No Such Thing as 'Too Big to Fail'? - Larry Summers
Complete video at: http://fora.tv/2009/09/18/Larry_Summers_The_Future_of_Global_Finance Larry Summers, Director of the National Economic Council, argues large firms in financial trouble should be allowed to fail in order to regulate market discipline. "Our financial system will not be fail-safe until it is safe for failure," says Summers. "It is essential that we develop means of managing the failure of financial institutions." ----- A year after the economic crisis shifted into high gear, financial scholars and policymakers gathered at Georgetown for the Global Finance Conference presented by the McDonough School of Business and the Financial Times. Larry Summers, economist and the Director of the White House's National Economic Council for President Barack Obama, tells the audience that his concerns remain in commercial real estate and that the availability of credit and capital remain tight, but says there are signs of economic normalization. "We know that our economy will be stronger than ever if we commit ourselves to the work that needs to done today," says Summers. "It would be irresponsible for us to not learn the lessons of what is happening." - Georgetown University Lawrence H. Summers is the Director of the National Economic Council. He was appointed by President Barack H. Obama on November 24, 2008. Until January, he was the Charles W. Eliot University Professor at Harvard University. He served as the 27th president of Harvard University from July 2001 until June 2006. From 1999 to 2001, he served as the 71st United States Secretary of the Treasury following his earlier service as Deputy and Under Secretary of the Treasury and as Chief Economist of the World Bank. Summers has taught economics at Harvard and MIT. His research contributions were recognized when he received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and when he was the first social scientist to receive the National Science Foundations Alan T. Waterman Award for outstanding scientific achievement. He is a member of the National Academy of Science and has written extensively on economic analysis and policy publishing over 150 articles in professional economic journals.
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