The Steady Drip: Former Treasury Secretary Summers: My 'Best Guess' US Will Hit Recession Soon (Connecting the Dots: Larry Summers, Meet the Press, NBC, ABC, Soros, Federal Reserve & Janet Yellen)

Former Treasury Secretary Summers: My 'Best Guess' US Will Hit Recession Soon (Connecting the Dots: Larry Summers, Meet the Press, NBC, ABC, Soros, Federal Reserve & Janet Yellen)

By Jay Clemons | Sunday, 19 June 2022 03:20 PM EDT

https://www.newsmax.com/newsfront/biden-treasury-economy-inflation/2022/06/19/id/1075101/

Former Treasury Secretary Larry Summers said Sunday that it's his "best guess" the United States will fall into a recession.

"Look, nothing is certain, and all economic forecasts have uncertainty. My best guess is that a recession is ahead," Summers told host Chuck Todd during an appearance on NBC's "Meet The Press."

Summers added, "I base that on the fact that we haven't had a situation like the present with inflation above 4 percent and unemployment beyond 4 percent without a recession following within a year or two."

On the NBC morning show, Summers also said it's likely "that in order to do what's necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into recession.

"And I think that view, which was not a common view a couple months ago, is now the view of a number of statistical models and the view of a range of forecasters and I think will increasingly become a consensus view," Summers said.

Last Thursday, President Joe Biden fought back against the notion of a recession being imminent, while addressing the news of the Federal Reserve increasing national interest rates an extra three-quarters of a point.

"First of all, it's not inevitable," Biden said in an interview with The Associated Press. "Secondly, we're in a stronger position than any nation in the world to overcome this inflation."

Also on Sunday, while serving as a guest on ABC's "This Week," current Treasury Secretary Janet Yellen said she doesn't believe a recession is "inevitable."

Connecting the Dots:

Lawrence H. Summers was the National Economic Council chairman for the Barack Obama administration and a trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Donald L. Kohn is a senior fellow at the Brookings Institution (think tank), was the vice chairman for the Federal Reserve Board and a member of the Federal Open Market Committee.

Alice M. Rivlin is a senior fellow at the Brookings Institution (think tank) and was the vice chair for the Federal Reserve Board.

Richard C. Blum is an honorary trustee at the Brookings Institution (think tank) and an Economic Advisory Council member for the Federal Reserve Bank of San Francisco.

Louis W. Cabot is an honorary trustee at the Brookings Institution (think tank) and was a director at the Federal Reserve Bank of Boston.

Susan M. Collins is a nonresident senior fellow at the Brookings Institution (think tank) and a director, Detroit branch for the Federal Reserve Bank of Chicago.

Glenn H. Hutchins is a trustee at the Brookings Institution (think tank) and a director at the Federal Reserve Bank of New York.

John C. Whitehead is an honorary trustee at the Brookings Institution (think tank), an overseer at the International Rescue Committee, and was the chairman for the Federal Reserve Bank of New York.

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the International Rescue Committee.

George Soros was the chairman for the Foundation to Promote Open Society.

Indra K. Nooyi is an overseer at the International Rescue Committee and was a director at the Federal Reserve Bank of New York.

Timothy F. Geithner was an overseer at the International Rescue Committee, the treasury secretary for the Barack Obama administration and the president for the Federal Reserve Bank of New York.

Tom Brokaw is an overseer at the International Rescue Committee, was the interim host for Meet the Press, the anchor for the NBC Nightly News and a director at the Robin Hood Foundation.

Foundation to Promote Open Society was a funder for the International Rescue Committee and the Robin Hood Foundation.

George Soros was the chairman for the Foundation to Promote Open Society.

Andrew S. Grove is an overseer at the International Rescue Committee and was a benefactor at the University of California, Berkeley.

Christina D. Romer is a professor at the University of California, Berkeley, married to David H. Romer and the chair for the Council of Economic Advisers for the Barack Obama administration.

Janet L. Yellen is a professor emeritus at the University of California, Berkeley, a member of the Federal Open Market Committee, the vice chair for the Federal Reserve Board and was the chairman for the Council of Economic Advisers.

David H. Romer is a professor at the University of California, Berkeley, married to Christina D. Romer and a senior fellow at the Brookings Institution (think tank).

Haas School of Business is a business school at the University of California, Berkeley.

Richard C. Blum is a board member for the Haas School of Business, a regent at the University of California, married to Senator Dianne Feinstein and an honorary trustee at the Brookings Institution (think tank).

Robert D. Haas was a board member at the Haas School of Business and an honorary trustee at the Brookings Institution (think tank).

F. Warren Hellman was a board member for the Haas School of Business and an honorary trustee at the Brookings Institution (think tank).

Laura D'Andrea Tyson is a professor at the Haas School of Business, the chair for the Council of Economic Advisers and a trustee at the Brookings Institution (think tank).

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Lawrence H. Summers was a trustee at the Brookings Institution (think tank) and the National Economic Council chairman for the Barack Obama administration.

Donald L. Kohn is a senior fellow at the Brookings Institution (think tank), was the vice chairman for the Federal Reserve Board and a member of the Federal Open Market Committee.

Alice M. Rivlin is a senior fellow at the Brookings Institution (think tank) and was the vice chair for the Federal Reserve Board.

Richard C. Blum is an honorary trustee at the Brookings Institution (think tank) and an Economic Advisory Council member for the Federal Reserve Bank of San Francisco.

Louis W. Cabot is an honorary trustee at the Brookings Institution (think tank) and was a director at the Federal Reserve Bank of Boston.

Susan M. Collins is a nonresident senior fellow at the Brookings Institution (think tank) and a director, Detroit branch for the Federal Reserve Bank of Chicago.

Glenn H. Hutchins is a trustee at the Brookings Institution (think tank) and a director at the Federal Reserve Bank of New York.

Harold E. Ford Jr. is an overseer at the International Rescue Committee and a political commentator at MSNBC.

Tom Brokaw is an overseer at the International Rescue Committee and was the interim host for Meet the Press.

Kati Marton is an overseer at the International Rescue Committee, was married to Peter Jennings and the Bonn bureau chief for the ABC News.

Peter Jennings was an anchor for the ABC News and married to Kati Marton & Kayce Freed.

Kayce Freed was married to Peter Jennings and a producer for the ABC News.

Resources: Past Research

Who will replace Bernanke as the next Fed Chairman? (Part 3) (Past Research on Larry Summers)

SUNDAY, NOVEMBER 24, 2013

https://thesteadydrip.blogspot.com/2013/11/who-will-replace-bernanke-as-next-fed.html

100 Years of Government Theft (Past Research on the Federal Reserve)

MONDAY, DECEMBER 23, 2013

https://thesteadydrip.blogspot.com/2013/12/100-years-of-government-theft.html

Report: 'Meet The Press' May Get Axed (Past Research on NBC & Meet the Press)

WEDNESDAY, DECEMBER 25, 2013

https://thesteadydrip.blogspot.com/2013/12/report-meet-press-may-get-axed.html