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The Latest Breaking News from Larry Summers

Former Treasury Secretary Says Families Will Lose At Least $5,000 As a Result of Trump's Tariffs

Former Treasury Secretary Larry Summers said the U.S. will likely enter a recession and lose 2 million additional jobs as a result of Trump's tariffs

Latin Times

Dow futures sink 1,300 points after Trump defends tariffs as 'medicine' to fix trade deficit

"I don’t want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters.

Fortune

Larry Summers says Trump's 'masochistic' tariffs will cost $300,000 per family of four

The former Treasury Secretary said an hour of rhetoric cost the economy $30 trillion.

Fortune

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Analysts unanimously denounce Trump’s liberation day tariffs: ‘Worse than the worst case’

Analysts at Wedbush Securities and Goldman Sachs as well as top economist Larry Summers predicted much economic pain ahead.

Fortune

Nasdaq Composite Jumps 400 Points After US Fed Keeps Rates Unchanged, Forecast Two Rate Cuts in 2025

The US stock market bounced back after declining for weeks after the US Fed forecast two rates cuts this year despite concerns of high inflation, unemployment, and a slump in consumer spending.

International Business Times UK

Wall Street's recession odds are starting to look like a coin flip as Trump refuses to back down on his trade war

"If we would continue down this road of what would be more disruptive, business-unfriendly policies, I think the risks on that recession front would go up."

Fortune

Larry Summers says there is a real possibility of a recession, which he calls the result of a ‘self-inflicted wound’

President Donald Trump and Treasury Secretary Scott Bessent have suggested an economic downturn on the back of tariffs would be a transition period. Larry Summers, a former Treasury secretary, thinks otherwise.

Fortune

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Recession chances are ‘close to 50/50,’ Clinton’s treasury secretary says

The warnings from economists come amidst chaos and uncertainty created by President Donald Trump’s trade war on Mexico, Canada and China

The Independent UK

Trump’s 25% tariffs on steel, aluminium imports kick in; Canada retaliates

Latest tariffs imposed as markets reel from a dizzying series of back-and-forth announcements on trade.

Al Jazeera

The finance world mostly agrees: Trump’s tariffs are bad news

The president himself said there might be some pain. He has delivered it.

Fortune

Larry Summers warns bubbling asset prices are hitting levels of froth last seen prior to the financial crisis

Investors have become complacent about risk, Summers says, succumbing to the kind of exuberance that preceded the 2008 crash or the dotcom collapse.

Fortune

Lawless IV: Leadership Failures Old and New

The pandemic showed the weakness of the leadership class. [UPDATE: Inadvertently posted it under my byline, but it's of course Ilya Shapiro's post, as the byline now reflects. -EV]

Reason

Former Harvard president Larry Summers slams Ivy League schools for putting ‘social justice’ over excellence

The majority of Harvard’s Gen Z students are graduating with straight A’s. Here’s why that’s a workplace problem in Larry Summers’ eyes

Fortune

For roughly $30,000, this company gives you a 98% chance of getting into Harvard and the Ivy League

College is already expensive, and Crimson Education believes paying extra for top-notch admissions help is worth it.

Fortune

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Fortune

Trump's plan to create a national Bitcoin reserve is 'crazy' says former Treasury Secretary

President-elect Trump proposed creating a strategic Bitcoin reserve, in part to beat out China.

Benzinga

Cathie Wood Bets On Thriving IPO Market Under Trump: 'Will Give...Liquidity Events That They Have Not Enjoyed During The Last Four Years'

Her comments, made during a session released last Friday, comes at a time when the market is experiencing increased volatility that anticipated the effect of a second term of Trump on the Wall Street.

International Business Times UK

Walmart Alerts Shoppers: Expect Price Hikes If Trump's $3 Trillion Tariff Plan Takes Effect

Walmart highlighted during its recent Q3 earnings call that it could raise prices on several of its products if Trump's plan to raise tariffs by 10% on all US imports is implemented during his second term.

Fortune

Will Trump's economic policies really cause 'the mother of all stagflations'? Here’s what experts say

Unlimited Funds' Bob Elliott argues only part of Summers’ forecast seems valid: “Tariffs, at their core, are a regressive tax that is inflationary...But they're also a modest support to U.S. economic conditions.”

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Top News

Kevin O'leary Proposes ANWR Oil Royalty Plan To Reduce Debt

Larry Summers warns of inflation risks under Trump's policies and proposes emulating Norway's oil wealth management to reduce U.S. debt.

Fortune

Anthropic's position on AI safety is helping it attract researchers from OpenAI

Anthropic's stance on AI safety is helping it lure AI researchers away from OpenAI, whose trust and safety credentials taken a battering in recent weeks.

Reason

Most Americans Aren't Buying Biden's Misleading Narrative That the Economy Is Getting Better

The question of how best to measure inflation has no single and straightforward answer, but most people know that the president's economic claims aren't true.

WEKU

Here's a big reason why people may be gloomy about the economy: the cost of money

Former Treasury Secretary Larry Summers argues that high interest rates are contributing to people's gloomy economic mood. Sentiment may improve, though, if the Federal Reserve begins to cut rates.

Reason

The 'Vibescession' Will Continue Until Interest Rates Fall

A new economic paper explains why interest rates are the missing piece to understanding why people are unhappy about a seemingly strong economy.

International Business Times UK

OpenAI Delays Launch Of Custom GPT Store, Here's Why

One of the recently appointed board members at OpenAI, Larry Summers has emphasised the importance of operating as a corporation with a conscience.

Windows Central

Strange Sam Altman saga concludes with Altman back as OpenAI CEO and Microsoft holding a non-voting seat on the board

OpenAI co-founder Sam Altman is back at the company as CEO after being fired earlier this month. The move coincides with a major restructuring of the OpenAI board, which now includes Microsoft as a non-voting member.

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