Lawrence Summers Speech On Economic Risks
Lawrence Summers has an excellent speech on Bloomberg video about the unfolding economic contagion. It it probably about thirty minutes so it's rather lengthy but it is worth the time. Summers is a quite capable political leader, economist and educator. He speaks in greater detail, honesty and scope than any other speech I have seen on the current state of the financial markets. It's not a pleasant speech but we have to be honest in order to address any issues.
He also talks about formulating policy to solve problems. Now. This raises a good point. We can't start to address any messes until Wall Street and Washington acknowledge they exist. I am quite confident this particular issue has been understood at some political level for at least a year and longer within Wall Street circles. And, that potential insolvency and bank failures has been known for at least nine months. The continuous happy talk we've gotten out of politicians afraid to admit problems exist in an election year is driving death spikes into the economy for prospects of political gain. Personally, I believe it's time for some very public substantive policy moves, publicly announced regulation enforcement and publicly announced efforts at getting to immediate financial market transparency in order to start to instill confidence in markets. In other words, a prime time television address by the President with a well thought out plan approved by economic advisors and business leaders aimed at doing just that. Anyone in Washington who believes this is a secret needs to wake up. You are always the last to know what is going on! Do politicians need to be kicked in the ass to actually get something done? The world needs to know the Boss is aware of the issues, is addressing them and that we have a plan. And make it yesterday or before the system blows up!
Email your political representatives at House.gov, Senate.gov and WhiteHouse.gov to demand it. Even if they accomplish nothing substantive, it accomplishes some of what is most important. That is confidence. You don't need to write a book. Simply tell them that getting transparency and confidence back into the financial markets and addressing the housing issue should be their top priority. And that the President ought to be addressing this issue publicly.
He also talks about formulating policy to solve problems. Now. This raises a good point. We can't start to address any messes until Wall Street and Washington acknowledge they exist. I am quite confident this particular issue has been understood at some political level for at least a year and longer within Wall Street circles. And, that potential insolvency and bank failures has been known for at least nine months. The continuous happy talk we've gotten out of politicians afraid to admit problems exist in an election year is driving death spikes into the economy for prospects of political gain. Personally, I believe it's time for some very public substantive policy moves, publicly announced regulation enforcement and publicly announced efforts at getting to immediate financial market transparency in order to start to instill confidence in markets. In other words, a prime time television address by the President with a well thought out plan approved by economic advisors and business leaders aimed at doing just that. Anyone in Washington who believes this is a secret needs to wake up. You are always the last to know what is going on! Do politicians need to be kicked in the ass to actually get something done? The world needs to know the Boss is aware of the issues, is addressing them and that we have a plan. And make it yesterday or before the system blows up!
Email your political representatives at House.gov, Senate.gov and WhiteHouse.gov to demand it. Even if they accomplish nothing substantive, it accomplishes some of what is most important. That is confidence. You don't need to write a book. Simply tell them that getting transparency and confidence back into the financial markets and addressing the housing issue should be their top priority. And that the President ought to be addressing this issue publicly.
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