Larry Summers lost a Billion and won’t talk about it

[patb]

http://www.bloomberg.com/apps/news?pid=20601109&sid=abvB2xzkNEyI&pos=10#

The swaps, which assumed that interest rates would rise, proved so toxic that the 373-year-old institution agreed to pay banks a total of almost $1 billion to terminate them. Most of the wrong-way bets were made in 2004, when Lawrence Summers, now President Barack Obama’s economic adviser, led the university. Cranes were recently removed from the construction site of a $1 billion science center that was to be the expansion’s centerpiece, a reminder of Summers’s ambition. The school said last week they will suspend work on the building early next year.

the article is amazing

[EconProf]

Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.

[EconProf]

Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.

[EconProf]

Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.

[EconProf]

Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.

[EconProf]

Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.

[Anonymous]

[quote=EconProf]Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.[/quote]

“Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments.”

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!!

[Anonymous]

[quote=EconProf]Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.[/quote]

“Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments.”

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!!

[Anonymous]

[quote=EconProf]Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.[/quote]

“Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments.”

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!!

[Anonymous]

[quote=EconProf]Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.[/quote]

“Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments.”

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!!

[Anonymous]

[quote=EconProf]Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments. (Another is Lester Thurow, who a lapdog media interviewed incessantly because he was telegenic, exuded confidence, smilled a lot, but was consistently wrong in his forecasts).
Yes, Summers was colosally wrong in his investment record and forecast, and had to be involved in telling Obama last March the unemployment rate would not exceed 8% if only the stimulus bill is passed. He also criticized Bush II in an academic paper some years ago for extending unemployment benefits. Said doing so actually worsens unemployment because it encourages some on the margin to become picky and turn down job offers (true BTW–economists are agreed on this).
So what Summers-advised administration is now extending unemployment benefits to (I believe) the longest in history at 78 weeks? Obama’s.
I just wish journalists and editors would keep track of economist’s stands and forecasts and start elevating those who have proven correct and ignor those with a dismal record.[/quote]

“Larry Summers is one of too many economists that seem to succeed despite their dreadful record of accomplishments.”

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!!

[Allan from Fallbrook]

[quote=PDQ]

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!![/quote]

Let’s not forget Rubin or Geithner, either.

[Allan from Fallbrook]

[quote=PDQ]

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!![/quote]

Let’s not forget Rubin or Geithner, either.

[Allan from Fallbrook]

[quote=PDQ]

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!![/quote]

Let’s not forget Rubin or Geithner, either.

[Allan from Fallbrook]

[quote=PDQ]

Gee…I wish Summers was more like Bernanke or Greenspan. No one can run things into the ground like those two!!![/quote]

Let’s not forget Rubin or Geithner, either.

[Author]

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