Lawrence H. Summers @LHSummers Twitter profile

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Lawrence H. Summers

@LHSummers

7 months

In nearly 50 years of @Harvard affiliation, I have never been as disillusioned and alienated as I am today.

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Lawrence H. Summers

@LHSummers

4 years

. @POTUS sets what I believe is a new world record for presidential market value destruction.

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Lawrence H. Summers

@LHSummers

7 months

The silence from Harvard’s leadership, so far, coupled with a vocal and widely reported student groups' statement blaming Israel solely, has allowed Harvard to appear at best neutral towards acts of terror against the Jewish state of Israel.

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Lawrence H. Summers

@LHSummers

6 years

If during the Clinton or Obama Administrations there had been a statement from @POTUS or anyone senior official in the morning before the Employment Report it would have been a major scandal—with all sorts of investigations following on.

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Lawrence H. Summers

@LHSummers

2 years

I think @JeffBezos is mostly wrong in his recent attack on the @JoeBiden Admin. It is perfectly reasonable to believe, as I do and @POTUS asserts, that we should raise taxes to reduce demand to contain inflation and that the increases should be as progressive as possible.

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Lawrence H. Summers

@LHSummers

2 years

I’m not sure understand the argument for a windfall profits tax on energy companies. If you reduce profitability, you will discourage investment which is the opposite of our objective.

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Lawrence H. Summers

@LHSummers

7 months

The delayed @Harvard leadership statement fails to meet the needs of the moment. Why can’t we find anything approaching the moral clarity of Harvard statements after George Floyd's death or Russia's invasion of Ukraine when terrorists kill, rape and take hostage hundreds of…

Harvard University

@Harvard

7 months

“We write to you today heartbroken by the death and destruction unleashed by the attack by Hamas that targeted citizens in Israel this weekend, and by the war in Israel and Gaza now under way.” Read the full statement from University leadership.

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Lawrence H. Summers

@LHSummers

7 months

To be clear nothing is wrong with criticizing Israeli policy past, present or future. I have been sharply critical of PM Netanyahu. But that is very different from lack of clarity regarding terrorism.

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Lawrence H. Summers

@LHSummers

7 months

Instead, Harvard is being defined by the morally unconscionable statement apparently coming from two dozen student groups blaming all the violence on Israel. I am sickened. I cannot fathom the Administration’s failure to disassociate the University and condemn this statement.

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Lawrence H. Summers

@LHSummers

2 years

I was very pessimistic about the consequences of utterly irresponsible UK policy on Friday. But, I did not expect markets to get so bad so fast. A strong tendency for long rates to go up as the currency goes down is a hallmark of situations where credibility has been lost.

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Lawrence H. Summers

@LHSummers

5 years

We may well be at the most dangerous financial moment since the 2009 Financial Crisis with current developments between the US and China.

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Lawrence H. Summers

@LHSummers

4 years

Told @FareedZakaria on GPS @CNN , America’s failure on COVID-19 is almost unimaginable. Heck, if the U.S. had handled the pandemic as well as Pakistan, we would have saved in neighborhood of $10 trillion.

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Lawrence H. Summers

@LHSummers

3 months

After Friday’s new anti-Semitism task force announcement, I have lost confidence in the determination and ability of the Harvard Corporation and Harvard leadership to maintain Harvard as a place where Jews and Israelis can flourish. The previously touted advisory committee has…

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Lawrence H. Summers

@LHSummers

4 years

Thoughts at the end of a long week: Why can’t the greatest economy in the history of the world produce swabs, face masks and ventilators in adequate supply?

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Lawrence H. Summers

@LHSummers

7 months

Unlike President Bacow’s strong statement of support for Ukraine after Putin’s invasion and the decision to fly the Ukraine flag over Harvard yard...

Statement on the Russian Invasion of Ukraine

The deplorable actions of Vladimir Putin put at risk the lives of millions of people and undermine the concept of sovereignty.

www.harvard.edu

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Lawrence H. Summers

@LHSummers

7 months

I very much hope appropriate statements from the University and College condemning those who launched terrorist attacks and standing in solidarity with its victims will soon be forthcoming.

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Lawrence H. Summers

@LHSummers

2 years

Great budget deal announced today. This will mean progress on inflation, economic growth, tax fairness, inequality, and climate change.

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Lawrence H. Summers

@LHSummers

2 years

Today’s CPI report confirms that the US has a serious inflation problem. Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one.

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Lawrence H. Summers

@LHSummers

7 months

...or Dean Gay’s powerful statement on police violence, we have as yet - 48 hours later - no official Harvard statement at this time of moral testing.

Claudine Gay's Statement on the Death of George Floyd

Dear FAS Community,

inequalityinamerica.fas.harvard.edu

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Lawrence H. Summers

@LHSummers

7 months

I yield to no one in my revulsion at the statement apparently made on behalf of 30 plus @Harvard student groups. But please everybody take a deep breath. Many in these groups never saw the statement before it went out. In some case those approving did not understand exactly…

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Lawrence H. Summers

@LHSummers

1 year

Somebody from a developing country said to me, ‘what we get from China is an airport. What we get from the United States is a lecture.'

Summers Warns US Is Getting ‘Lonely’ as Other Powers Band Together

Former Treasury Secretary Lawrence Summers warned of “troubling” signs that the US is losing global influence as other powers align together and win favor among nations not yet aligned.

www.bloomberg.com

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Lawrence H. Summers

@LHSummers

2 years

The US 10 year rate just crossed above 4 percent. Mortgage rates comfortably exceed 7 percent. We are now in new financial territory.

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Lawrence H. Summers

@LHSummers

4 years

He destroys about $500b in equity market value in course of an 11 minute speech. Destruction roughly doubles as investors take an hour to analyze the speech.

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Lawrence H. Summers

@LHSummers

5 years

Opinion | The IRS chief must release Trump’s tax returns — and Mnuchin must not stop him. Read my @washingtonpost column:

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Lawrence H. Summers

@LHSummers

3 months

My confidence in Harvard leadership’s ability and will to confront anti-semitism and the demonization of Israel continues to decline. Unfortunately, it is becoming ever clearer why Harvard ranks first on anti- semitism, even as it ranks last on upholding free speech. Confronting…

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Lawrence H. Summers

@LHSummers

1 year

The most disturbing set of data on America that I have encountered in a long time. This transcends politics. This is especially scary remembering that demographics were the best early warning on the collapse of the USSR. …

Why are Americans dying so young?

US life expectancy is in freefall as the young and the poor bear the brunt of struggles for shared prosperity

www.ft.com

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Lawrence H. Summers

@LHSummers

6 years

Third major Amtrak accident in 2 months. Constant infrastructure breakdowns. Rising death rates for the middle aged. USA showing symptoms, like USSR in 1980s, of decay. This, not demonizing FBI, should be focus of President @realDonaldTrump and government.

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Lawrence H. Summers

@LHSummers

5 months

Harvard Corporation and Administration, despite much public and private advice, are failing in their core obligation to create a safe environment conducive to learning and free expression for all students. When multiple classes are disrupted by students with megaphones and there…

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Lawrence H. Summers

@LHSummers

3 years

When order is restored, the president needs to be impeached and convicted immediately. Right way to signal we are a nation of law. Vote should be unanimous if those in power support American democracy.

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Lawrence H. Summers

@LHSummers

10 months

NYC spends $38k per pupil and most kids don’t learn at grade level and 100k a year drop out. There are similar stories across the country. This should be the focus of American education policy debate not the nuances of admissions policies at elite schools.

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Lawrence H. Summers

@LHSummers

6 months

Harvard Business School and Harvard Medical School have aggressively and effectively addressed issues raised by Hamas terror and subsequent anti-Semitic speech. The Harvard University response is not nearly as strong. This is very unfortunate at a time of moral crisis.…

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Lawrence H. Summers

@LHSummers

2 years

I am sorry to see the @nytimes taking MMT seriously as an intellectual movement. It is the equivalent of publicizing fad diets, quack cancer cures or creationist theories.

Is This What Winning Looks Like? (Published 2022)

Modern Monetary Theory, the buzziest economic idea in decades, got a pandemic tryout of sorts. Now inflation is testing its limits.

www.nytimes.com

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Lawrence H. Summers

@LHSummers

2 years

I am pretty cynical, and hardly anti-business in general, or private equity in particular, but I am appalled by the end stages of the Senate bill’s passage.

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Lawrence H. Summers

@LHSummers

2 years

There is no legitimate public policy argument for the maintenance of carried interest or @SenJohnThune / @SenatorSinema 's private equity carve out from the bill. It makes me despair of the general interest above the special interest.

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Lawrence H. Summers

@LHSummers

6 years

As a consequence of this tax cut vote millions will lose access to health insurance and thousands will die.

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Lawrence H. Summers

@LHSummers

3 years

I am certainly no left wing ideologue, but I think something wrong when taxpayers like me, well into the top .1 percent of income distribution, are getting a significant tax cut in a Democrats only tax bill as now looks likely to happen.

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Lawrence H. Summers

@LHSummers

5 years

. @realDonaldTrump has at times suggested that he cannot turn over returns because they are under audit. This is wholly fictitious, as there is no such IRS rule, practice or even suggestion with respect to returns under audit.

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Lawrence H. Summers

@LHSummers

8 months

This picture should be sobering to anyone convinced that we have reattained price stability.

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Lawrence H. Summers

@LHSummers

4 years

Loose lips sink ships. Imprudent rhetoric sinks markets.

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Lawrence H. Summers

@LHSummers

7 months

Why can’t we give reassurance that the University stands squarely against Hamas terror to frightened students when 35 groups of their fellow students appear to be blaming all the violence on Israel?

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Lawrence H. Summers

@LHSummers

2 months

We show that if we make an effort to reconstruct the CPI of Okun’s era—which would have had inflation peak last year around 18%, we are able to explain 70% of the gap in consumer sentiment we saw last year. 8/N

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Lawrence H. Summers

@LHSummers

7 years

Steven Mnuchin may be the greatest sycophant in Cabinet history.

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Lawrence H. Summers

@LHSummers

1 month

I was very disappointed that the Harvard Law Student Government endorsed divesting in Israel. This following on what the Harvard Graduate Student Union did some time ago illustrates that there is a pervasive prejudice problem on the Harvard campus.

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Lawrence H. Summers

@LHSummers

2 years

I am very concerned that we may headed into a new era of Brandeisian populist antitrust policy that will make the US economy more inflationary and less resilient.

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Lawrence H. Summers

@LHSummers

7 months

I was very glad to join now more than 250 colleagues in signing this letter regarding @Harvard 's response to the Hamas attacks. I am very glad that President Gay has now denounced Hamas terrorism and distanced the University from the appalling student group statement. I hope…

Boaz Barak

@boazbaraktcs

7 months

More than 100 Harvard faculty denounce "false equivalency between attacks on noncombatants and self-defense against those atrocities." The conflict is complex but "the events of this week are not complicated. Sometimes there is such a thing as evil"

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Lawrence H. Summers

@LHSummers

5 months

Even when elections didn't go my way, I always thought the system was robust and that pendulums swing. I do not feel that way about the prospect of a Trump presidency. I think there is a substantial risk that it would be immensely destructive because it moves the conversation…

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Lawrence H. Summers

@LHSummers

6 months

This powerful letter is in my view right. I am very disappointed in the response of most leading American universities, including Harvard, to the events of October 7th. Any university with an anti-bullying policy needs to consider what has gone on. The Association of University…

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Lawrence H. Summers

@LHSummers

9 months

The United States faces serious long-run fiscal challenges. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept.

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Lawrence H. Summers

@LHSummers

7 years

I never thought I would say this but the President is a clear & present danger to an orderly global system @CNNMoney

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Lawrence H. Summers

@LHSummers

2 years

Why, with hundreds of thousands of Puerto Ricans suffering after a terrible hurricane, hasn’t the @JoeBiden Administration authorized a Jones Act waiver that would make available 300,000 barrels of diesel fuel?

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Lawrence H. Summers

@LHSummers

6 years

Sometimes evil loses. A bit of faith in democracy restored.

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Lawrence H. Summers

@LHSummers

2 years

As the Fed prepares to meet, there is a growing chorus--both among political figures and economists-- that the Fed should pause very soon for fear they will throw the economy into recession, given the lagged response of monetary policy. I believe this advice is badly misguided.

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Lawrence H. Summers

@LHSummers

10 months

The important test for elite colleges in this era is their overall contribution to opportunity in America. No more legacy admissions. No more special admissions for people who've been coached extensively to be good at aristocratic sports. Expand their class sizes so that…

Bloomberg TV

@BloombergTV

10 months

"The important test for them in this era is their overall contribution to opportunity in America," former Treasury Secretary Larry Summers says on US universities following the SCOTUS decision striking down affirmative action. Watch Wall Street Week:

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Lawrence H. Summers

@LHSummers

9 months

I mourn today's vote in Israel. It is a reminder of a tragic lesson of history: great nations are brought down more often by internal decay than external threats. As 2024 approaches, I hope Americans will heed this lesson and resist the siren song of populist extremism

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Lawrence H. Summers

@LHSummers

4 years

Another 20 percent cut in IRS auditing. America is giving away tens of billions a year to tax cheats by cutting the IRS, even as its responsibilities grow. This is madness. via @WSJ

IRS Personal Income-Tax Audits Drop to Lowest Level in Decades

Just 0.45% of individuals were audited in 2019, following years of budget cuts.

www.wsj.com

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Lawrence H. Summers

@LHSummers

2 years

I think the best way to relieve student debt would be to allow it to be discharged in bankruptcy. I’d support this reform. It would also penalize other private creditors, unlike government debt relief that would in part subsidize them.

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Lawrence H. Summers

@LHSummers

2 years

Every dollar spent on student loan relief is a dollar that could have gone to support those who don’t get the opportunity to go to college.

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Lawrence H. Summers

@LHSummers

7 years

#Obamacare is the most conservative path to universal care. So, no wonder there is no right wing alternative.

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Lawrence H. Summers

@LHSummers

1 year

SVB committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term. When interest rates went up, the assets lost their value and put the institution in a problematic situation.

CNN

@CNN

1 year

Former Treasury Secretary Larry Summers joins CNN's @wolfblitzer to discuss what errors he thinks Silicon Valley Bank made, and what can be done to prevent future bank failures. Watch more:

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Lawrence H. Summers

@LHSummers

5 months

If you look at both Henry Kissinger and Charlie Munger you see the power of staying curious. They stayed with it to the very end. I think their curiosity, their love of reading, their love of discussion, their love of argument was part of what caused them to flourish for so very…

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Lawrence H. Summers

@LHSummers

2 years

The emerging claim that antitrust can combat inflation reflects “science denial”. There are many areas like transitory inflation where serious economists differ. Antitrust as an anti-inflation strategy is not one of them.

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Lawrence H. Summers

@LHSummers

1 year

It is now confirmed that the American political center has held. There is a real chance that the terrifying anti-democratic fever is breaking. Now is a time when the country can move forward to create more prosperity and security for all.

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Lawrence H. Summers

@LHSummers

2 years

If it is a fairness argument, I don’t quite follow the logic since even with the windfalls Exxon has underperformed the overall market over the last 5 years.

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Lawrence H. Summers

@LHSummers

7 years

The Trump administration has not yet made a significant economic pronouncement that meets a minimal standard of competence and honesty.

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Lawrence H. Summers

@LHSummers

4 years

Today, Goldman’s CEO received a 20 percent raise to $27 million. Apart from the juxtaposition with the worst American health disaster in a century, there is the fact the stock is down more than 35 percent during the last year.

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Lawrence H. Summers

@LHSummers

1 year

If the @federalreserve does what's necessary to contain inflation, I think a slowdown is likely to come. The odds on that happening sometime in the next 12 months I think are pretty good, perhaps 70%. My full interview w @DavidWestin last night @BloombergTV …

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Lawrence H. Summers

@LHSummers

2 years

I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases.

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Lawrence H. Summers

@LHSummers

7 years

@FT Any CEO who thinks by attending meeting >monthly advisory mtg is moving the nation is engaged in egotistical self-delusion of a high order

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Lawrence H. Summers

@LHSummers

1 month

I don't know why @federalreserve is in such a hurry to be talking about moving towards the accelerator. We've got unemployment, if anything, below what they think is full capacity. We've got inflation, even in their forecast, for the next two years above target. We've got GDP…

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Lawrence H. Summers

@LHSummers

11 months

Policy debate was an important and formative experience for me. It makes me very sad to see it taken over by political posturing. Many young people will miss out on something very positive.

At High School Debates, Debate Is No Longer Allowed

At national tournaments, judges are making their stances clear: students who argue ‘capitalism can reduce poverty’ or ‘Israel has a right to defend itself’ will lose—no questions asked.

www.thefp.com

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Lawrence H. Summers

@LHSummers

3 months

In my Tweet on Monday I made the mistake of linking Professor Rashid Khalidi with antisemitism. While I disagree with Prof. Khalidi and have deep frustrations with Harvard’s actions since October 7th, my comments were inappropriate. I have reached out directly to Prof. Khalidi to…

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Lawrence H. Summers

@LHSummers

2 years

A currency crisis in a reserve currency could well have global consequences. I am surprised that we have heard nothing from the IMF.

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Lawrence H. Summers

@LHSummers

2 years

For the rest of 2022, any private equity leaders purporting to speak about how private equity is or should be socially responsible should be asked what their firm has done directly or indirectly to support the loopholes here.

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Lawrence H. Summers

@LHSummers

1 year

I just learned @HouseGOP 's first initiative may be to protect tax cheats by trying to rescind last year’s investment in IRS modernization. On what sane ground can they object to restoring audit rates for millionaires when they have fallen by ~80% in the last decade? @IRSnews #IRS

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Lawrence H. Summers

@LHSummers

3 years

Seeing POTUS @realDonaldTrump comments and their disconnection from reality, the VP and the Cabinet should preempt impeachment by invoking the 25th Amendment. Last chance for those who have been sycophants to get to right side of history.

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Lawrence H. Summers

@LHSummers

5 years

Markets are now suggesting the highest risk of recession since 2011. Only slightly less than half over the next year. The collapse in medium and long term interest rates is ominous.

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Lawrence H. Summers

@LHSummers

6 years

To do a tax cut calculation taking no account of the adverse consequences of the budget deficit is professional malpractice. @Lawrence @TheLastWord #TCJA

The Last Word

@TheLastWord

6 years

Lawrence Summers on Trump’s “nonsense” tax numbers

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@LHSummers

7 years

@Wonkblog This appears to be the most egregious accounting error in a Presidential budget in the nearly 40 years I have been tracking them.

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Lawrence H. Summers

@LHSummers

2 years

There is some social phenomenon which I suspect explains non work, non marriage, deaths of despair, general alienation and, I suspect, the rise of reactionary populism. It should be a major task of social science to understand it.

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Lawrence H. Summers

@LHSummers

2 years

Even more important, in dollar terms, is the success of corporate lobbyists in maintaining favorable treatment for tax havens in the Caribbean and every continent by gutting the enabling legislation for @USTreasury @SecYellen 's international tax agreement.

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Lawrence H. Summers

@LHSummers

5 years

It will be lawless contempt if @WaysMeansCmte does not receive @POTUS @realDonaldTrump 's tax returns today.

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Lawrence H. Summers

@LHSummers

8 months

It is sobering to recall that the shape of the past decade’s inflation curve almost perfectly shadows its path from 1966 to 1976 before it accelerated in the late 1970s.

Washington Post Opinions

@PostOpinions

8 months

The Fed must stay focused on inflation, @LHSummers writes.

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Lawrence H. Summers

@LHSummers

6 years

My interview today with @FareedZakaria @CNN : Not the job of the @POTUS to go on a jihad against a company because he does not like the activities of a newspaper that is privately owned by its CEO.

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@LHSummers

7 years

Janet Yellen will be missed. Agree or disagree on tactics, she was an excellent @federalreserve Chair by any standard.

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@LHSummers

7 months

It is a time for absolute clarity that words or deeds that threaten the safety of others in our community will not be tolerated.

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Lawrence H. Summers

@LHSummers

2 years

The first step in regaining credibility is not saying incredible things. I was surprised when the new chancellor spoke over the weekend of the need for even more tax cuts. I cannot see how the BOE, knowing the government’s plans, decided to move so timidly.

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Lawrence H. Summers

@LHSummers

2 years

Student loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions.

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@LHSummers

7 years

I'm very worried about Dodd Frank. If it's trampled like intelligence community has been, costs will be high and long lasting.

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@LHSummers

1 year

There is much fog of war surrounding the #SVB situation. Impossible to assess or prescribe with confidence, based on public information. 1/

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@LHSummers

7 years

Why don’t all CEOs quit Trump’s advisory councils? My latest blog posting: via @FT

Why don’t all CEOs quit Trump’s advisory councils?

www.ft.com

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Lawrence H. Summers

@LHSummers

2 years

Nick Eberstadt's book, Men Without Work, is a searing indictment of contemporary America. It convinces me that economics cannot explain why 1 in 7 prime age men 25 to 54 are not working today amidst a massive labor shortage. Watch our discussion @AEI :

Men Without Work in the Post-Pandemic Era | LIVE STREAM

The pathbreaking book Men Without Work (Templeton Press, 2016) by AEI’s Nicholas Eberstadt casts a spotlight on an “invisible crisis”: the collapse of employ...

www.youtube.com

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@LHSummers

1 year

Anyone who wonders whether progressives should worry about inflation should consider this chart showing the damage inflation does to real wages.

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@LHSummers

2 years

My argument that BDS advocacy at Harvard is antisemitic in both intent and effect.

Antisemitism Comes to Harvard, in Both Intent and Effect

Apart from raw animus against the Jewish State, how could any thoughtful person today regard Russia and Israel on the same plane when Russia is waging a…

www.nysun.com

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Lawrence H. Summers

@LHSummers

6 years

Republican attacks on the official tax scorekeepers is on par with their climate change denial and support for creationism.

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Lawrence H. Summers

@LHSummers

5 years

Coming into Jackson Hole, economists are grappling with a major issue: Can central banking as we know it be the primary tool of macroeconomic stabilization in the industrial world over the next decade? In my forthcoming paper w/ @annastansbury , we argue that this is in doubt. 1/

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Lawrence H. Summers

@LHSummers

2 years

Financial crisis in Britain will affect London’s viability as a global financial center so there is the risk of a vicious cycle where volatility hurts the fundamentals, which in turn raises volatility.

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Lawrence H. Summers

@LHSummers

5 years

If @USTreasury @stevenmnuchin1 does not turnover the requested returns, he is likely engaged in the most serious executive branch defiance of law since the Nixon Administration.

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@LHSummers

5 months

I am excited and honored to have just been named as an independent director of @OpenAI . I look forward to working with board colleagues and the OpenAI team to advance OpenAI’s extraordinarily important mission. First steps, as outlined by Bret and Sam in their messages, include…

Bret Taylor

@btaylor

5 months

Today as Board Chair I sent the attached letter on behalf of the Board to the OpenAI community. I am excited to be working with my board colleagues Adam and Larry, the OpenAI Leadership, and all OpenAI stakeholders. The Board's focus is stabilizing the company, building out a…

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Lawrence H. Summers

@LHSummers

7 years

When the elephant in the room is his own mental stability, President confirmed doubts by bizarrely tweeting @ HRC's campaign manager

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Lawrence H. Summers

@LHSummers

2 years

British credit default swaps still suggest negligible default probabilities, but they have risen very sharply. I cannot remember a G10 country with so much debt sustainability risk in its own currency.

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