Larry Summers Speaks In Support of Expansive Fiscal Policy! Go Larry?

[TomCADem]

Things are really topsy turvy when you have Nouriel Roubini, who is loved on DU, urging that the federal government deal with the deficit and Larry Summers, who is a hated on DU, promoting stimulus spending:

http://www.businessinsider.com/larry-summers-uk-oxymoronic-2011-4

Larry Summers has lashed out at the United Kingdom's growth strategy, calling its plans to cut the deficit to grow the economy "oxymoronic," according to the Telegraph.

"I find the idea of expansionary fiscal contraction in the context of the world in which we now live to be every bit as oxymoronic as it sounds," Summers said at Soros' INET conference.

This comment comes on the heels of recent data that suggests the UK is entering a period of economic stagflation, where growth is weak and inflation is high.

[dkf]

1. Roubini is nervous of the vigilantes. Summers thinks it's no big deal.

[upi402]

2. As the continuum arcs...

...arcs so much the opposite ends meet!
Like when Pat Buchanon and Jerry Brown agreed on NAFTA

kick -important

[dkf]

3. Summers is probably worried about the end of Qe2 and all the state cuts due for July

[notesdev]

4. Why are you surprised?

The primary beneficiaries of "expansive fiscal policy" are the same type of folks who gave Summers a job all these years - banks and transnational conglomerates.

Before you take Summers seriously on economic issues, consider that he lost Harvard $1 billion from bad investments when he was running the show there. Do you really want to be his next client?

[trumad]

5. Larry Summers, along with Rubin, Greenspan, Geitner and Paulson

are the top architects for the mess this country is in.

Fuck Larry Summers.