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« Banking Mayhem On Display At MSNBC | Main | Peter Schiff Formally Announces His Candidacy For The U. S. Senate »
Thursday
Sep172009

The Day I Called Larry Summers A Generational Rapist

So in this piece about Felix Salmon, Felix says that Larry Summers reads a lot of financial blogs:

  • But every writer scribbles with an ideal reader in mind. Salmon is no exception. He may not covet the biggest audience but he does yearn for the best and most influential reader: "It’s a known fact," he says, "that Larry Summers reads a lot of blogs."
  • If that sort of audience is what he’s after, I ask, why not become a regular on CNBC? "Because Larry Summers doesn’t watch CNBC."

*************************

I particularly enjoyed this section about Felix:

  • Here's how he handled an invitation to speak to a prestigious gathering of bankers and economists in Zermatt, Switzerland, recently: "After all the high empirical seriousness of the past couple of days, I think that the attendees enjoyed me blowing off steam by telling them that we had to do something which of course we won’t do at all: abolish the tax-deductibility of interest, move in general from a world of debt finance to a world of equity finance, and, insofar as there is credit in the world, encourage that credit to be in the form of loans rather than bonds." It was the equivalent of telling a convention of Episcopal priests that they should seriously reconsider value of the New Testament.

Read the entire piece HERE.

*************************

I am convinced (well, at least hopeful) that in the first month of launching The Bail, that I had an intense argument with Larry Summers over on Calculated Risk.  He dropped a few hints in the heat of his anger as he repeated over and over:

  • "If you only knew who I was, you wouldn't be speaking to me that way."

Then there was a Harvard reference, and something about the Fed.  I assumed at the time it was complete and utter BS, which it may very well have been. 

And by the way he was right.  Had I known that it might have been the narcoleptic himself, I would have been much, much more of an ass. 

I was ripping Keynes on the day the stimulus was passed...I basically went to CR to pick a fight with the Keynesian academic sloths who reside there perpetually.  I started the fight with a loud message (all caps) calling all Keynesians generational rapists.  It was based on one of my first angry, opinion pieces on the stimulus:

  • Also missing from the debate is the concern for our children and the unconscionable debt burden we are leaving them.  Keynesians, what value are you adding?  Your insane belief in the power of government spending is painful entertainment for the rest of us who can smell the bull the minute you hit town.  Where is the grand vision?  Where is the vital infrastrucure?  Why do these projects merit the borrowing of $1 trillion more from our children's increasingly dim futures?  We're still waiting to hear how each project will further our national interest. 
  • So stop wasting our time with your useless theory on how this giveaway will substantially boost the economy.  We're not buying it.  It didn't work in the 1930s and it's not going to work now.  Are you listening, Krugman.  The massive spending that accompanied our entrance into WWII brought us out of the depression.  Not the keynesian claptrap you so proudly cite.
  • Call this stimulus what it really is, generational rape with a trillion-dollar shovel, and it's but one more painful wrong turn as we continue on the path to federal bankruptcy.

*************************

Larry Summers Archive   ( A whole bunch of good stuff)

 

 

 

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Reader Comments (22)

Sep 17, 2009 at 4:55 PM | Registered CommenterDailyBail
From Sonic Ninja:

Go to CNBC and vote on whether the Fed should be abolished...the poll is at the very bottom of the page:

http://www.cnbc.com/id/32881898
Sep 17, 2009 at 4:56 PM | Registered CommenterDailyBail
As long as we're discussing the stimulus, Keynes and Krugman, take a look at this piece on Christina Romer....Shockingly, I get slightly angry and go off on a ANTI-Keynesian rant......

http://dailybail.com/home/cea-chair-christina-romer-well-do-whatever-it-takes-to-help.html
Sep 17, 2009 at 4:59 PM | Registered CommenterDailyBail
Righteous Ratigan Attack On Leverage And Regulation Leaves CEA Chair Dr. Christina Romer Mumbling Nonsense (Clip Of The Week)

http://dailybail.com/home/righteous-ratigan-attack-on-leverage-and-regulation-leaves-c.html
Sep 17, 2009 at 5:01 PM | Registered CommenterDailyBail
Awesome. Daily Bail, what's the thread at CR? I actually poked around a little last night looking for "generational rape," "generational rapitsts," etc. but I couldn't find it. Inquiring minds want to know!
Sep 17, 2009 at 5:02 PM | Unregistered CommenterJames H
I have no idea...I tried to find it myself...CR posts so many stories every day and each has so many comments that it's absolute hell to look through them all...i spent an hour and couldn't find it...

I was actually somewhat remorseful afterwards and deleted some of my most vitriolic statements, but the core should still be there unless CR deleted the posts which he has been known to do......I was not posting under The Daily Bail...and I haven't a clue what pseudonym I used...it was way back in February...
Sep 17, 2009 at 5:07 PM | Registered CommenterDailyBail
AIG Board Said to Rebuff CEO Benmosche on Use of Corporate Jet
http://www.bloomberg.com/apps/news?pid=20601109&sid=aI1YteQcUQTY


“It will be a long slog -- a matter of years -- with the risk of some relapses along the way,” Volcker said today at a financial conference in Beverly Hills, California. While Volcker said he sees signs that the economy is in the “early stages of recovery,” he also warned that “it is way too soon to resume business as usual.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEJ2RERn3xFM
Sep 17, 2009 at 5:11 PM | Registered CommenterDailyBail
http://www.washingtontimes.com/news/2009/sep/17/senate-dems-approve-road-signs-that-tout-stimulus/?utm_source=Comprehensive&utm_campaign=f43e406a8e-In_brief_9_17-2009&utm_medium=email

They're spending hundreds of billions of dollars to stimulate the economy, so Senate Democrats said Wednesday they might as well spend millions putting up signs to highlight where the money is being spent.

The road signs, which let motorists know the paving and construction projects they see are being paid for by the $787 billion economic stimulus program, have popped up across the country. In a 52-45 vote, the Senate decided the signs should stay.
Sep 17, 2009 at 5:15 PM | Registered CommenterDailyBail
Just an FYI - the Summers sleeping you tube video "has been removed due to terms of use violation".

Don't get me started on that problem...
Sep 17, 2009 at 11:01 PM | Unregistered Commentermark mchugh
I thought Larry was ALWAYS sleeping.....It's only when he is forced to make a public appearance that he remains awake. His leadership is that of a blind, deaf, ignorant man....who is asleep....AB
Sep 17, 2009 at 11:49 PM | Unregistered CommenterAin't Bullshittin'
IF somebody has a minute see if you can find another copy of the Summers sleeping clip on youtube....thx mark for alerting us...

AB...You should collect all your little comments like the one above...you could publish a small book of short economic comments from Ain't Bullshittin'...

There must be hundreds of them throughout the site....
Sep 18, 2009 at 12:38 AM | Registered CommenterDailyBail
Good for you!
Sep 18, 2009 at 1:16 AM | Unregistered Commenterthesilentcritic
I am full of it......or a piece of it...........I can't remember exactly which one Mama used to always say.....AB
Sep 18, 2009 at 2:56 AM | Unregistered CommenterAin't Bullshittin'
LINE OF SUCCESSION IF OBAMA/SOETORO REMOVED FROM OFFICE


By: Devvy
September 17, 2009
© 2009 - NewsWithViews.com
Today is Constitution Day. Sadly, tens of millions of Americans have no clue what it means. Just another day to hit the hog trough or one more day until TGIF. On September 17, 1787, the U.S. Constitution was signed. How very lucky we are there were 39 real men back then who didn't cower at the mere thought of standing up for what they believe in and fighting for it.

Sep 18, 2009 at 12:51 PM | Unregistered CommenterKen
what an ugly dude!
Sep 21, 2009 at 1:30 PM | Unregistered CommenterSell Short
Give that beast some tentacles and you've got yourself a vampire squid.
Sep 21, 2009 at 2:10 PM | Unregistered CommenterJames H
Wouldn't it be horrible for Larry Summers if the headline of this story were on the first page of google results for his name? I agree this would be a travesty. For the insane, the last vestige of power is ridicule.

He is a cog in the captured machine of Washington. We deserve some visceral revenge.
Sep 22, 2009 at 10:49 AM | Registered CommenterDailyBail
I did my part a few times today to help move this story up the google results chain. Larry Summers and generational rapist has a nice ring to it.
Sep 23, 2009 at 12:36 AM | Unregistered CommenterDailyBail
Ken. I have noticed much more readable posts from you, thanks for making the effort. Please do try to refrain from such intensely partisan posts here. Remember partisan fighting is not productive to making real change. And our bailout coalition accepts all comers. Otherwise, we have no shot.
Sep 23, 2009 at 12:39 AM | Registered CommenterDailyBail
Anyone know how many times you'd have to search "Larry Summers generational rapist" before it shows up on the auto-complete for searches? If using the same IP address isn't a problem, I'll pledge 50 searches. However, simply having "Larry Summers rapist" come up would be worth probably get people curious, too.
Sep 23, 2009 at 12:46 AM | Unregistered CommenterJames H
Great, now there are two searches you never thought you'd find on the internet:

Larry Summers, rapist

Barney Frank, skinny dipping

...sick.
Sep 23, 2009 at 7:25 AM | Unregistered Commenterallie
Anyone know how many times you'd have to search "Larry Summers generational rapist" before it shows up on the auto-complete for searches? If using the same IP address isn't a problem, I'll pledge 50 searches. However, simply having "Larry Summers rapist" come up would be worth probably get people curious, too.

I like how you think...i have no idea on the numbers needed for auto-complete for google...i do know that google actually punishes a story if it is clicked too many times by the same IP...but how many is too many?...of this i am unsure...

I did it 5 times yesterday and might do another 5 today...50 in one day from teh same IP might hurt the goal, but I really have no idea...
Sep 23, 2009 at 12:58 PM | Registered CommenterDailyBail

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