Larry Summers Bio | Wiki
Larry Summers ( Full Name: Lawrence Henry Summers) is a popular American economist who worked as the 71st United States Secretary of the Treasury from 1999 until 2001 and as director of the National Economic Council from 2009 until 2010. He also worked as president of Harvard University from 2001 until 2006, where Larry is the Charles W. Eliot University professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. Larry became a professor of economics at Harvard University in 1983. In 1991, Larry left Harvard, working as the Chief Economist of the World Bank from 1991 until 1993.
In 1993, Larry was appointed Under Secretary for International Affairs of the United States Department of the Treasury under President Bill Clinton’s administration. Larry was promoted in 1995, to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, Larry replaced Rubin as Secretary of the Treasury. While working for the Clinton administration, he played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. After the end of Clinton’s term, Larry worked as the 27th president of Harvard University from 2001 until 2006.
He resigned as Harvard’s president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers’s conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he offered three reasons for the under-representation of women in science and engineering. After his leaving Harvard, Larry worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, such as Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch, and Lehman Brothers. As of 2017, Larry retains his Harvard University status as former president emeritus and Charles W. Eliot University Professor. He also frequently writes opinion columns for The Washington Post.
Larry Summers Age
Larry was born on November 30, 1954, in New Haven, Connecticut, in the United States. He is 69 years old. Larry celebrates his birthday on November 30, every year.
Larry Summers Height
He is a man of above-average stature. Larry stands at a height of 5 ft 9 in ( Approx. 1.75m ).
Larry Summers Family
He was born in New Haven, Connecticut, into a Jewish family, the son of two economists, Robert Summers (who changed the family surname from Samuelson) and Anita Summers (of Romanian-Jewish ancestry), who both work as professors at the University of Pennsylvania. Larry is also the nephew of two Nobel laureates in economics: Paul Samuelson (brother of Robert Summers) and Kenneth Arrow (brother of Anita Arrow Summers). In addition, Larry spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia.
Larry Summers Wife
Larry is married to his wife Elisa New who works as the Powell M. Cabot Professor of American Literature at Harvard University. The two married on December 11, 2005. Elisa has three daughters (Yael, Orli, and Maya) from a previous marriage to Fred David Levine. Larry has three children (older twin daughters Ruth and Pamela and son Harry) with his first wife, Victoria Joanne (Perry). He resides in Brookline, Massachusetts.
Larry Summers Education
He studied at Harriton High School. At age 16, Larry joined the Massachusetts Institute of Technology (MIT), where he initially intended to study physics but soon switched to economics (S.B., 1975). Larry attended Harvard University as a graduate student (Ph.D., 1982).
Economist Larry Summers | Economist | Economy
As a researcher, Larry has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. He has also served in international economics, economic demography, economic history, and development economics. Larry received the John Bates Clark Medal in 1993 from the American Economic Association. In 1987, Larry was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. He is also a member of the National Academy of Sciences. Some of Larry’s popular courses today, as Charles W. Eliot University Professor at Harvard University, include American Economic Policy and The Political Economy of Globalization.
He rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 to November 2010, where Lary emerged as a key economic decision-maker in the Obama administration’s response to the Great Recession. Following his departure from the NEC in December 2010, Larry worked in the private sector and as a columnist in major newspapers. In mid-2013, Larry’s name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama finally nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position.
Larry Summers Harvard | President Of Harvard | Current Job
Larry is currently the Charles W. Eliot University Professor at Harvard University. He was President Emeritus of Harvard University from 2001 to 2006. During the past two decades, Larry has served in a series of senior policy positions, such as Vice President of development economics and chief economist of the World Bank, Undersecretary of the Treasury for International Affairs, Director of the National Economic Council for the Obama Administration from 2009 until 2011, and Secretary of the Treasury of the United States, from 1999 until 2001. Larry is considered Harvard’s first Jewish president, though his predecessor Neil Rudenstine had Jewish ancestry, and got praise from Harvard’s Jewish community for his support. A number of his decisions at Harvard have attracted public controversy, either at the time or since his resignation.
Larry Summers News
On September 1, 2023, Larry said that while he still sees challenges for the US economy to avert a downturn as policymakers battle inflation, the odds are improving that it can.
Larry Summers Recession
On April 7, 2023, Larry said that recession probabilities are going up at this point. And he thought the Fed’s got very, very difficult decisions ahead of it — with very much two-sided risk. He added that the two-sided risks reflect the consequences of the economy overheating. The Fed’s recent forecast is for the jobless rate to edge higher from 3.8% in 2023 to 4.1% in 2024, That’s a continuation of the present trend, and one that would see the US skirting a recession.
Larry Summers Illness | Health
In 1983, at age 28, Larry was diagnosed with Hodgkin’s lymphoma. Hodgkin lymphoma signs may include fever, night sweats, and weight loss. Larry underwent treatment and has remained cancer-free.
Larry Summers Epstein | Jeffrey Epstein
An article in The Harvard Crimson in 2003, during Larry’s time as president, detailed a reportedly “special connection” between him and Jeffrey Epstein. Jeffrey pledged to donate at least $25 million to Harvard during Larry’s tenure to endow Harvard’s Program for Evolutionary Dynamics, and Jeffrey was given an office at Harvard for his personal use.
Jeffrey otherwise had no formal connection to Harvard. Larry’s ties to Jeffrey reportedly began “a number of years…before he became Harvard’s president and even prior he was the Secretary of the Treasury.” Flight records introduced as proof in the 2021 trial of Jeffrey associate Ghislaine Maxwell show that Summers flew on Jeffrey’s private plane on at least four occasions, including once in 1998 when Summers was United States Deputy Secretary of the Treasury and at least three times while Harvard president. A charity funded by Jeffrey also donated to the production of a PBS show hosted by Larry’s wife and Harvard professor Elisa New.
Larry Summers Inflation | On Inflation Risk
In February 2021, Larry warned that Joe Biden’s $1.9 trillion American Rescue Plan was excessively large and that a sustained period of high inflation would follow in its wake. Larry’s argument was dismissed by White House officials and progressive policy wonks alike. From Larry’s newly elevated platform in June 2022, he delivered another prophecy of woe. During statement before the London School of Economics, Larry declared that “we need five years of unemployment above 5 percent to contain inflation — in other words, we need two years of 7.5 percent unemployment or five years of 6 percent unemployment or one year of 10 percent unemployment.”
Larry Summers Bloomberg
As per bloomberg, in 2023 Larry warned that the Biden administration’s crackdown on mergers and acquisitions through a sweeping overhaul of rules the government uses to determine whether deals violate competition law “seems almost like a war on business.”
Larry Summers Previous Offices
– Director of the National Economic Council from 2009 to 2010.
– The 71st United States Secretary of the Treasury from 1999 to 2001.
– President of Harvard University from 2001 to 2006.
– United States Deputy Secretary of the Treasury from 1995 to 1999.
– Under Secretary of the U.S. Treasury for International Affairs from 1993 to 1995.
Larry Summers Treasury Secretary
In 1993, Larry was appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton Administration. In 1995, Larry was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. Larry succeeded Rubin as Secretary of the Treasury in 1999. As Treasury Secretary, Larry led the Clinton Administration’s opposition to tax cuts proposed by the Republican Congress in 1999.
Larry Summers Latest Comments
On July 26, 2023, Larry said “We do not have a problem of a shortfall of jobs,” noting that the number of open jobs relative to people looking for work remains high. “We do have a problem of costs.” High inflation has hurt workers by eating into their paychecks.
Larry Summers Bloomberg Wall Street Week | Wall Street Week
In July 2013, Larry said on Bloomberg Television’s “Wall Street Week” with David Westin that “Nobody ever thought we were an underlying 8% inflation country”.
Larry Summers Washington Post
As per the Washington Post, Larry works as a professor at and past president of Harvard University. He was treasury secretary from 1999 until 2001 and an economic adviser to President Barack Obama from 2009 until 2010.
Larry Summers Books
– Secular Stagnation (2017).
– The Post-Widget Society: Economic Possibilities for Our Children (2017).
– The Concise Encyclopedia of Economics (2007).
– Wealthier is Healthier (1993).
– The U.S. current account deficit and the global economy (2004).
– Understanding unemployment (1990).
– Investing in all the people (1994).
– Inflation and Activity – Two Explorations and Their Monetary Policy Implications (2015).
Larry Summers House
He owns a house in Brookline, Massachusetts, where he resides with his wife. At the moment, Larry has not disclosed when he bought the house.
Larry Summers Predictions
In 2023, he predicted that the Fed would need to push unemployment above 5 percent in order to stop price growth from accelerating. He also said the jobs data suggests inflation could see a rebound.
Larry Summers Net Worth 2022
As the former 71st United States Secretary of the Treasury from 1999 until 2001, Larry’s net worth is 2022 was $35 million.
Larry Summers Net Worth
Larry gets his wealth from his work as an economist who is the Charles W. Eliot University Professor at Harvard University. Therefore, Larry has accumulated a decent fortune over the years. Larry’s net worth is $40 million.
How Old Is Larry Summers
Larry is a 69-year-old who was born on November 30, 1954, in New Haven, Connecticut, in the United States. Larry celebrates his birthday on November 30, every year.
How Tall Is Larry Summers
Larry is a man of above-average stature who stands at a height of 5 ft 9 in ( Approx. 1. 75m ).
Who Is Larry Summers
He is an economist who is the Charles W. Eliot University Professor at Harvard University. Before, Larry was the 71st United States Secretary of the Treasury from 1999 to 2001 and as director of the National Economic Council from 2009 through 2010. Larry also was president of Harvard University from 2001 to 2006.
Larry Summers Social Media Account
Twitter – @LHSummers