the only one who saw it coming was larry summers. ill fall into a recession next year if things don't change quickly. mr. summers, good to see you. thanks for coming on. >> good to be with you. >> let me start with, what did you see when so many others missed? we've seen predictions of inflation the last 40 years. you're the one that seemed to have gotten the timing of this hit right. what did you see? >> i saw that we had a tidal wave of demand between zero interest rates from the fed, a huge outpouring of saving that people had pent up from the covid period, and massive fiscal policy from the december bill and then the stimulus bill that was passed. it just seemed to me that demand was going to overheat, we were going to have labor shortages, the bathtub was going to overflow, so to speak, and the inflation rate was going to pick up. and i think that did happen. and then things that i certainly didn't see, and i don't think others could have seen, the ukraine war and all of the interferences in supply associated with that have creat

i didn't think i would be saying larry summers got it right.ow you go into what are some of the other stressors that inflation doesn't taper off. inflation is chasing too few goods and services. you can have the federal reserve basically bleed off the inventory and other holdings and can raise interest rates and squeezees down the money supply. or you could make more stuff, but it would require our brothers and sisters on the left, they run washington, they have the presidency, house and senate, to do things to incentivize our brothers and sisters not to retire early, for young people to get in the work force, for some of the pop you layings that are policies of covid where we forced so many working families and working moms out of the labor force 2082019 and 2020 and wages of women of color and the policy of shutting down the schools and the economy, those are the pop you layings that have been just crushed. unless we get back to levels of participating in the economy, you can't get to productivity. could you and i come together as people on t

former treasury secretary larry summers. join me for inside analysis, anna palmer, former republican congressman carlos curbelo, kimberly atkins stohr, and josh lederman. nbc news correspondent. welcome to sunday. it's "meet the press." >> from nbc news in washington, the longest running show in television history, this is "meet the press" with chuck todd. >> good sunday morning. it's difficult to put into words the extent of russian cruelty. perhaps the russians have done it for us. on friday at the train station where russians bombed civilians who were simply trying to flee the war from ukraine's east was a missile fragment with a letter reading "for the children." is that a signal from the russians? it's not clear. what is clear is that some 50 people were killed, civilians trying to flee the war. ukraine's president zelenskyy called this an evil that has no limits as he begged, cajoled and demanded that western allies do more to stop this slaughter. yesterday britain's prime minister boris johnson met zelenskyy in kyiv.

but larry summers a former treasury secretary said they're dangerously behind the curve at the fed ateast and he writes that over the past 75 years, every time inflation has exceeded 4% unemployment has been below 5% the u.s. economy is gone into recession within two years. today, inflation is north of 6% and unemployment is south of 4%. bank this week was a first big wall street firms to come out and say we should prepare for a recession in 2023. is the white house preparing for a recession? >> we are going to constantly monitor our economic data. what are economic team feels the economy our economy is an incredibly strong on most measures but we created more jobs last year than any year in american history. the unemployment rate was 3.6% last time it was measured costs are too high and we need to take steps to address that. there present the taking from fixing the family glitch to make sure people of lower cost of healthcare to even extending the student loan pause. to make sure even as our economy is a continuing to recover we are reducing costs. were going to continue to address t

has pointed out is the principal reason we are having 40 year high inflation. >> dana: larry summersn employment, below 4%, we were just talking to jen psaki about that. in the middle of all of this with wages up, an appointment down, the admin's ration has extended student loan borrowers, they don't have to pay. again. so this was supposed to be because of the pandemic and here you have bernie sanders -- the extension is not even good enough for him. he tweeted this. "cancel student debt, all of it." and that was followed by congresswoman alexandria because he portrays saying i don't think the folks understand a panic disorder causes people to get close to these deadlines just to extending uncertainty. it doesn't have the effect people think it does. we should cancel them. where do you think this is going, sir? >> senator mcconnell: look, i think in this country it's important to remind people that we all pay our debts. we all pay our debt and with regard to extending the moratorium, quoting larry summers a gun, he said it's exactly the wrong thing to do in the middle of this overhe

if you listen to all was larry summers said he said is it overheated economy causing this.betty white for the inflation, the fact is voters know it's his fault when you look at the new cbs poll 63% disapprove of his handling of the economy, 69% blame him for inflation, those are horrible numbers going into midterms. he will figure out who the people are to blame for inflation in just a few months. >> i have to wonder will the american people voters play biden administration or democrats as a whole this is their agenda and their policy it is not enough to throw biden under the bus, we have a clip from mitch mcconnell saying when republicans take back congress in november god willing we will make sure biden is a moderate that he promised to be. >> let me put it this way biden is a moderate and if i'm the majority leader and kevin mccarthy is the speaker of the house we will make sure joe biden is a moderate. >> what does that mean what can republicans do say we get back congress in 2024 we will have to make big improvements for the american people to put the republican people

despite being warned by larry summers, the only smart democrat economist left in america, they triedhappy talk inflation away. >> president biden: we also know that as our economy has come roaring back, we see some price increases. some folks have raised worries that this could be a sign of persistent inflation, but that's not our view. our experts believe in the data shows that most of the price increases we've seen were expected and expected to be temporary. >> laura: temporary buried and then they told their minions in the press the claim inflation was all just a bunch of conservative spin. >> the talking points on the right and especially among the trump right that there's this biden inflation situation happening in the country. >> right wing parties scaremongering about inflation and wages going up too high. >> laura: the angle protected the inflation bomb over a year ago. that's what they were talking about, i guess. and indeed it's really, really bad and even the left was finally forced to drop its inflation denial, reporters are still trying to leave biden wiggle room. >> dee

over the weekend, larry summers is back toward the r word when we've had inflation above four and we've had unemployment below for essentially always since world war two that's been followed by a recession now in fact, to avoid inflation, he said the fed would have tobe be extraordinarily skillful and lucky and that they'd havejo a very, very difficult job ahead of them. the nowm. is being charitable there. these people are neither skillful noror lucky.nt. they're totally incompetent.. i and i know this is going tos goe written off as just another b right wing spin, but the angle believes that this inflation spiral biden created could mean the end of the democratic party for a generation. remember afterener. jimmy cartet took democrats 12 years to shake off the carter hangover and win the presidency again. so a you would think that thes democrats would see today's news as a sign that it is time to pivot, to moderate, to learn. but you'd be wrong. erything wit i'm doing everything within my power by executive ordershieo bring down the price'v and address the putin price.e right. in fact,

yes, i as i mentioned larry summers, but he was not the the only one that was the conventional wisdom that we were at the end of the business cycle and and that we just couldn't squeeze anything more out of out of this current cycle. i mean, i think the the federal reserves said that growth wouldn't be much above 2% maybe 2.1% they were predicting for 20 17 2018 trump exceeded that the trump economy exceeded that i think they said unemployment wouldn't fall below around four four point one percent again it did it felt well below that a full percentage point below that in fact, and so that that's and i think it's important to point that out because again there is this argument that this was all going to happen anyway, and and in fact well into 2018 you still had president obama there taking credit. for the trump economy you you had joe biden taking credit again for the trump economy and and saying, you know, we started this the the obama administration started all of us that you're saying today. don't forget who started it and and again, that's why i wanted to point out what those expe

>> as i mentioned larry summers he was not the only one. that was the conventional wisdom that we were at the end ofthe business cycle . and that we just couldn't squeeze anything more out of this current cycle. i think the federal reserve wouldn't be much above two percent, maybe 2.1 percent. they were predicting 20 17th 19 trump exceeded that. the trump economy exceeded that. they said unemployment wouldn't fall below four, 4.1 percent. it fell well below that, a full percentage point below that . so that's, and i think it's important to point that out because again, there is this argument that this was all going to happen anyway. and in fact, well into 2018 you still had president obama out there p taking credit for the trump economy. you had joe biden taking credit for the trump economy. and saying we started this. the obama administration started this, all this is the same today, don't forget you started this and that's why i wanted to point out what those expectations were when trump took office. a slowing economy and productions that

and government economists that larry summers just made. >> on the guns.me is at 34%, this is at the same time the same time that background checks have a lot of approval from the american public. what is causing disconnect is are there any plans to change the messaging moving forward? pres. sec. psaki: there is nothing that the president would love more than signing background check law into law and banning assault weapons. he would love to be sunny legislation into law and you are right, it is hugely popular. it does not make a lot of sense, it is the hold that the nra has over government, not our government, people who are elected. i would not say that our messaging has changed, it is important, that has always been the case. ghost guns are the area were we can take steps to help through executive authority as the president is doing today to put in place background checks to put in place requirement of serial numbers, to bring them more in line with a range of other guns. we would love to get background checks signed. >> and you have any thoughts about

you talk a little bit about that in the book. >> i mentioned larry summers but he was not the only one. that was conventional w wisdom, who were at the end of business and we couldn't squeeze anything more out of the current cycle. the federal reserve, growth would be much about 2%, maybe 2.1% they were predicting for 17 through 19, he exceeded that. i think they said unemployment wouldn't fall below 4.1%. again, it did, well below the, int' fact and i think it is important to show that because there is this argument thisha would all happen anyway. well into 2018 you still have president obama out there taking credit. you have joe biden taking credit for the trump economy and saying the obama administration said all that you are seen today, don't forget this started and that's why i wanted to say what the expectations were when trumo took office, a slowing economy and predictions we might be headed into another recession and that is important. it's also important to note the job growth we sawt under trump n occurred when we were near full employment and you know as an economist to get

shery: former treasury secretary larry summers says consensus is building towards a u.s. a combination of factors posing a big challenge to the fed in its efforts to reign in rising prices. he spoke to david westin in the latest edition of wall street week. >> i think the risks are going way up. 27.5% this year, because next year is riskier than this year. it translates to something getting towards two thirds for a two-year period, and i would be a bit above that in my judgment. here is the key fact. we have never had a moment in the united states when inflation was above 4% and unemployment was below 4% where we did not have a recession within the next two years. so, we may pull it off, and certainly it is hugely important that we succeed in pulling it off. but the combination of overheating, followed by policy delay, followed by supply shocks, means i think it's a very difficult set of challenges and recession in the next couple of years is clearly more likely than not. some of the banks are starting to move in that direction. are caught a little between a rock and a ha

wall street week coming next, we will talk about larry summers, he has thoughts on the deal.orget to check out our podcast. find it daily anywhere you get your podcasts. happy friday, have a wonderful weekend, i am emily chang in san francisco and this is bloomberg. ♪ >> investors prepare for the biggest series of fed hikes a double 30 years, the yen is pushed to its weakest level, a billionaire elon musk pursuing the biggest leverage light -- leveraged buyout. regulatory -- this week special contributor larry summers. >> my guess is that the fed will need to can -- go forward that further -- the fed will need to go further. >>

>> bret: larry summers, leslie, has been talking about this for a long time. obviously a democrat.ting on the wall. take a listen. >> the painful fact though is is that historically when we have had inflation and we have had unemployment below 4 essentially always since world war ii that's been followed by a recession within the next two years. >> bret: so, leslie, politically, this seems like it's really hitting a lot of folks. no matter your party ideology. >> absolutely. i mean, james carville said it back in the clinton day's it's the economy, stupid. it is. it doesn't matter if a voter is republican, democratic, doesn't know if a party exists out there. it's about the economy and what the numbers say on wall street because people look at wall street it was very strong start to the market today. you had up to 8% increase in retail and we have seen 6% drop in gas. it's not what the numbers actually are it's what the voters actually feel. what the voters see and feel especially mostly at the gas pump, you know, numbers that are very high and that are affecting their livelihood, t

i've read that one of your guests today, former treasury secretary larry summers, seems to have some thoughts about how the fed is dealing with things and he's warning of a major recession. is that right? >> he is. i mean, he says any time you've had unemployment under four and the inflation rate over four, it has always been followed by a recession since world war ii. that's why he's pessimistic. look, his answer for how to try to prevent this or maybe create a soft landing, are things that aren't very popular. raising interest rates, making it a little more expensive to get a mortgage, and raising taxes. but if you want to slow inflation and try to get back to some sort of equilibrium in a quicker way, that's the prescription. but it's not a prescription policymakers are eager to embrace right now. it does appear the fed is going to start raising interest rates at a faster clip, but right now we're a long way away from any sort of public policy out of congress and the white house that's going to get a consensus on raising taxes these days, since we're still just four years removed

i would think that they would start realizing when people like larry summers, former secretary of the treasury in the democrat administration says that way back a year ago on january, we had already spent too much money and the economy was turning around before christmas 2020, that you're going to have inflation. nobody listened. like mcconnell said, $2 trillion more was spent and that's just feeding the fires of inflation. >> i was going to say, there's no doubt about that. wages in this country went negative immediately thereafter and have stayed there. what i thought was interesting, too, larry summers, a lot of folks from the obama administration, jason furman and ratner and so many others. so the biden administration started off initially saying it was a high class problem. we should be happy. it's a good thing. then he said it was transitory. then they blamed a few other things before they pivoted to putin. now what is the republican's plan? so they're trying to throw the ball back in your court. what do you think? >> well, our plan would be simply this: that a good chair of thi

let's talk about larry summers.ning over a years ago that all of the stimulation to the economy would be inflationary and then potentially recessionary. what the fed is doing is raising interest rates and if you go back in history the last time that was done 40 years ago when we had inflation like that, then chairman voelker put the economy into a self-induced coma to get inflation under control. if the fed continues to do what they're doing, we're walking ourselves down a path to recession. a silver lining on it, if we find ourselves in the next 12 months in recession, it will be short-lived. jacqui: that's good news, hopefully. all right, mitch rochelle, remember, tax day is on monday, we didn't get to talk about that. >> i've got the forms here. thanks, mitch. >> you bet. jacqui: griff, over to you. griff: jacqui, an arrest has been made in the triple homicide at a georgia gun range that killed a 21-year-old and his grandparents. charles watson is there with the latest. >> good afternoon, authorities say a 21-yea

what it would mean, what larry summers said, it would flip and be all sorts of people unemployed with very few job opportunities left for people to take and traditional recession with very high inflation, which is what's called stagflation, it's something you don't want to live through. and i think larry summers is probably more correct than goldman sachs the chances are greater than 50% we'll have a nice substantive down turn and they still may not control inflation. it will be the worst of all worlds. high inflation and high unemployment. >> sandra: that is a brutal reality. you are talking about real wage growth. wages are up and that's a good thing but inflation is up so much more it eats up the wage growth and hence your comment on that. here is the inflation cost per u.s. household. these are just staggering numbers. when you look at the inflation that we are currently living through today and the impact on the american pocket book, that's an additional, by some estimates, could be a low number, $327 per month. that's real pain, art. >> that is real pain. it's terrible, and when

former treasury secretary larry summers told nbc's meet the press that the u.s. may see a recession soon when we've had inflation of both for and we've had on employment below 4, essentially always since world war. 2 that's been followed by a recession within the next 2 years. summers does not agree with some of the economic decisions democrats push like passing billion dollars spending bills. the economy has a very strong basis. but on fox news sunday, white house press secretary jen psaki. >> so the biden administration is monitoring their economic data to combat inflation costs are too high. that's how people across the country, of course, experience inflation. and we need to take steps to address that. some of those steps include lower health care costs for families and extending the pause on student loans, even as our economy is continuing to recover, we're reducing costs without pay or but senate republican leader mitch mcconnell criticized the student loan pause and promises it will only contribute to the economic damage. this administration just can't see

treasury secretary larry summers.ave shanghai reporting 26,087 new covid cases for april 10. that is not quite a record high but close to a high because as we see a city of 25 million people all under some form of isolation or look down, there has been increasing criticism and uncertainty and concern being expressed by people in shanghai. that is in fact a new record for shanghai. 26,087. this as we continue to see the lockdown. previously announced as staggered or phased lockdown to minimize the impact on gdp but at this point given cases continue to rise, the extension of lockdowns and quarantines across much of the city, we see the entire city of shanghai remaining under lockdown. lots of concerns and complaints about available resources. an ability of people to move around to be able to get those resources as well. let's get you a quick check of the latest business headlines. a japanese drugmaker is stopping clinical trials in russia. that is as the business is included from sanctions are the invasion from ukraine

larry summers should have been appointed to replace jay powell.would've been the correct thing to do, and summers has had a good call. i don't always agree with those fellows, but they are right on target. you can't spend and borrow and print money your way through this, see will have to get rid of these crazy woke advisors who are all, all they do is obsess daily 24/7 about a nonexistent, a nonexistent existential climate. nonexistent existential climate risk. their climate issues over the next hundred years, i know that producers are yelling at me, the neighbor regulations that came out two days ago will stop, listen to me, they will stop pipelines, they will stop wind turbines, highways, roads, bridges, there will be no building in this country because of what they did traverse trumps depot which went through our nec. >> sandra: one of his closest advisors brian you know his job was a black rock question he was the head, you can't make some of the soap, that's mitt romney's point. >> figure my successions i'm just saying this. mitts, the senior

this and the inflation it is created by the policies and much of that was predicted then you have larry summersay if you spend all the money to boost demand like they did and it will cause inflation and increase gas prices it was all predicted it's their fault and now they try to wiggle out of it. >> this is the problem with politics. it's always about trying to cast blame someone else but the reality is you are right. what we see in terms of the pressure prices going up in inflation hitting families where hurts the most. it is the most predictable not by conservative economist but liberal economists. and with under the stimulus and then what you will create is higher prices for food and gas and sure enough and reaching eight and half percent those are the price increases for food and gas for californians and americans need the most the economy is crushing workers it's crushing the middle class and because things are costing more and people are getting less. and this is their policy prescriptions with the calamity we are seeing in so many places. >> but look at the labor market but it just refl

this week -- larry summers, on where we go from here. couple of years, it's clearly more likely than not. david: and more on the good news for emerging markets. >> commodity prices seem to be doing

larry summers and jason fuhrman, i give them credit, they are ringing the bell against it. here needs to replace miss entire economic team. dan: thank you, larry kudlow. thanks for joining us, i appreciate the promotion. the fda authorized a fourth vaccine shot overruling advice from its own experts in the process. this as the -- the w.h.o. the. why is the cdc leaving it up to the w.h.o. to investigate issues with this vaccine while the appear here they seem to be ignoring advice in our own country from our own experts? >> thank you for having me. it's a complicated situation. there was a beating in days ago, than is some good news. there is a wind change in fda. they are acknowledging the shortcomings and the efficacy of these vaccines, the fact that the fourth dose is a stop a gap authorized for 15 and above. and people are tired of vaccinations in terms of being fed up. but they never talked about safety. the point i brought up in my presentation was that these are gerks ne therapy products. the fda has a whole section within its laboratory where they research gene therap

one more thing former treasury secretary larry summers says a recession is not guaranteed.n commodity prices and other bottlenecks that will make that not happen. stuart: we will see but i wanted to what do you think, do you think we can avoid a recession. >> i do i think we can avoid it and we have to stop doing stupid things in washington. the key to avoiding a recession in the continuing surge of inflation is to make sure the build back better bill remains dead and it does not come back. i know in the same interview larry summers was asked sheena raise taxes on the rich and i cannot quite understand his answer but he said it would not be a terrible thing to do trade why would we want to tax the people who are producing things in the economy. if you tax something you get less of it. you would reduce the supply of goods and services and that would mean higher prices. we got avoid the mistakes that we made there is too much spending into much taxes and the economy and the best thing we can do right now if i were advising this president i would say cut government spending ri

dani: a waking too late, that is the former treasury sector larry summers reacting to the jobs reportnd the fed. investors were worrying about the fomc minutes, we have a 2's and 30's bond yield curve that has inverted for the first time since 2006. the twos and tens have imparted yet again. -- inverted yet again. it is unusually fast before a pet hiking cycle. manus: always worrying on the first day back on the job. it is quite literally the fastest and aversion, 16 days to redefine the narrative. eric robertson is the head of global research and chief strategist at standard chartered. dani has an eloquent chart, i have got a fact of the day. it is a monster fact, the fastest inversion on record from when the fed began tightening rates. does that ring an alarm bell of any magnitude, and if so, what magnitude in your theories? eric: the flattening has been going on since june last year. it has been going for quite a long period of time. but the speed of the move the last couple of months has been historical. it reflects the dramatic shift from the fed itself. they went from talking ab

how may times have we heard larry summers on bloomberg for months now saying the slower the fed goes, the faster they will have to catch up. when are opinion columnists -- one of our opinion columnists making the same argument. officials don't like to surprise the markets. we had someone on our asia daybreak shows, i asked him about a rate hike and he said we could do it in march -- we cannot do it in march we haven't informed the markets. jay powell is sending a clear message, he would not have said this unless he was ready to go ahead and vote for 50 basis points and he figures he probably has everybody on board with it. haidi: kathleen hays, thank you. president biden is sending an additional $1.3 billion in weapons and eight to ukraine. the new round of support comes on top of the $2.4 billion already authorized and also as we see what a mayor krewson widening the war on the ground -- as we see vladimir putin widening the war on the ground. where do we see this money going at this crucial time? >> president biden this morning in washington announced the $1.3 billion in aid and tha

treasury secretary larry summers tells walter isaacson that russia's war is taking a heavy toll on the global economy.

2020 one, they put in yet another coronavirus relief package and basically, to steal a line from larry summersthose who filled the cup with too much stimulus, as a result, it created too much demand. inflation goes skyhigh. it was the cumulative impact of a lot of stimulus from different quarters, but biden and democrats, they were the ones that sort of put it over the top with the most recent of those three elements, fighting the coronavirus, in terms of stimulating the economy and the impact. host: how much does the covid-19 pandemic affect the midterm elections? can democrats still say, hey, we are still trying to get this country over the pandemic. give us a little more time. does that work at this point, or is the pandemic yesterday's news? guest: the pandemic affected all kinds of things, and then those affect the election. but i have a theory of issue contamination, that when people get mad at a president, let's say, about one thing that is important to them, if they get really mad about one thing, it contaminates how they view that president on everything else. so no matter how great a

larry summers has been spot on all the way through this. not everybody is missing it.ith regard to the consumer, we are seeing issues. delinquencies across consumer credit are up. the consumer is gorged on housing, on auto, and other kinds of discretionary spending. with rates up and inflation material up, there is going to be a dentist there. manus: the equity narrative has been about amazon dropping 9% overnight, facebook months ago got trashed, when you see that kind of serious repricing on tag , -- pnon tech -- on tech, where you look at credit in tech? dan: but the names you have mentioned, they have attained ubiquity, so it is good to be them. but there is a whole world of companies that are trying to grow and have been fueled by questionably appropriate venture capital for the last several years. when that chain stops, and the next guy down the line is not going to pay for the stock of the company added increasing pre-money value, suddenly the music stops. so i think we are excited about the opportunities to provide growth credit related financing to folks who h

2021, they put in yet another coronavirus release package f and basically to steal a line from larry summers they hadn't filled the bathtub, it was too much stimulus. as a result they created too much demand. inflation goes by so it was the cumulative impact of a lot of stimulus from different quarters but biden and the democrats were ones that put it over the top with the most recent of those sort of three elements of fighting the coronavirus in terms of htstimulating the economy and lessening the impact. >> which brings me perfectly to my next question. t how much does the covid-19 pandemic affect the midterm elections? can democrats say we're trying to get this country over the pandemic? does that work at this point or is the pandemic yesterday's news? >> i think the pandemic affected all kinds of things and then those affect the election but i have a theory of issue contamination that eowhen people get mad at the president let's say about one thing that's important to them, if they get mad about one thing it can contaminate how they view that president on everything else though no matter

this week, special contributor larry summers. >> we do not do anybody a favor when we overheat the economyrheat the economy, the chickens do come home to roost. david: and a former ibm ceo on the opportunity for the united states to form a new coalition to compete with china in tech. >> i call it the super bowl of

what has larry summers been saying? what has bill dudley been saying? you've got to go pastor coming your way b -- faster, you are way behind the curve. this also seems like the fed not wanting to surprise the markets. they will probably do the 50 basis point hike. they must've talked amongst themselves already. if the markets aren't ready for this, they will not be ready for anything. 75 seems like a very aggressive call for the next meeting. we have to see what happens at this meeting and what jay powell says afterward. >> you talk about explicit, we are hearing more, reiterating the vowed to support the economy, but not doing much to help these markets, but they are talking about getting these big investors to buy stocks now too. >> it doesn't seem like we are getting a whole lot of that part yet. the head of the people's bank of china, what people want to do here is something more definite. we did some, we did the rrr cuts you did not cut the medium term lending facility. let's hear what he said at the closely watched forum. >> stands ready to suppo

. >> dana: one of the people, larry summers the democrat, and there are other democrats are trying tond the alarm until the end administration that they have to do better peer larry summers says that this to "the washington post," weave a serious inflation problem in the u.s. per the problem did not get made in a week or month. we live in a society now where there are a lot of things where you can get like on amazon prime. two day delivery here it comes. but on this one and inflation, it feels like the administration basically is saying, it's putin's fault and there's really nothing else we can do about it. our consumer stress in for a lot of pain for a long time as this gets worked out? >> sen. cramer: i don't know how long necessarily, dana. but if we act faster and more boldly, it would not have to be all that long. i do think that expectations he to be managed better. you cannot expect to put the clamps on energy production in the united states will we were once energy dominant. at least energy independent and now we are becoming energy dependent. when they started those actions,

>> annihilated trump's policy, stop securing the southern border, inflation, he was warned by larry summers not pass this 1.9 trillion spending bill in the spring of 2021, it will cause inflationary spiral and it did. then they doubled down and said we should spend four to $5 trillion more on the bill back better plan. he's done everything to create these crisis and is going to result in significant losses at the state and local level for the democrats and i couldn't be happier. kennedy: what that are saying the president doesn't have to have control so we can't be mad at him? that that were the white house blaming everyone for things like inflation and immigration as a way for advocating responsibly? the president, regardless of who he has, still have to make choices and still has to create an environment where things happen. >> option c, which you didn't give me but i will jump into it anyway, i think there is an opportunity to have an honest and open discussion with the american people about understanding pain they are feeling and saying these are the policies i believe will help us get

what did larry summers get wrong on this? you said the stagflation hypothesis is nuts.? >> i have not heard larry talk about covid for a very long time, and i do not think there is a serious discussion about the ukraine -- i don't know how you missed that. whatever. it is useful to have somebody going around saying the world is stagflation, inflation, recession. it is worth talking about but his story does not stand up. it is nothing 1970's. tom: thursday morning wrestling. jon: i can see a panel developing. you get the former treasury secretary you think -- you think we can get the former treasury secretary? jon: let's let them do their thing and i can involve for six hours. tk, two views is all it is about. tom: it is tom: tom: just classic economic debate and with great respect to professor summers, this is what makes ago. jon: i bet if you spike it it makes a big difference. up 10%. yields up for basis points on a tenure, 200 87.28. on new york from tv and radio, this is bloomberg. at xfinity, we live and work in the same neighborhood as you. we're always working to

former treasury secretary larry summers says americans need to brace for a recession that could happenearly as next year. >> we were injecting too much demand into the economy. painful fact is that he's starkly when we've had inflation of both for and we've had on employment below 4 since world war. 2, that's been followed by a recession. >> the white house press secretary jen psaki said that the biden administration is working to combat historic inflation, but she says many americans still need help recovering from the pandemic. so tuesday, the federal government will release the march inflation numbers and we'll have to see which direction they're going. we do know which direction the temperatures are going for monday. they're going down way down be a lot cooler out there. meteorologist mabrisa rodriguez is tracking the next storm. there's 2 that are arriving this week. yeah, that's right. justine in that first week, winter storm going to drop our daytime highs tomorrow. 10 to 20 degrees from what we saw today. so we're only going to warm up in the 50's tomorrow. but let's track this

they ignored larry summers the former press secretary last year when the citizen to be a problem.d so quickly that now you have democrats and the obama era saying that it was too big and that's a help fuel inflation there. given all of this senator warren is actually urging him to go even further left and the do more i actually think letting president joe biden way too easy to say that he is not charged and that is not running the show. i think that he is the one making decisions he's making poor decisions. in some cases you have to say that perhaps maybe he needs to make some personnel changes but doesn't make you do not make decisions or making bad decisions. >> jeanine: what happens in the midterms? if there is as they predict a red wave in november, what will they say? what would they say cause this? the democrats? >> losing? that this is the historical trend that president has control and then they loose and whose fashion they got the aca he got the american rescue plan and they'll say when we went out with unemployment at 3.6% which is the lowest that it's been in five decad