here is more. >> republican after republican today said the white house has refused to give us anything? that is just not true. >>reporter: the white house says republicans have chosen a partisan path her

. >> i agree, but the economists say -- >> what about larry summers? >> a lot of people did not think the recession ended. >> dr. summers? >> look, we have the worst overhang crisis o excess debt, stuff that was constructed during the bubble of lack of confidence since the depression. little wonder when you have that that the growth is slower. we all agree on tha the question is, how do you make that growth to be faster? we all want to see inclusive growth as rapidly as possible over the next years. some people think that the contract your way to glory. some people think if you just cut government, everybody will feel better and there will be some type of renaissance. herbert hoover tried that strategy. they are trying that strategy in britain right now. we have a good experiment to evaluate. i think if you look at the economic experience around the world, cutting government over time it is absolutely necessary and right, but we have to figure out right now ways of getting people into the stores. we have to figure out ways to get people to buy their ho

. >> you specifically put the finger on larry summers for having stopped this, even though this is something as a policy that he had been in support of, public in support of earlier in his career. with summers gone, is it possible that something like this could happen? how, for example, how stiff would the resistance be from the bond market? from the bond traders, from wall street, itself? >> well, it depends on who you're talking about. those who want to bring stability to some of these bond markets are saying, look, this is just what you need. those who are making a lot of quick kills on bits of informational advantage, if you will, in the giant debt trading machine that now dominates wall street's earnings, it has more years, those people don't want the bread taken off their table. what we're talking about here is how to help create a sustainable model for our financial markets so we're not running up and down these wild parabolas, the waves. america can't take that. in terms of the life most people lead, in terms of their kitchen table budgets. what's fascinating, there's no love for wal

at a recent debate, larry summers pointed out that japan's collapse in the 1990s was vastly greater than america's. housing prices dropped not by a third but by 75%. the stock market fell about the same. the dow jones would have to hit 2,600, to be at the equivalent level as japan's stock market went to. and the gdp output gap, the loss of economic growth, was not 5% or 6% as it is in america, but almost 50%. japan has a complex economy with many sclerotic elements and a demographic decline that it cannot solve until it takes on immigrants, which it does not want to do. the united states by contrast remains one of the most competitive economies. it is home to the leading companies in the most advanced industries, houses the largest capital markets, and continues to spawn new companies and, indeed, whole new industries. it exports everything from aircraft to entertainment to health care products around the world. its demographics are strikingly healthy. it will be the only rich country in the world to increase its population over the next 30 years, which means more young workers, producer

i am sure larry summers probably has different ideas and paul volcker, i feel sorry for paul volckerronald reagan with the tough decisions and what he advocated and warren buffett sold his soul and he is saying they got it wrong but they didn't, he does not want to seal like -- seem like a robber baron. and he found a way . >>neil: if you had to advise him now what would you do? >>guest: he can get through repatriation of corporate profits. quickly. >>neil: cutting the taxes. >>guest: bring $1 trillion back. $500 million could go to buy backs but $500 billion would go to direct job creation and no one watch this show would have to pay a nickel for. and cut corporate taxes, a real tax cut for everyone who makes money not just, stop being so selective in trying to help have thirled versus that american, and bring us together as a country. there is still time to do it. i'm not hopeful but there is time. >>neil: okay, all right, charles payne, thank you very much. in the meantime, he bet big on a government bailout and now, well, he is out. and veggie nutrition... v8 v-fusion. could've h

. >> after larry summers left. prior to that, he served as counselor to the secretary of the treasury in the first two years of the obama administration, and brings a wealth of experience that position. the director of the national economic council ordinates and helps develop economic policy for the administration and the president. the experience that he is brought as he had the same job in the clinton administration. at the beginning of that administration, he served as deputy head of the national economic council under bob rubin, and later he became the director of the national economic council. he has held this position before, and has not been involved in 11 straight years of democratic economic policy making, where more than any other one individual in terms of consistently working in the democratic administrations and a key economic policies. he is from an arbor, michigan. he is a diehard wolverine fan. he went to the nervous the of minnesota where he was recruited as a tennis player, won a scholarship, and

larry summers and former chief of staff to the vice president ron clain.e white house is obstructing their work. >> this is not a fishing expedition. we already have documents that show that the white house, the white house was involved in decisions that related to solyndra. we want answers and so do the american taxpayers. >> the white house says though that the administration has already, quote, cooperated extensively with this investigation. >> and today the secretary of energy spoke out about some of this, what did he say. >> energy secretary steven chu said that congress and the administration better loan program but he says he doesn't want the u.s. to, quote, throw in the town on clean energy. here is more. >> this is a key time in american history. there is key opportunity to seize the opportunity to not walk away when there is a stumble. you can learn from those and keep going. >> testify before congress about solyndra later this month. >> shep? >> molly, thanks. the fbi reports agents have arrested a man on tennessee on charges he threatened the f

it was written last year by larry summer talking about the subsidies being given to the project developers. one of those project developers-- the main one-- is general electric. it's a $2 billion project, about 800 megawatts of wind capacity, and yet the government provided a billion dollar loan guarantee to general elect, one of the largest financial sefortses companies in the world. once the project is completed early next year, g.e. and its partners, who cl google, will get a $490 million cash grant. this is not the proper role of government, and i think-- in that case, it's clearly just the worst kind of corporate welfare. >> brown: the lesson you draw is the government should not number this kind of business whether it's solar technology, any of the energy sectors? >> well, look, if i were energy secretary, i would say let's have fairfield, no favor. let's eliminate all subsidies and let all these different sources compete on their merits. i think the problem with the solar business-- and the obama administration is being pilloried on solyndra-- in all of this we have forgotten the is

going to introduce to you the distinguished members of the panel, and one of them, by the way, is larry summers. he was president of harvard, and they gave him a rough time. i want to yale. i told him if he had gone to yale, they would have been nice to himself but he didn't. he was working in the clinton administration, and we all -- several of us were there and worked on a debt forgiveness package for third, world countries because larry has a heart of compassion for those who suffer, and the initiative taken in that gathering with bill clinton and larry summers and others, resulted in a debt reduction of $30 billion to overindebted third-world countries to give them a fresh start. he is a wonderful person, as are all the members of this panel, and you're going to get to know them. one of them, by the way, says he worked for man who worked for my father. it's incestuous in washington. everybody works for everybody sooner or later. so actually, we're all friends. but they have rules. no dodging, no biting, no kicking, and you maintain civility, and i think you're going to have a wonderful deba

. >> after larry summers left.rior to that, he served as counselor to the secretary of the treasury in the first two years of the obama administration, and brings a wealth of experience that position. the director of the national economic council ordinates and helps develop economic policy for the administration and the president. the experience that he is brought as he had the same job in the clinton administration. at the beginning of that administration, he served as deputy head of the national economic council under bob rubin, and later he became the director of the national economic council. he has held this position before, and has not been involved in 11 straight years of democratic economic policy making, where more than any other one individual in terms of consistently working in the democratic administrations and a key economic policies. he is from an arbor, michigan. he is a diehard wolverine fan. he went to the nervous the of minnesota where he was recruited as a tennis player, won a scholarship, and pl

he really looked like larry summers to me. >> carolyn, to enter california. good morning. >> good morning. how are you? i just a quick question. i was wondering if he was interested in a true story that's extremely intriguing that involves a great amount of willful, things that go on that people are not aware of, and i am looking for the right writer and i know this fillmore look could be completed and smashed out of a story i would like to offer the welford humanitarian projects and help people all over the world and i'm looking for the right representative. >> host: we got the idea. are you going to tell us what the story is? >> caller: well it is a little danger involved, it's about an individual who controls the largest oil resource in the world and what happened to that individual because they don't have an army to protect them. >> host: is a true story? >> caller: its a true story. the cases in the international criminal court, the netherlands. >> caller: all right. so ben mezrick, you say you get these e-mails. >> guest: that sanskrit actually. they go

. >> what about larry summers. tho [laughter] >> i remember after thebout lary recession ended in 2001 there were a lot of people who didn't think the recession ended theiro command a lot of thef pe war in. congress telling us it was a jobless recovery. >>usehold income went out. >> we have the worst overhang crisis of excess debt, stuff that was constructed during arud bubble, lack of confidence since the depression.lack little wonder that when you have that the growth after word is slower. we can all agree on that. the question is how do you make that growth be faster we allh t? agree on what we want. we all want to see inclusivencle growth as rapidly as possible p overos the next year's. next some people think you can shrine your word a glory. some people think that if we cuu government will fill better and there will be some kind ofhere l renaissance. ren herai hoover tried that strateg. trying that strategy in britain right now, and so we have a good experiment to evaluate it. i think if you look at the econom