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The Latest Breaking News from Lawrence Summers

Michael Hiltzik: Love it or hate it, the Silicon Valley Bank bailout won't cost taxpayers a cent

What's the dirtiest word in financial policy?

Los Angeles Times

3 Stocks With 10% or More Short Interest NOW

A growing wave of weak economic data and recent turmoil in the banking sector deepened worries about the economy tipping into a recession this year. Amid an uncertain macroeconomic backdrop, it could be wise to avoid fundamentally weak stocks Shift4 Payments (FOUR), ChargePoint (CHPT), and WeWork (WE), with 10% or…

StockNews.com

UK on track to be worst-performing G7 economy this year, says IMF – as it happened

International Monetary Fund forecasts UK GDP will shrink by 0.3% in 2023, worse than other G7 countries

The Guardian - UK

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Larry Summers: Danger of U.S. mortality 'transcends politics'

U.S. mortality data was "especially scary remembering that demographics were the best early warning on the collapse of the USSR,” Summers tweeted.

Fortune

Ken Griffin says SVB failure would have been 'lesson in moral hazard'

The CEO of hedge fund Citadel said that backing Silicon Valley Bank's deposits in full was a "loss of financial discipline."

Fortune

Biden aide says negotiation on debt ceiling is ‘nonstarter’

WASHINGTON — A White House economic adviser said negotiations over raising the U.S. debt ceiling are an “absolute nonstarter” for President Joe Biden, though he’s ready to discuss spending with congressional Republicans.

Tribune News Service

Following the startling suspension of its would-be record-setting $34.5 billion IPO in November 2020, the fintech company was plunged into an extensive restructuring that has been ongoing for the past two years as regulators clamp down on misconduct in the industry

Caixin Global

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Putting a dampener on Thai recovery

After three years in which the economy suffered from Covid effects, I am sorry to say that 2023 will not be the year of economic recovery as everyone had hoped. The global economy will still be plagued by inflation threats and several adverse factors such as excessive debt and the…

Bangkok Post

Yellen says US to take extraordinary steps to avert a default

WASHINGTON — Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the U.S. debt limit, urging lawmakers to boost the ceiling to avert a devastating payments default.

Tribune News Service

'Be careful of false dawns': Former Treasury Secretary Larry Summers warns a recession is still 'more likely than not'

Summers said inflation is still “inconceivably high," but acknowledged that recent trends show the Fed’s inflation-fighting campaign is “closer to being done.”

Fortune

Economists fret over perils ahead for global growth

The world economy looks to be transitioning to a more difficult era in which interest rates will be higher, geopolitical tensions greater and uncertainties more pronounced.

Tribune News Service

Artificial intelligence chatbots: Exciting breakthrough or dangerous tool?

Vivek Wadhwa didn't take the warnings about ChatGPT seriously–until his son asked it about their family.

Fortune

Blockworks' Digital Assets Summit Showcases Crypto Solutions To Real-World Problems In Banking And Money Flow

Last month, Blockworks hosted its Digital Asset Summit (DAS) at the Royal Lancaster Hotel in London, England. During this event, builders, financiers and enthusiasts gathered to speak about the new world of finance and cryptocurrency that’s still developing.

Benzinga

Michael Hiltzik: Painful signs emerge that Fed is moving too far, too fast with aggressive rate increases

We have a term for the intentional infliction of pain on others: cruelty. So what are we to make of the Federal Reserve Board?

Los Angeles Times

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Tribune News Service

Jonathan Levin: Fed splits the difference on labor market pain

The Federal Reserve is inching toward acknowledging how painful its inflation fight is likely to be, but it’s still a lot closer to the optimists than the pessimists.

Bangkok Post

Some Economists Rethink When, if Ever, China Will Pass U.S. in GDP

The sharp slowdown in China's growth in the past year is prompting many experts to reconsider when China will surpass the U.S. as the world's largest economy -- or even if it ever will.

Benzinga

Hot Take: Will Biden's Student Loan Forgiveness Drive Inflation Higher?

Student loan forgiveness has become a reality for the roughly 48 million Americans currently in debt. President Joe Biden said in a speech on Wednesday the student loan payment moratorium would be continued for one final time through Dec. 31.

Los Angeles Times

Biden will cancel $10,000 of student debt for many borrowers

WASHINGTON — President Joe Biden announced Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

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news in one place.

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Los Angeles Times

Biden plans student debt relief announcement Wednesday

WASHINGTON — President Joe Biden intends to announce his long-delayed decision on canceling some student debt on Wednesday. Biden has yet to finalize the details of his plan, but any choice he makes on the contentious issue is likely to draw criticism from both parties and risks shifting the political…

Tribune News Service

Larry Summers says world will study 'Abenomics' when stagnation returns

Former Treasury Secretary Lawrence Summers predicted that policy makers in developed nations around the world will study the legacy of Abenomics, a framework he described as an aggressive attempt to address the challenges of economic stagnation.

Los Angeles Times

Should we raise unemployment to fight inflation? No, we need to protect jobs no matter what

If economic history teaches us anything, it's that when times get tough, working men and women get targets painted on their back.

Tribune News Service

Yellen denies urging smaller Biden relief plan in early 2021

WASHINGTON — Janet Yellen denied advocating for a smaller American Rescue Plan than the $1.9 trillion package proposed by the Biden administration and passed by Congress in early 2021, after an advance copy of a book about the Treasury secretary showed she initially urged scaling it back by a third.

Tribune News Service

Yellen wanted Biden relief plan scaled back, biographer says

WASHINGTON — Janet Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy of a biography on the Treasury secretary.

The Conversation

Fed hopes biggest rate hike in 22 years tames inflation without recession or stagflation: 3 essential reads on what it all means

The Federal Reserve on May 4, 2022, lifted its benchmark interest rate by half a percentage point to a range of 0.75% to 1%, its biggest increase in 22 years. The aggressive move, which has been expected for many months, is part of the U.S. central bank’s effort to slow…

Tribune News Service

Stuart Rothenberg: Inflation, recession and the 2022 midterms

With six months to go until the 2022 midterm elections, the economic indicators continue to deteriorate for Democrats. While unemployment remains low and the economy continues to grow (except for a recent hiccup that few take seriously), inflation is up dramatically, and interest rates are spiking.

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