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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 2 February 2012 [View all]Demeter
(85,373 posts)17. Summers: “Inside Job had essentially all its facts wrong” By Felix Salmon
http://blogs.reuters.com/felix-salmon/2012/01/27/summers-inside-job-had-essentially-all-its-facts-wrong/
In mid-2009, I went on a search for apologies, from the people who laid the intellectual and regulatory foundations for the financial crisis. I wondered whether and when Larry Summers, in particular, would apologize for what he did at Treasury, and I was heartened when Bill Clinton came out and said that, with hindsight, he was wrong about derivatives regulation.
Then, in 2010, Inside Job came out, and demonstrated the need for the likes of Summers to be asked direct questions about their culpability on the record, on-camera. But Summers refused to be interviewed for that film, despite having known its director, Charles Ferguson, for many years. And when he does sit down for a rare on-the-record video interview, these questions never seem to get asked.
So I was very happy to see that Krishnan Guru-Murthy at least tried to ask Summers these questions earlier this week. Krishnan starts off with standard Summers-interview questions, asking him what he thinks about UK fiscal policy, and Summers gives his standard wise-man answers. But then Krishan gets steadily tougher, asking Summers about the advice he gave the president-elect in 2008, and eventually about his deregulatory tenure at Treasury.
And Summers doesnt even come close to apologizing, or admitting that he made any kind of mistake at all. Quite the opposite: he starts getting very touchy, telling Krishnan that hes reducing complex questions to overly simplistic black-and-white narratives. Halfway through the interview, Krishnan asks Summers whether laissez-faire capitalism isnt working for the middle classes. And Summers pushes back. Im a Democrat, he says, adding that Ive long been someone who favored significant interventions to protect the environment.
IT GETS WORSE
FACTS ARE SUCH STUBBORN THINGS---JOHN ADAMS, UPDATED
In mid-2009, I went on a search for apologies, from the people who laid the intellectual and regulatory foundations for the financial crisis. I wondered whether and when Larry Summers, in particular, would apologize for what he did at Treasury, and I was heartened when Bill Clinton came out and said that, with hindsight, he was wrong about derivatives regulation.
Then, in 2010, Inside Job came out, and demonstrated the need for the likes of Summers to be asked direct questions about their culpability on the record, on-camera. But Summers refused to be interviewed for that film, despite having known its director, Charles Ferguson, for many years. And when he does sit down for a rare on-the-record video interview, these questions never seem to get asked.
So I was very happy to see that Krishnan Guru-Murthy at least tried to ask Summers these questions earlier this week. Krishnan starts off with standard Summers-interview questions, asking him what he thinks about UK fiscal policy, and Summers gives his standard wise-man answers. But then Krishan gets steadily tougher, asking Summers about the advice he gave the president-elect in 2008, and eventually about his deregulatory tenure at Treasury.
And Summers doesnt even come close to apologizing, or admitting that he made any kind of mistake at all. Quite the opposite: he starts getting very touchy, telling Krishnan that hes reducing complex questions to overly simplistic black-and-white narratives. Halfway through the interview, Krishnan asks Summers whether laissez-faire capitalism isnt working for the middle classes. And Summers pushes back. Im a Democrat, he says, adding that Ive long been someone who favored significant interventions to protect the environment.
IT GETS WORSE
FACTS ARE SUCH STUBBORN THINGS---JOHN ADAMS, UPDATED
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We watched that last night. Our littlest one made a "pop-up" groundhog in school yesterday
Roland99
Feb 2012
#31
Not to mention the fact that its "product" is useless, pointless, and can be harmful
Demeter
Feb 2012
#21
Affinity fraud; Fleecing the flock: The big business of swindling people who trust you
Demeter
Feb 2012
#10
Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe CA
Demeter
Feb 2012
#13
Holder & Obama’s Propaganda “Belied by a Troublesome Little Thing Called Facts” By William K. Black
Demeter
Feb 2012
#14
Attorney General Champs, Chumps, and Eric Schneiderman By Abigail Caplovitz Field
Demeter
Feb 2012
#18
But, just think of how hard it is to raise a billion bucks in campaign contributions!
Fuddnik
Feb 2012
#20
Oil down 1% to $96.61/bbl. Gas prices here about $0.25 shy last summer's highs.
Roland99
Feb 2012
#33
Actually OBama is much like FDR, FDR had one advantage, a HUGE Democratic majority in Congress
happyslug
Feb 2012
#57
Obama's Democratic Congress was no where near as left wing as the Congresses of the 1930s
happyslug
Feb 2012
#59