Thursday, October 15, 2009

Consider the consequences.....

"Should this particular jet plane be kept in service with the same set of controls?"
"the self-equilibrating markets break down...the right metaphor ceases to become a thermostat and becomes an avalanche."
"recovery will be measured in years and not weeks or months"
"financial crises are the result of an overly prevalent and complacent financial wisdom"

With these and other very strong uses of rhetoric, Larry Summers, Barack Obama's chief economic advisor discusses "The Future of Global Finance" at Georgetown University:

Mr. Summers compares the impact of the current financial crises to other great political crises of this century. Functionally, Mr. Summers provocatively lays out the philosophy of Barack Obama's interventionist and regulatory approach to long term public policy and financial security for our communities and our country.

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