Larry Summers: If Tax Deal Goes Down There's A 'Significant Risk' Of A Double Dip Recession

[sasha031]

Source: Huffington Post

Senior White House officials significantly raised the stakes on congressional Democrats in their efforts to get a deal passed on the Bush tax cuts, warning on Wednesday that inaction would "significantly increase the risk" of a double dip recession. It wasn't quite the metaphorical flare of mushroom cloud imagery, but outgoing senior economic adviser Larry Summers offered a fairly dire assessment of the stakes in the tax cut debate.

"If they don't pass this bill in the next couple weeks it will materially increase the risk that the economy would stall out and we would have a double dip," he told a gathering of reporters at an off camera briefing.
A double dip recession?
"What I said it would significantly increase the risk," Summers replied.
The message was hardly subtle. But it certainly was debatable. Summers himself, downplayed the significance of continuing the Bush tax cuts back in September -- though he was speaking, then, about the rates for the rich and the tax cut deal, at that point in time, did not include money for a 13-month extension of unemployment insurance or other tax incentives to help lower income workers.

Read more: http://www.huffingtonpost.com/2010/12/08/larry-summers-tax-cut-deal_n_793975.html

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[DURHAM D]

1. Judas Goat.

The person he is leading to slaughter is the President.
Followed by the Democratic Party.
Followed by the middle class.

[sasha031]

4. there goes the country...

[glitch]

34. He's just another hostage taker.

They'll be crawling out of the woodwork from now on.

[saigon68]

55. Judas Goat

A Judas goat is a trained goat used at a slaughterhouse and in general animal herding. The Judas goat is trained to associate with sheep or cattle, leading them to a specific destination. In stockyards, a Judas goat will lead sheep to slaughter, while its own life is spared. ...

and as for Mr One Term (You should be ashamed)

[Robbien]

2. Yeah, Yeah. That's what you said when we handed bankster billions

Summers is nothing if not consistent.

[thereismore]

3. Fucking. Larry. Summers. nt

[chimpymustgo]

6. And who do you think asked him to put out a statement? This is some sick shit.

[thereismore]

23. Right you are. I am so bummed. I guess I will read books for the next 2 years

and grow some vegetables.

[saigon68]

56. His boss Mr One Term

[okieinpain]

68. your wish. n/t.

[Hell Hath No Fury]

5. BOO!!!!

OMG! :scared:

Sorry, Dude, it didn't work when Bush used it on me, it ain't gonna work now.

[tavalon]

44. But, doesn't it make you feel nostalgic

Just kidding, it just pisses me off. Different administration, same old shit.

[Hell Hath No Fury]

59. It makes me want to put my foot through the TV --

when I see him. :( :mad:

I never thought I'd feel this disgusted by a Democratic president.

[caseymoz]

7. He just knows there's going to be one anyway

. . . and is taking this opportunity to cover his ass.

[tomm2thumbs]

8. I'm so f*cking scared, I just sh*t myself

oh wait, that's from last years 'take this no-public-option healthcare deal or we go bankrupt' episode

I need to keep track of these threats or I'll lose track

[Bonhomme Richard]

9. And a merry fuck you to you too Larry.

And how much money does this tax cut save you Dickhead?

[Ruperto31]

14. Larry does not believe in fuck you.

[No Elephants]

53. Mrs. Summers, is that you?

[beforeyoureyes]

10. We are cratering on the verge of a GREAT DEPRESSION to surpass the 30s

[No Elephants]

46. War saved us then. Now, war only kills the economy. So, what will save us this time?

[kenfrequed]

11. And... if we pass it

We will slump into another trillion dollars in debt over the next decade. Wow, that sounds soooo much better.

[MrTriumph]

12. More poor leadership.

x

[Ruperto31]

13. So now they're threatening. PR terrorism alert! Code Orange!

Why does Larry Summers always have a job? He f**ks up everything he touches, even Harvard.

[rurallib]

15. fear, Fear, FEAR!!!!

[sasha031]

20. sometimes it's how these people think that scares me

and what they plan to do...

[SpiralHawk]

16. Summers is suck an egregious Sack O' Crap

Screw him and the FAIL he rode in on...

[Dr.Phool]

17. We've already got a double dip.

They're named Summers and Geithner.

Bernanke and Rubin are the nuts and cherry.

[Safetykitten]

18. Astride his giant pig, he has an important announcement!

[Autumn]

19. Oh stop, Larry you are breaking my fucking heart

I wouldn't believe you if you said it was a sunny day.

[sasha031]

22. boo

[Autumn]

27. LOL what an ass he is. I would call him a

douche but that does have some use. I guess he is as worthless as tits on a boar hog. Plus he really is a gross looking pig.

[No Elephants]

52. Autumn, if you keep holding back that way, you risk an ulcer.

Tell us how you really feel! ;-)

[The Wizard]

21. Larry Summers

should go right to fucking jail and not pass Go and not collect $200. He has promoted policies that have made him all the more wealthy on the backs of the American working class. Seize his assets. Guillotine and head basket.

[valerief]

24. National Security only matters when strangers can feel you up or listen to phone calls

or read your mail.

[girl gone mad]

25. Hard to double dip..

when there was no real recovery.

[bethfully]

26. Exactly.

And gee, wasn't he the guy heavily responsible for our failure to come out of the first dip? I am so disgusted with the lack of Democratic leadership on doing what's right.

[area51]

69. +1

In order for us to have a double-dip recession, we'd first have to get out of the 2nd Great Depression that we're in, with 30½% unemployment rate.

[TBF]

28. Fuck Larry Summers. Capitalist Pig. nt

[Babel_17]

29. His rhetoric should be aimed at the republicans

who want a larger deficit and who are willing to use as tokens working people who've suffered due to the greed of the banks and Wall Street.

If he doesn't know how to aim then his rhetorical weapon should be taken away.

[Roy Rolling]

30. Ironically

The bond market is selling off because of the broader negative deficit implications of the tax capitulation of politicians to the wealthiest 2%. The politicians and their political hacks like Summers don't know it, but Wall Street knows how bad the deal is. :banghead:

[bongbong]

31. My reply to Summers

"You lie."

[Creative]

32. Common sense...However, this will only delay things for awhile.

The foundation is rotted--eventually, the whole structure will come tumbling down.

[somone]

33. Their greed is bottomless

[slay]

35. More threats from our masters

screw larry summers i mean seriously.

[WhiteTara]

36. I am so sick of the threats.

Go for it. Let's see. I don't believe you.

[glitch]

37. Fucking retread. nt

[williesgirl]

38. He wouldn't dare to this without Pres. Obama's approval. Fuck them all.

[ozymandius]

39. So this is where Obama still get his ideas?

No wonder they suck. Screw that bastard Summers.

[No Elephants]

47. You forgot Timmeh? Yes, Obama gets ideas from folks he hired (at our expense) to advise him.

And the vast majority of his hires were DLC types fished (or re-fished) out of corporations or registered Republicons.

No coincidence. People tend to hire like-minded folks. Summers and Timmeh were in line with Obama's other advisors, like Daschle (Hadn't both Timmeh and Daschle both failed to pay all the taxes they owed? Yet, Obama hired them not all that long before he said Rangel should retire.)

Plus, Obama left in place a boatload of Bushco political hires (as opposed to civil service hires). For decades (at least), every other President has terminated the political hires of his predecessor-unless his predecessor belongedd to the same Party.


When will people finally get it?

[killbotfactory]

40. taking money out of working peoples hands is bad for the economy, always.

Even if it's dismissed as a pittance. People are already in dire straits, they don't need any more burdens.

It's ridiculous that Republicans forced another couple years of favorable tax rates for the well-off, but that's the kind of horseshit a minority party can pull when they all march in lock-step.

[Forkboy]

41. It's only 45 minutes for a smoking gun to become a mushroom cloud.

[JBoy]

42. OMG, The horrors of the double dip:

You dipped the chip. You took a bite. And you dipped again. That's like putting your whole mouth right in the dip!

[RainDog]

43. once again the rich exploiting the poor to sell something to the middle class n/t

[JCMach1]

45. I call BS- Krugman estimated the impact of the bill at 0.3-0.5% boost in GDP

I would have to trust Krugman on this one.

If that one half of one percent is what will keep us from a double-dip we have bigger problems that a few additional taxes.

[No Elephants]

49. And now you know why Obama did not appoint Krugman Sec. of Treas. or head of the Fed.

Though even Bernanke has said extending tax cuts for the rich is a bad idea.

TIMMEH won. Nyah, nyah, nnn, nyah yah.

[No Elephants]

48. Now will people believe Obama wanted to extend tax cuts for the rich at least as much as did

MCConnell?

Pundits have been saying that for weeks.

This is confirmation, as was the compromise itself and Obama's reaction to criticism of his "best anyone could possibly do "compromise" itself. And sending Biden to whip votes. (Just as Obama dispatched Biden to Congress to fight hard for the public option--remember? No, you don't remember that? Oh.)

OBAMA's fear of a double dip recession, thanks to the Republicans he's hired to advise him on the economy, was the reason for Obama's end run around Congress to "compromise" with the Republicans about extending tax cuts for the wealthy.

It was a win win for Obama--breaking a campaign promise he's repeated many times, while getting to blame it on Republicans. Of course, they, not be in idolatry of Obama, probably knew what he wanted. So, they went for the estate tax, too, now more favorable to estates of the wealthy than when obama took over from Bush.

As I've posted before, the only times I've seen Obama actually play 3 D chess are when he's playing with Democrats.

And having Summers' come out with this Terra message is part of it. At least Bernanke broke ranks with his fellow Republicons on this.

[Le Taz Hot]

50. Mind you, I'm not physics major here

but in order to DOUBLE dip, don't you have to come UP from the FIRST dip?

[No Elephants]

51. Three consecutive calendar quarters, waah, waah, waah.

[Le Taz Hot]

54. Ah, yes,

I keep forgetting, things ARE looking up for the Predator Class, aren't they? What WAS I thinking?

[EFerrari]

70. Has Larry Summers ever been right about anything?

[myrna minx]

57. Thanks for the gas-lighting you bastard. Shock doctrine is in full swing, I see.

:puke:

[Javaman]

58. The biggest mistake Obama made was linking unemployment to the tax cut.

So as a result of his "brilliant" strategy, we Americans are fucked either way.

either we get fucked because there won't be a continuation of unemployment benefits or we get fucked by continuing the taxes for the rich.

How is this leadership? How can someone who appears to be so smart, totally fuck this up?

When one comes to the understanding that those in Washington DC care little about what the American people want, then it all becomes clear that what we are witness to is nothing more that the battle of stupid egos. And yet another battle that is fought at the expense of the American people.

When was the last time you heard anything about job being created? And I'm not talking about that half assed Korean deal.

We are so fucked.

[goforit]

60. Fat ass Summers...scaring the masses"Oooogah Boooogah!!"

[fascisthunter]

61. fuck you fascist lying pig!

[SOS]

62. Bush tax cuts enacted in 2001 and 2003

The results?

Not a single job created in 10 years.
Record breaking national debt.
Trillions thrown at failed banks.
Worst economy since the 1930s.
10% unemployment.
Crashed housing market.
Falling wages.
Record foreclosures.
Record bankruptcies.

That's the track record of the Bush tax cuts and neoliberal economic policy.

By all means, let's continue down this ruinous path!

PS: Hey Larry...Bond yield zooming up to 3.25% today. Your Wall Street pals are positioning themselves to clean up when this ship sinks.

[ProudDad]

63. This execrable piece of SHIT

is a major cause of the economic inequality in USAmerica and the meltdown...

WHY THE FUCK DID OBAMA HIRE THIS ASSHOLE?

Rhetorical Trick Question: He hired him because Obama's a capitalist true believer...

[ProudDad]

64. Watch "Inside Job"

This fucker should be doing time!

[yurbud]

65. Jabba the Summers should be double dipped in tar and feathers

[4dsc]

66. Fuck You Larry nt

[Carolina]

67. Gosh the perfect picture

of that loathesome pig

[RUMMYisFROSTED]

71. A noun, a verb and fear.