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  • Larry Summers

    Larry Summers, Satirist

    One must applaud Larry Summers for his cagey satire in a Washington Post op-ed today. He lets on—subtly—that the recent resurrection of “secular stagnation” is all an elaborate spoof. Secular stagnation is an odd theory that predicts a perpetually weak economy due to low desire to invest. It contradicts both … More

    Revisionist History: Absolving Fannie Mae and Freddie Mac

    A newly released book, The Mortgage Wars, aims to rewrite history and absolve Fannie Mae and Freddie Mac of having any part in the financial crisis. Written by former Fannie Mae Vice Chairman and CFO Tim Howard, the book blames the crisis on Alan Greenspan and Larry Summers. According to … More

    Next Fed Chairman: Independence Is Paramount

    Larry Summers withdrew his name from consideration for the next chairmanship of the Federal Reserve. The office currently occupied by Ben Bernanke wields enormous power over short-run economic changes. Poor decisions at the Fed can cause recessions or boost markets briefly. For that reason, the most important feature of the … More

    Another Obama Economist Jumps Ship

    According to reports, Christina Romer, Chairman of the President’s Council of Economics Advisers (CEA) is calling it quits.  Why does this matter? Another ignored economist leaves Washington with a slightly tattered professional reputation to be received joyously back in the arms of her colleagues in academe having served in a … More

    Effects of Unemployment Benefits

    The economic effects of prolonged unemployment insurance (UI) have become a controversial topic recently. Conservatives have pointed to a raft of economic studies to demonstrate that, in addition to the benefits they provide, extended UI benefits also come with an economic cost – lengthening the amount of time that those … More

    AP Catching On: Nothing Temporary About This Spending

    Last summer, National Economic Council director Larry Summers said that in order to be effective, any stimulus bill “must be clearly and credibly temporary.” More and more people are beginning to notice that President Barack Obama’s trillion dollar spending plan completely fails that test. The Associated Press reports today: If … More

    Stimulus Destined to Fail by Obama Administration's Own Criteria

    The Heritage Foundation is no believer in Keynesian economics. There simply is no credible evidence that it works. But there are many in President Barack Obama’s administration that are Keynesians. And before they were in Obama’s administration, some even laid out what a stimulus package would have to have in … More