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Nobel prize-winning economist Paul Krugman details the indicators he's watching for the first signs of an inflation shock

Paul Krugman. Ricardo Rubio/Europa Press/Getty Images The reopening economy is seeing stronger inflation, which many expect to be temporary, including famous economist Paul Krugman. The Nobel laureate told Insider that watching several indices gives a clearer picture than the Fed's top measure. Anecdotal evidence and workers' contracts can also catch some price growth missed by other data, he said. See more stories on Insider's business page. As comes the recovery, so does infl...
Tags: US, Trends, Treasury, Federal Reserve, Paul Krugman, Fed, Krugman, Larry Summers, Federal Reserve Bank of Atlanta, Ben Winck, Paul Krugman Ricardo Rubio Europa


Elizabeth Warren bashed cryptocurrencies' environmental impact, said big tech firms should be broken up, and called for a wealth tax in a new interview. Here are the 8 best quotes.

Elizabeth Warren AP Photo/John Minchillo Elizabeth Warren sat down for an interview with Yahoo Finance on Thursday. The Democratic Senator from Mass. said that big tech companies are a "threat to our democracy" and should be broken up. Warren also bashed bitcoin's environmental impact and reiterated her calls for a wealth tax. Detailed below are her eight best quotes. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Elizabeth Warren sat down for an interview wi...
Tags: Amazon, Facebook, Supreme Court, Massachusetts, Elizabeth Warren, US, America, Trends, Markets, Bitcoin, Warren, SEC, Donald Trump, Robinhood, Mass, Andy


Treasury Secretary Janet Yellen says higher interest rates may be needed so economy doesn't 'overheat'

Treasury Secretary Janet Yellen. Jacquelyn Martin/AP It might be necessary to lift interest rates to keep the economy from overheating, Janet Yellen said. The Treasury Secretary's comments contrast with the Fed's plans to hold rates near zero through 2023. Some experts fear Biden's latest spending plans risk dangerously strong inflation. See more stories on Insider's business page. Treasury Secretary Janet Yellen is among the country's most experienced economic policy e...
Tags: Obama, White House, US, Trends, Joe Biden, Atlantic, Treasury, Janet Yellen, Federal Reserve, Biden, Clinton, Yellen, Fed, Larry Summers, Council of Economic Advisors, Jen Psaki


The US just had its best quarter for wage growth in 20 years - but especially for white people

A waitress takes customers' orders in the outdoor seating area of a restaurant on January 28, 2021 in Los Angeles. Valerie Macon/AFP/Getty Images The first three months of 2021 were the best quarter for wage growth since at least 2001, per BLS data. But weekly median wages for white Americans were 42% higher than Black Americans' over this period, Axios reports. And with some economists concerned about inflation risk, wages and prices are rising together. See more stories on Inside...
Tags: Obama, US, America, Trends, Joe Biden, Harvard, Bureau of Labor Statistics, Alaska, Federal Reserve, Biden, Fed, Fitch, Larry Summers, BLS, Jerome Powell, Black Americans


Biden's boost to IRS funding means the wealthy could soon be hiding only hundreds of billions per year

Chip Somodevilla /Staff/Getty Images Biden wants to boost IRS funding by $80 billion to hold the wealthy accountable, the NYT reports. That would be two-thirds higher than current funding but still leave as much as $900 billion uncollected every year. GOP lawmakers have previously opposed IRS funding boosts, but Democrats argue it's necessary. See more stories on Insider's business page. As part of his plan to hold the wealthy and corporations accountable, President Joe Biden hope...
Tags: Obama, Congress, California, White House, US, Barack Obama, Trends, Bloomberg, Joe Biden, Gop, New York Times, Biden, Times, Irs, Reuters, Internal Revenue Service


The US national debt isn't actually very high, BofA says

Passengers wearing face masks wait for their bus in front of a national debt display on Pennsylvania Ave. NW in Washington on Monday, May 18, 2020 Bill Clark/CQ-Roll Call, Inc via Getty Images A Bank of America note says US government debt "is not that high" when measured correctly. If you value the US economy like a company, using a discounted cash flow analysis, the debt to GDP ratio is just 0.7%, the lowest since 2004. The bank cited research by former White House officials Larry Summer...
Tags: Washington, White House, US, Barack Obama, Trends, Bloomberg, Harvard, Republican Party, Donald Trump, George W Bush, DCF, Larry Summers, BofA, Council of Economic Advisors, Jerome Powell, National Economic Council


Economists are divided about how bad inflation is going to get. Here are the 14 loudest voices on both sides of the issue.

Former Treasury Secretary Larry Summers. Robin Marchant / Getty Images The debate over inflation is intensifying as Biden pushes to spend trillions on infrastructure. It's largely an intra-party spat as moderates say stimulus risks rampant inflation, while many Democrats favor big spending. Here are the 14 biggest names arguing for and against spending plans and the path of inflation. See more stories on Insider's business page. A new debate is emerging as the US economy nears reop...
Tags: Asia, Obama, Congress, Washington Post, Senate, White House, US, Trends, Bloomberg, Joe Biden, Ap, Harvard, New York Times, Bill Clinton, Ubs, Treasury


Larry Summers is just getting more 'worried' about inflation

Former Treasury secretary Larry Summers. AP Photo/Michel Euler Economist Larry Summers repeated his inflation fears, saying risks resemble those seen in the 1970s. The idea that inflation can't suddenly spike to worrying highs "is just plain wrong," he told Bloomberg TV. Lifting taxes on wealthy Americans and corporations could dull spending risks, Summers added. See more stories on Insider's business page. Former Treasury Secretary Larry Summers reiterated his concerns about rampa...
Tags: White House, Trends, Joe Biden, United States, Treasury, Federal Reserve, Biden, Trump, Fed, Summers, Michel Euler, Larry Summers, Jerome Powell, Former Treasury, COVID, Ben Winck


Wall Street and Main Street are both scared of inflation, and how the US economic recovery will hit their wallets

Banks large and small, both national and regional, are seeing increased interest in digital and contactless services, as the coronavirus pandemic has forced consumers to rethink the kind of banking interactions they're comfortable having. Noam Galai/Getty Images Americans of varying backgrounds are growing increasingly concerned of rampant inflation. Google searches for "inflation" reached a record high this week, according to Deutsche Bank. Surveyed fund managers now see high inflatio...
Tags: Google, US, Trends, Bank Of America, Ubs, Deutsche Bank, Federal Reserve, Reid, Larry Summers, BofA, Noam Galai Getty, Ben Winck, Matthew Luzzetti, Deutsche Bank Surveyed, Deutsche Bank Managing Director Jim Reid Dovish, Arend Kapteyn


Economists are divided about how bad inflation is going to get. Here are the 10 loudest voices on both sides of the issue.

Former Treasury Secretary Larry Summers. Robin Marchant / Getty Images The debate over inflation is intensifying as Biden pushes to spend trillions on infrastructure. It's largely an intra-party spat as moderates say stimulus risks rampant inflation, while many Democrats favor big spending. Here are the 10 biggest names arguing for and against spending plans and the path of inflation. See more stories on Insider's business page. A new debate is emerging as the US economy nears re...
Tags: Asia, Obama, Congress, Washington Post, Senate, White House, US, Trends, Bloomberg, Joe Biden, Ap, Harvard, New York Times, Bill Clinton, Ubs, Treasury


Larry Summers, who called out inflation fears with Biden's $1.9 trillion COVID-19 relief package, says the US is seeing 'least responsible' macroeconomic policy in 40 years

Former US Treasury secretary Larry Summers. AP Photo/Michel Euler Larry Summers said that the US is seeing the "least responsible" macroeconomic policy in decades. The former Treasury secretary been critical of Biden's $1.9 trillion COVID-19 relief package. Summers said there's "a one-third chance" of significant inflation over the next few years. See more stories on Insider's business page. Former US Treasury Secretary Larry Summers said that the country is seeing the "least ...
Tags: Politics, Obama, Washington Post, Senate, US, Barack Obama, Trends, Bloomberg, Joe Biden, Economy, Cnn, Gop, House, Economic policy, Bill Clinton, Treasury


How the Fed's plan to let inflation run hot could completely upend the way the market functions

LeBron James ushered in an NBA regime change with the Miami Heat, and Fed Reserve chair Jerome Powell may be doing the same in financial markets. Mike Ehrmann/Getty Images; Al Drago-Pool/Getty Images The Federal Reserve's plan to let inflation run hot could shake up decades-long regimes in markets and the economy. Higher inflation stands to lift cyclical assets and slam Treasurys and high-grade corporate bonds. A period of steadily high inflation and strong growth could replace the pas...
Tags: Facebook, Mark Zuckerberg, Robert Downey Jr, Americas, Trends, Tech, CIO, Nba, Ubs, Treasury, Lebron James, Biden, Fed, The Fed, South Beach, Powell


Wall Street and Main Street finally have something in common: They're both scared of how the US economic recovery will hit their wallets

Banks large and small, both national and regional, are seeing increased interest in digital and contactless services, as the coronavirus pandemic has forced consumers to rethink the kind of banking interactions they're comfortable having. Noam Galai/Getty Images Americans of varying backgrounds are growing increasingly concerned of rampant inflation. Google searches for "inflation" reached a record high this week, according to Deutsche Bank. Surveyed fund managers now see high inflatio...
Tags: Google, US, Trends, Bank Of America, Ubs, Deutsche Bank, Federal Reserve, Reid, Larry Summers, BofA, Noam Galai Getty, Ben Winck, Matthew Luzzetti, Deutsche Bank Surveyed, Deutsche Bank Managing Director Jim Reid Dovish, Arend Kapteyn


Younger investors reply 'OK boomer' to older generations' inflation fearmongering

A man sits on the Wall street bull near the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. Spencer Platt/Getty Images Older investors and younger investors have vastly different inflation expectations amid new stimulus. Those who lived through the "Great Inflation" fear price growth will run rampant, Deutsche Bank said. A material rise in inflation likely depends on younger Americans bracing for higher prices. See more stories on Insider's business page. Older in...
Tags: Obama, Washington Post, New York City, US, Barack Obama, Trends, Joe Biden, Bill Clinton, Treasury, Deutsche Bank, Janet Yellen, Federal Reserve, Biden, Donald Trump, The Washington Post, Imf


Will the Biden spending package result in runaway inflation? No!

President Joe Biden speaks after signing an executive order related to American manufacturing in the South Court Auditorium of the White House complex on January 25, 2021 in Washington, DC. Drew Angerer/Getty Images Economists like Larry Summers are worried the Biden fiscal stimulus plans will result in runaway inflation. Both the COVID relief package and the infrastructure stimulus will not result in high inflation. There's no reason to fear overheating of the economy. Dan Alpert is an ad...
Tags: New York, White House, US, America, Trends, Joe Biden, Washington Dc, Michigan, Michelin, Biden, Fed, Blanchard, Congressional Budget Office CBO, CBO, Larry Summers, South Court Auditorium


Biden's 'go big' stimulus has kicked off a huge debate about just how big a hole the pandemic punched in the economy

President Joe Biden speaks as he meets with Senators from both parties on the critical need to invest in modern and sustainable American infrastructure in the Oval Office of the White House on February 11, 2021, in Washington, DC. Doug Mills-Pool/Getty Images Biden aims to "go big" on stimulus to fill a hole in the economy, but experts disagree on the size of the hole. Overfilling the hole risks massive inflation, while underfilling it leaves a weak economy. Biden, Wall Street, and the Fed...
Tags: New York, Obama, Washington Post, Washington, White House, US, Barack Obama, Trends, Joe Biden, Ap, Cnn, Bureau of Labor Statistics, Ubs, Treasury, Deutsche Bank, International Monetary Fund


Critics say Biden's 'go big' stimulus overshoots the pandemic-sized hole in the economy - but Wall Street disagrees

President Joe Biden speaks as he meets with Senators from both parties on the critical need to invest in modern and sustainable American infrastructure in the Oval Office of the White House on February 11, 2021, in Washington, DC. Doug Mills-Pool/Getty Images Biden aims to "go big" on stimulus to fill a hole in the economy, but experts disagree on the size of the hole. Overfilling the hole risks massive inflation, while underfilling it leaves a weak economy. Biden, Wall Street, and the Fed...
Tags: New York, Obama, Washington Post, Washington, White House, US, Barack Obama, Trends, Joe Biden, Ap, Cnn, Bureau of Labor Statistics, Ubs, Treasury, Deutsche Bank, International Monetary Fund


House Democrats want to raise another $1.2 trillion in taxes on the wealthy just by auditing them more

Rep. Ro Khanna (D-CA), seen on the House steps of the Capitol during votes on Friday, December 4, 2020. Tom Williams/CQ-Roll Call via Getty Images California Rep. Ro Khanna introduced a bill to require more aggressive tax auditing of the ultra-rich. It would provide $100 billion for the IRS to pursue audits that could bring in another $1.2 trillion in revenue. Khanna's bill is a less controversial alternative to Sen. Elizabeth Warren's wealth tax. Visit the Business section of Insider for...
Tags: UK, Congress, California, Wall Street, Trends, House, Treasury, Argentina, Warren, University of Pennsylvania, Irs, Gamestop, Democratic, Capitol, Sen Elizabeth Warren, Larry Summers


California unemployment claims rise again amid ongoing layoffs

California’s frail job market, battered by nearly one year of coronavirus-linked business shutdowns, has seen another sharp increase in initial filings for unemployment benefits, a weekly government report shows. California workers filed 132,800 initial claims for unemployment benefits in the week that ended Feb. 6, a jump of 23,600 claims from the previous week ending Jan. 30, the U.S. Labor Department reported Thursday. The pace of jobless claims in California has intensified at the same time ...
Tags: Business, Jobs, News, California, California News, Sport, Joe Biden, Economy, Soccer, United States, Treasury, Associated Press, Biden, Fed, Powell, Larry Summers


The bleak January jobs report may be exactly what Biden needs to push his stimulus agenda forward

Chip Somodevilla/Getty Images January's payrolls report showed disappointing job gains and more Americans leaving the labor force. The report amplified calls backing President Biden's $1.9 trillion stimulus plan. The absence of new aid risks permanent labor-market scarring, a former Fed economist said. Visit the Business section of Insider for more stories. The January jobs report painted a gloomy picture of the US labor market's recovery. And that could be just what the Biden administrat...
Tags: Washington Post, Senate, US, Barack Obama, Trends, Bank Of America, Bloomberg, Joe Biden, Cnn, NEC, Bureau of Labor Statistics, Federal Reserve, Biden, Fed, Bernstein, Jpmorgan


Biden ally Larry Summers, a former treasury secretary, said $2,000 stimulus checks would be a 'serious mistake' that could overheat the economy

Former Treasury secretary Larry Summers Robin Marchant / Getty Images Former US treasury secretary Larry Summers told Bloomberg on Friday that $2,000 stimulus checks for Americans would be a "pretty serious mistake." Summers, who was reportedly an adviser to President-elect Joe Biden's campaign, said boosting consumer spending was the wrong route to economic recovery. The checks could overheat the US economy, he told Bloomberg. US President Donald Trump has so far refused to sign a pandemi...
Tags: Politics, Congress, US, Barack Obama, Trends, Bloomberg, Joe Biden, House, Bill Clinton, Nancy Pelosi, Biden, Donald Trump, Stimulus, Trump, Democratic, Sen Bernie Sanders


Want a Mentor? Be a Mentor.

Famous leaders credit much of their success to great mentors. Mark Zuckerberg was mentored by Steve Jobs, Sheryl Sandberg by Larry Summers, and Bill Gates by Warren Buffet. No one is too good to need a mentor. But what we don't usually consider is what the mentor gets out of the relationship. There is a...
Tags: Mark Zuckerberg, Advertising, Bill Gates, Voice, Larry Summers, Steve Jobs Sheryl Sandberg


The US dollar won't crash despite the economy's $16 trillion pandemic debt pile, economist Larry Summers says

Former Treasury Secretary Larry Summers. Rob Kim/Getty Images The US dollar will not crash despite the $16 trillion debt pile that has built up because of the COVID-19 pandemic, former Treasury secretary Larry Summers told CNN on Sunday."The dollar is the world's safe haven. It's the place that money moves into when people get nervous about the state of the world," Summers said.While it is "right to worry" about the country's rising debt, a near-zero interest rate environment implies that t...
Tags: Congress, US, Barack Obama, Trends, Cnn, United States, House, Bill Clinton, Treasury, World Bank, Fareed Zakaria, Nancy Pelosi, Rbc, Summers, Larry Summers, COVID


The US government finally figured out how to help average Americans during an economic crisis. And then it all fell apart.

Speaker of the House Nancy Pelosi and Senate Majority Leader Senator Mitch McConnell. Brendan Smialowski-Pool/Getty Images The massive fiscal stimulus bill passed in March was a clear benefit for millions of Americans and showed the power of government support for the economy. But political disagreements and economic orthodoxy has delayed any follow up bill. The experience of not only the CARES Act, but also the last four years of fiscal policy shows that whoever wins the presidency in Nov...
Tags: Obama, Congress, Senate, White House, US, Trends, House, Nancy Pelosi, Republican, Federal Reserve, Biden, Trump, Fed, Economic Policy Institute, Republican Senate, Republican House


The folly of the magic federal spending multiplier

When revenue shrinks by 1 percent of GDP and spending increases by 51 percent over 10 months, you get a $2.8 trillion deficit. That figure, according to the Congressional Budget Office, is significantly larger than the deficit Uncle Sam accumulated over the first 10 months of 2019. Yet, many in Congress demand that even more spending be enacted in the name of stimulating the economy. More spending means more debt and more future taxes. That much we know. What we also know is that the calls for s...
Tags: Congress, California, Opinion, Washington, Sport, Soccer, United States, Treasury, Biden, Sam, Kamala Harris, Trump, Uncle Sam, Congressional Budget Office, Larry Summers, National Economic Council


Public investment 'is key to escaping crisis'

Former US treasury secretary Larry Summers said central banks are going to become "less relevant".
Tags: Business, US, Larry Summers


Public investment key to escaping crisis: Summers

Former US treasury secretary Larry Summers said central banks are going to become "less relevant".
Tags: Business, US, Larry Summers


Cameron Winklevoss Savages Old Case Against Bitcoin With Even Older Joke

What Larry Summers meant to say was that the tall half-billionaire is a 'lame, cheesy asshole.'
Tags: Law, Finance, Larry Summers, Cameron Winklevoss


Joe Biden Needs To Stay Away From Larry Summers

Everything Summers touches turns to ruin.
Tags: News, Joe Biden, Larry Summers