Let's Get to Know Obama's Economic Team: Larry Summer: National Economic Council, Director.
|
Posted By: Marta Fernandez on December 14, 2008 President-elect Barack Obama announced his economic team, noting that Lawrence Summers would be the director of his National Economic Council. In touting Summers, Obama praised the former treasury secretary for his work during the Clinton years Larry helped guide us through several major international financial crises – and was a central architect of the policies that led to the longest economic expansion in American history, with record surpluses, rising family incomes and more than 20 million new jobs. He also championed a range of measures – from tax credits to enhanced lending programs to consumer financial protections – that greatly benefited middle income families. As a thought leader, Larry has urged us to confront the problems of income inequality and the middle class squeeze, consistently arguing that the key to a strong economy is a strong and growing middle class....And as one of the great economic minds of our time, Larry has earned a global reputation for being able to cut to the heart of the most complex and novel policy challenges. While some of that might be true, Summers has been a controversial figure, and it's likely no accident that he is being handed a position that does require him to be confirmed by the Senate. But despite Summer's intellect and experience, it's worth remembering that he did blow one of the major calls of the 1990s: what to do about financial derivatives--those esoteric financial products (such as credit default swaps) that helped grease the way to the subprime meltdown. Not only did Summers oppose greater regulation for those financial instruments; he led the opposition against it. At age 16, he entered the Massachusetts Institute of Technology (MIT), where he originally intended to study physics but soon switched to economics (S.B., 1975). He was also an active member of the MIT debating team. He attended Harvard University as a graduate student (Ph.D., 1982), where he studied under economist Martin Feldstein. He has taught at both Harvard and MIT. In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. In December 2005, Summers married English professor Dr. Elisa New. Summers has three children by his first wife, Victoria Perry. The controversy: Comments about a woman's "innate " abilities, may be genetically programmed. http://www.boston.com/news/local/articles/... Summers left Harvard in 1991 and served as Chief Economist for the World Bank until 1993. In December 1991, while at the World Bank, Summers signed a memo written by staff economist Lant Pritchett. The memo apparently argued that free trade would not necessarily benefit the environment in developing countries. An aside to the memo, leaked to the press, said that "the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that". The leaked memo was the subject of public controversy. Maybe it's secret Harvard Society thing like "the Final Club", Mr. Summer is so bright he may be bordering on some mania. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
 |
Marta Fernandez
From Queens, NY CUNY -Queens College class of 1985 Member Since July 2008 |
Comments
More From This Author
Latest Blogs
 |
FREE Valentine's Day E-Cards Available! ♥️Happy Valentine's Day! ♥️
♥️ Free Valentine's Day E-Cards Link: https://www.pinterest.com/shykerialifleur/valentines-day-greetings
♥️ What to Write In Va ...more
Shykeria Lifleur • 128 Views • February 11th, 2026 |
 |
BLACK OWNED BEAUTY SUPPLY ASSOCIATION (BOBSA) AND JUNIQUES AD SERVICE CREATES DFY 30 SEC DISTRIBUTION SERVICEANNOUNCEMENT
Juniques Ad Service, a proud Juniques Company, is excited to share a powerful new collaboration with the Black Owned Beauty Supply Organization. Through this collaboration, members and s ...more
rickey johnson • 104 Views • February 11th, 2026 |
 |
MEDIA ALERT! USA -Call for Submissions- Gumbo for the Soul: Women of Honor with PowerMEDIA ALERT! USA
-Call for Submissions-
Gumbo for the Soul: Women of Honor with Power is currently under development by the visionary team of Gumbo for the Soul International®.
This a ...more
Beverly Johnson • 107 Views • February 10th, 2026 |
 |
Keeping the Faith!!!! 10 Videos, MindMap, CheetSheet, and so much more to discuss FAITH!!!!https://learners.juniquesadservice.com/courses/offers/21e32619-5774-44e2-93d9-a3df7d93a778
Welcome to the course for You!!! Keep The Faith
Video 0- Introduction
Video 1 Why Faith is So Import ...more
rickey johnson • 272 Views • February 9th, 2026 |
 |
RON CARTER & RICKY DILLARD Is Taking Church To The Jazz Club With New Single "Open My Eyes"@RONCARTER #RONCARTER@RICKYDILLARD #RICKYDILLARDLegendary in the genres of Jazz and Gospel music, the "Maestro" Ron Carter and the "Choirmaster" Ricky Dillard are taking church to the Jazz club with t ...more
LaMarr Blackmon • 149 Views • February 9th, 2026 |
Popular Blogs
 |
Divorce in America in 2009 – What’s love got to do, got to do with it?
Join Brother Marcus and the cast and the crew of the Brother Marcus Show live this Sunday evening on February 1, 2009 @ 8:00 p.m. for another hot topic in our community! “Divorce in America in 2009 ...more
Brother Marcus! • 70,796,570 Views • January 27th, 2009 |
 |
VISINE ALERT!!!Seemingly innocent medication such as Visine eyedrops are used by people to concoct a mixture with similar effects as a date-rape drug.
When mixed with alcohol and taken orally, the eyedrops can l ...more
Siebra Muhammad • 118,226 Views • May 23rd, 2009 |
 |
"Chain Hang Low" check out the real meaning of the Lyrics!Recently there is a new artist out of Saint Louis that goes by the name JIBBS. Jibbs debut single "Chain hang low" has a history that most people are not aware of. The particular nursery rhyme that th ...more
Tyhesha Judge-Fogle • 75,040 Views • November 9th, 2006 |
 |
HBCU Marketplace Gifts: Divine 9 Premium Fraternity / Sorority Playing CardsVendor: Charles Jones
Item Price: $20.00
Price Includes Shipping: Yes - Shipping Included
Item Description:
Pantheon Series - Divine 9 - Premium Playing Cards (choose Gold Series or Silve ...more
How May I Help You NC • 61,511 Views • December 2nd, 2018 |
