More Brilliance from Larry Summers
Trader Scott’s Market Blog
January 5, 2017
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Summers dismissed the idea that any tax policy introduced to encourage U.S. companies to repatriate profits would boost investment and hiring.“The vast majority of the companies who have large overseas cash also have substantial amounts of domestic cash,” he said. “The reality is that cash that is brought home will be used to pay dividends, to buy back shares, to engage in mergers and acquisitions, to rearrange the financial chessboard, not to invest in large amounts of new capital. It is a chimera to suppose that there will be large increases in capital investment as a consequence of that repatriation.”
Larry is one of the founding members of the Committee for the Advancement of Negative Interest Rates. Larry concocted, excuse me, developed this brilliant economic policy with his three brothers, Moe, Curly, and Schemp. And it has certainly been a roaring success worldwide, as can be evidenced by the booming growth in all of the countries which have unleashed, excuse me, enacted his crack economic team’s policy. Larry, Moe, Curly, and Schemp also have another foundation – The Society for the Complete Banning of Physical Cash, a.k.a., The War on Cash Society.
Henry’s magnificent abilities as a hedge fund manager allowed him to have great input into Harvard’s endowment fund. Professor Summer’s acumen led to a mere $1.8 billion loss in the financial crisis, but who’s counting.
And Lawrence loves the idea of big banks, and he trusts them to understand complex economic and market situations. In 1998 he testified before the Senate that derivatives regulation wasn’t necessary because Wall Street could be trusted to regulate itself – no prob. He also pushed to repeal the Glass-Steagall Act, because, well you know, we can trust Wall Street to regulate itself.
So these are the views, theories, and actions of another “responsible” PHD economist who has never accomplished a darn thing in his life.
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.