Former Treasury Secretary Larry Summers says chance of recession next year is substantial CNN Business Banking HEAD TOPICS

Former Treasury Secretary Larry Summers says chance of recession next year is substantial CNN Business

10/21/2022 1:41:00 PM

Former Treasury Secretary Larry Summers tells CNN' s Wolf Blitzer why he believes it' s ' more likely than not' the US will face a recession and when he thinks it will happen

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Former Treasury Secretary Larry Summers tells CNN's Wolf Blitzer why he believes it's 'more likely than not' the US will face a recession and when he thinks it will happen Former US Treasury Secretary Larry Summers said on Thursday that it's 'substantially' more likely than not that the United States will enter a recession next year. Recession became 'almost inevitable' once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September. Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year.Mnuchin, who served as treasury secretary under former President Donald Trump, will testify for the defense of Barrack, a Trump fundraiser who is on trial on charges of illegally acting as a foreign agent for the United Arab Emirates.Oct.Boris Johnson, ousted in August, may join the jostle to lead Conservative Party U. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.S.2% in September. Mnuchin, who was treasury secretary during President Trump’s term in office, appeared in a Brooklyn federal court as a defense witness for Mr. But this recession will likely be relatively short and mild. Because of Mnuchin's connection to the UAE, there was"some indication of bias" from Mnuchin's testimony due to the UAE likely not wanting a jury to convict Barrack, Cogan said. he added. 20, 2022 3:15 pm ET LONDON—Former U. “I certainly don’t think it’s going to be like the [2008] financial crisis…or like the terrible things that happened after the pandemic started. PENCE QUIPS 'SOMEBODY ELSE' THAN TRUMP FOR PRESIDENT IN 2024 Barrack has pleaded not guilty to the federal charges he faces, and his lawyers have insisted that his interactions with Middle Eastern officials were a part of him running the private equity firm Colony Capital, according to the outlet. Trump’s campaign.” Summers told CNN’s Wolf Blitzer on “The Situation Room.” But some pain will be unavoidable. 3, making him the first Trump administration official to testify in this case. “The unemployment is likely to rise towards 6%, that’s a very real and not an easy thing,” he added. Trump’s presidential campaign and administration toward policies that U. “But people need to understand is that it is better to do that than to allow inflation to accelerate and allow everybody to expect inflation, at which point you’ll have a much greater set of difficulties.S. ” The US economy has been flashing warning signs of an upcoming recession for months. In the past week alone, a number of economic leaders — including JPMorgan Chase CEO Jamie Dimon and Amazon founder Jeff Bezos — have said they worry that recession is imminent. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Barrack, along with his former assistant Matthew Grimes, could face up to 10 years in prison if convicted. officials favored. There is currently a 98.1% chance of a global recession next year, according to a probability model run by Ned Davis Research. A third person, Emirati businessman Rashid Al Malik who served as the mediator, is still at large. Major US stock markets, meanwhile, have plummeted. Just last month, Federal Reserve Chairman Jerome Powell said during a news conference that there is still a path to getting inflation under control without sparking a downturn. But Powell conceded that path has become narrower and Americans are feeling more pain as the Fed has been forced to resort to drastic interest rate hikes to knock down inflation. The Federal Reserve will meet again in early November. Persistently hot inflation means that the Fed will likely need to continue with its string of aggressive and largely unprecedented interest rate hikes. “I think the Fed has to do what is necessary to contain inflation,” said Summers, who has been critical of the Fed in the past. “The Biden administration could also think about a range of measures to reduce costs,” he said. That could mean making it easier for energy companies to start drilling or fracking, reducing tariffs and taxes on goods and ending regulations around the shipment of goods within the United States. But there are “no silver bullets or miracle cures,” said Summers — especially not in the three weeks ahead of US midterm elections. . Read more:
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Silver Peak has gained newfound attention in recent years as the energy and transportation sectors race to wean themselves off climate-warming fossil fuels. Read more >> Meanwhile in reality: we are already in a recessionFormer Trump treasury secretary to take stand at Barrack's foreign agent trialFormer U.S. Treasury Secretary Steven Mnuchin is expected to testify as a witness in a foreign agent trial for Tom Barrack. Former Treasury Secretary Steven Mnuchin Testifies in Defense of Trump AllyFormer Treasury Secretary Steven Mnuchin testified Thursday in support of a Donald Trump ally on trial for alleged illegal lobbying on behalf of the United Arab Emirates Yet again, this theif just walks free himself? The best people media hates trump, can’t wait to get rid of him forever and posts about it during his term…trumps term ends…media still obsessed with trump and cannot stop talking about him failing to realize if you stop talking about it, it eventually goes away……. Rishi Sunak, Former U.K. Treasury Chief, Leads Race to Succeed Liz Truss as Prime MinisterFormer U.K. treasury chief Rishi Sunak is leading the field to succeed Liz Truss as prime minister. Other candidates include cabinet minister Penny Mordaunt and possibly ex-leader Boris Johnson. How is he leading? sad No, he isn't. Steve Mnuchin testifies on behalf of Trump ally at NYC trialFormer Treasury Secretary Steven Mnuchin has testified as a defense witness at the New York City trial of a Donald Trump ally Video: Hear when Larry Summers thinks the US will enter a recession CNN BusinessFormer Treasury Secretary LHSummers tells CNN’s wolfblitzer why he believes it’s “more likely than not” the US will face a recession and shares his prediction of when it will happen. LHSummers wolfblitzer Bne honest, just say it, we’re in a recession now. LHSummers wolfblitzer CNN is trash! LHSummers wolfblitzer We're already in a recession and have been for the past 6 months Steve Mnuchin testifies on behalf of Trump ally at NYC trialFormer Treasury Secretary Steven Mnuchin has testified as a defense witness at the New York City trial of a Donald Trump ally. Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year.Mnuchin, who served as treasury secretary under former President Donald Trump, will testify for the defense of Barrack, a Trump fundraiser who is on trial on charges of illegally acting as a foreign agent for the United Arab Emirates.Oct.Boris Johnson, ousted in August, may join the jostle to lead Conservative Party U. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.S.2% in September. Mnuchin, who was treasury secretary during President Trump’s term in office, appeared in a Brooklyn federal court as a defense witness for Mr. But this recession will likely be relatively short and mild. Because of Mnuchin's connection to the UAE, there was"some indication of bias" from Mnuchin's testimony due to the UAE likely not wanting a jury to convict Barrack, Cogan said. he added. 20, 2022 3:15 pm ET LONDON—Former U. “I certainly don’t think it’s going to be like the [2008] financial crisis…or like the terrible things that happened after the pandemic started. PENCE QUIPS 'SOMEBODY ELSE' THAN TRUMP FOR PRESIDENT IN 2024 Barrack has pleaded not guilty to the federal charges he faces, and his lawyers have insisted that his interactions with Middle Eastern officials were a part of him running the private equity firm Colony Capital, according to the outlet. Trump’s campaign.” Summers told CNN’s Wolf Blitzer on “The Situation Room.” But some pain will be unavoidable. 3, making him the first Trump administration official to testify in this case. “The unemployment is likely to rise towards 6%, that’s a very real and not an easy thing,” he added. Trump’s presidential campaign and administration toward policies that U. “But people need to understand is that it is better to do that than to allow inflation to accelerate and allow everybody to expect inflation, at which point you’ll have a much greater set of difficulties.S. ” The US economy has been flashing warning signs of an upcoming recession for months. In the past week alone, a number of economic leaders — including JPMorgan Chase CEO Jamie Dimon and Amazon founder Jeff Bezos — have said they worry that recession is imminent. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Barrack, along with his former assistant Matthew Grimes, could face up to 10 years in prison if convicted. officials favored. There is currently a 98.1% chance of a global recession next year, according to a probability model run by Ned Davis Research. A third person, Emirati businessman Rashid Al Malik who served as the mediator, is still at large. Major US stock markets, meanwhile, have plummeted. Just last month, Federal Reserve Chairman Jerome Powell said during a news conference that there is still a path to getting inflation under control without sparking a downturn. But Powell conceded that path has become narrower and Americans are feeling more pain as the Fed has been forced to resort to drastic interest rate hikes to knock down inflation. The Federal Reserve will meet again in early November. Persistently hot inflation means that the Fed will likely need to continue with its string of aggressive and largely unprecedented interest rate hikes. “I think the Fed has to do what is necessary to contain inflation,” said Summers, who has been critical of the Fed in the past. “The Biden administration could also think about a range of measures to reduce costs,” he said. That could mean making it easier for energy companies to start drilling or fracking, reducing tariffs and taxes on goods and ending regulations around the shipment of goods within the United States. But there are “no silver bullets or miracle cures,” said Summers — especially not in the three weeks ahead of US midterm elections. .