Erin Burnett Challenges Larry Summers On Spending Cuts

Video:  Summers on CNBC with Erin Burnett -- Feb. 9, 2010

Kudos to Burnett for asking the important questions regarding growth in government spending, entitlements, and pensions.  Solid discussion.

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Larry Summers loves the biggest banks best:

"The president’s been emphatic on what have been the excesses of the financial sector — irresponsibility, innovation that served no real purpose except the exploitation of customers — and that’s why the president’s pushed so hard for strengthened financial regulation. 

Look, a healthy financial system is crucial to a healthy economy, but we don’t need the kind of hypertrophy that we’ve seen in the financial system in recent years. "

We’re certainly emphasizing regulating the bankers now, not supporting the kind of irresponsible growth that we saw historically."

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(Screenshot...video is above)

Comments

[DailyBail]

http://economix.blogs.nytimes.com/2010/02/11/is-summers-ready-to-get-tough-on-big-banks/

Is Summers Ready to Get Tough on Big Banks?
By SIMON JOHNSON AND JAMES KWAK

[DailyBail]

http://classic.cnbc.com/id/35312182

Summers: Economy Improving, but Has Long Way to Go