larry summers, former treasury secretary says the u.s. will need unemployment near 6% to curb inflation. he also said the fed will likely need to make more difficult choices of terrain in prices. after the call with summers, president biden had this to say. >> i was talking to larry summers this morning and there is nothing inevitable about a recession. manus: let's get to into current -- enda curran. strong words from summers, and then we understand you're going to need maybe one year and 75 percent unemployment. -- 7.5% on a planet. can you square it? enda: clearly president biden is putting his own spin on the conversation but he did go on to say that he is talking to democrats about other measures to keep a lid on inflation as well, such as perhaps lowering the price of insulin. there are also talks -- democrats are desperate to bring down inflation. whatever happened between present biden and larry summers, goldman now see a heightened risk of recession in the u.s. and have downgraded their growth forecast. i think it will take more

how do we know that he spoke to larry summers? we don't know anything. >> could probably check on that one. it is worth checking on. >> remember, larry summers is the guy that said you're going to get us inflation and recession. he's the first to say that. >> i want to pull this up. i don't want to make more out of falling off the bike. i could fall on my bike. they do. your foot can catch in that thing. here's what the "wall street journal" wrote. breaking the biden age taboo. you've seen over the last couple weeks since "the new york times" story came out where you have avenues that would not normally be pointing at the president's age, pointing quite clearly at the president's age. the "wall street journal" says the rest of the week woke up and learned how old this president is and he would be 82 at the end of the first term. so you mentioned to me in the break that is interesting that they did a big profile pete on pete buttigieg. what do you see happening here? >> i think the media wants a replacement, the left-leaning media

a larry summers might be a bridge too far. if you want to ensure investors as well as the american people, you may want to choose something like larry somers that said spending money won't cure inflation. he's been warning that inflation is not transitory. >> might be too late. the key phrase that i thought from larry summers in the clip we played, given where we've gotten to, now that we're here, what are we going to do about this. think about the formulas that are out there for trying to solve the current crisis, most of them are the lap of the federal reserve. we're going to raise interest rates and there's no demand out there anymore. given where we are, as larry summers just said, i'm not sure a change of course would make a difference for the economy. >> martha: it's a great point. if you see an accident coming and you're tapping the breaks and you have to slam them so hard at the very end, the likelihood is that you'll crash into something. that's difficult in terms of recovery. here's an interesting conversation on mor

so larry summers has been right heretofore. what he is countering today is the stark contrast, when you keep spending money that you don't have -- elizabeth: wait a minute he is talking about getting rid of jobs. democrat shutdowns wiped out 22 million jokes we're -- jobs that we're crawling back. do we want to get rid of jobs to contain inflation? >> what he is arguing, liz, you let this run, fiscal policy of the biden administration, kept printing money at the fed you have to raise interest rates sharply. he assumes that is large increase in unemployment. what jay powell is trying to do have it both ways have his cake, eat it too, which minimized the impact on employment while he tries to drown out inflationary expectations. >> there is seismic shift, lindsey. i want your reaction to what larry summers is saying in the context of this. charles cook is saying in "the national review" florida is no longer a swing state. that so many voters in florida are fleeing the democrat party, it is no longer purple. it is red. what do you

reporter: president speaking to larry summers. the let also telling reporters he will make a decision backing a possible national gas tax holiday coming up here in the next week or so. the president says it is only, it is only 18 cents the federal tax on gas prices. we hit record of a record. the president also is saying he will send gas rebate cards as part of a package should he go forward with the gas tax holiday. that is inflation we're seeing. inflation prompting predictions of wall street, anywhere from 50% chance of recession to very likely. as you said, charles, we might be in recession. atlanta fed is now saying 0% growth in the second quarter. what is interesting that number jumps around. what is interesting the trend, which follows the same as last quarter which ended up negative, 2.9%, 2.3, 1.7, now zero. there is messages battle. folks in the administration, tight labor market, wages are rising. they don't want to think of other stuff where you spend more for groceries trying to fill out your gas tank. charles: suspen

former treasury secretary larry summers says the u.s. will need to see employment at 5% for the next few years to curb inflation. and he says the fed will need to make more difficult choices to rein in prices and should consider abandoning forward guidance as a policy tool. president joe biden says u.s. recession is avoidable. >> i was talking to larry summers this morning. there is nothing inevitable about a recession. paul: chinese regulators executives -- after a second fatal accident at the oil giant this month. one person was killed when a fire broke out at a plant in shanghai on saturday. earlier this month, a fire at another plant in guangdong left two people missing. it felt short of standards for state owned firms. the president-elect of the philippines has appointed himself agriculture secretary giving himself direct response ability for food output with inflation pressures. he wants to boost food supply and bring down prices. the last time an incoming philippine leader assumed a concurrent role in the cabinet was in 1998. a ne

that malarkey about larry summers, larry summers has been saying there will be a recession. one of the loudest people proclaiming we have to be careful because the federal government has been doing it wrong. we'll have more on the oil situation with scott horton in a moment but first it appears biden entire economic team, watch this. >> i expect the economy to slow now, we expect the transition to stable growth but i don't think a recession is inevitable. >> inflation is happening globally, recession is not inevitable. >> not only is it not inevitable but we we as policymakers can take steps to build on our unique strengths in the american economy and tried to get to that stable steady growth we all want to get to as quickly as possible. kennedy: there incompetent or they are lying. that's bad news for us because we're the ones who will get screwed. why does the administration keep ignoring the warning signs? tonight party panel, great way to kick off the week with host of the guide buns and show on fox news radio, political editor at townhall.com, guy benson is back. fox ne

larry summers and a number of his peers have done some analytics. they requested the data -- we crafted the data from the 1980's. the cpi was -- we are already in inflation. you want to get back to 2% core, you will require the same amount of disinflation achieved under the chairman. that says to me, not just three sets of 50 basis point hikes, but maybe we need to return to considering something more substantial. do you think we will need to see something more expeditious than three clips of 50? >> if larry is right, most of the market is positioned wrong. as i said, we cannot take incidences from previous cycles 10, 20 years ago in regards to what these more longer-term structures of the economy looks like. it's all well and good saying we have an inflation problem, has some prayer laws to what was happening -- parallels close happening 20 years ago but the playbooks are not the same. what i would argue is that if we are talking three or 5% from the federal reserve, the market is definitely in a position for it. maybe a few individuals are but on

i don't know if larry summers is looking for a job like that. we have to look closely at what the president said. if we kept playing the tape, he went on to say after the not inevitable remark that i think we will get a change in medicare and a reduction in the cost of insulin. it is not that joe biden thinks he knows more than wall street or better than larry summers or elon musk, but he thinks there is in answer to this, a legislative answer that could come in the form of reconciliations. something democrats can pass on their own, a stripped-down version of build back better. it looks like they will take another swing at that this summer. i don't know if that prevents a recession. tom: for those of you across the nation, we are making jokes about this but there is brooklyn and brookline and brookland in washington, d.c. those spent a lot of different economies. i want to talk about who is not being talked about, the broader middle-class. how bad is the agony for the broader middle-class? what can politicians do about that? joe: brooklyn, conne

if i were the president, and to quote larry summers often, larry summers is one of those those economists who thinks a recession is not inevitable. we can't quote him when he's in favor of things we like and ignore him otherwise. if i was president, i'd convene executives and stop attacking them. you can't go to saudi arabia and talk about oil production and at the same time vilify our oil companies. bring them together. how can we work together? i'd bring mayors together of cities, saying how can we invest in your cities to be better supply chain supporters as we try to wean ourselves off some of this dependency we have around the globe. these are some. things that not only optically. the republican beat the democratic in a hispanic district, and then the recall in san francisco around crime. i'd focus on acting and using this office. the president, as much as we may criticize them, the generic polls last week on fox 47-44 republican versus democrat. that's down for republicans than it was a few weeks ago. i don't know what's handgun, but something is. that does not negate the fact that

former treasury secretary larry summers discussed the current state of the u.s. economy and high inflation. he sat down with david ignatius. they also talked about the housing and labor market, and criticism from jeff bezos of biden administration tax policy. this is 25 minutes. -- you has some significant criticism of both regarding inflation. what would you like to see coming out of the meeting, specifically what fed chairman powell will do? >> i think the president column today articulated the right principles inflation is now our preeminent short run economic problem, that it has to take priority over other problems that are part of any strategy that has to be monetary policy that the president has to respect the independence of the federal reserve as the federal reserve does what necessary to contain inflation. it has been my view that they were way slow to recognize the gravity of the gathering inflation sure, even though there was substantial evidence of it. but recent weeks and the last several spy german powells -- chairman powells inflation, the questio

why is larry summers the cassandra here? >> i think there are a lot of reasons with the current inflation crisis while at the same time we have other good economic news, this is the hangover from covid. what good economic news? record job growth and low in employment, that's good news for the meghan people but there are a lot of reasons. one is this hangover we still have from covid, supply chains, both trump and biden administration have believed during the crisis we need to help out the american people with assistance and they've both done that but there are no good options right now, no magic wand or no perfect way to get out of this. there are things all of us can do including the fed and president biden and countries around the world, it's a global problem but there's no easy fix and we shouldn't pretend there is one. kennedy: there's also no global emperor and you talk about record low unemployment which is historically good but back to larry summers, he said a couple of weeks ago when you have inflation above 4% and u

summers. >> larry summers. also a very popular economist who said we don't think it's going to be transitory. to her point, yes, no one saw necessarily the war in ukraine happening, no one saw china lockdowns reoccurring, no one saw the supply chain issues lasting as long as they did but there were some very prominent economists saying, look, this is actually not going to be transitory and you could argue maybe they should have paid a little bit more attention to the critics and the concerns that it might not have been. >> reminds me of 2008 when we kept hearing that subprime mortgage problems would not affect the entire environment and would never take down the economy. sometimes you can't see how these things are going to play out. >> in this case they can't say no one saw this coming. >> the request he is now what do you do about it. that's what they're trying to get on the message here. you're dealt a terrible hand. if you play that hand badly that doesn't help you at all. they have to play the hand of card

larry summers said that. unbelievable quote. we've got it. ♪ ♪ >> tucker: for most of last year and one of the most brazen deception campaigns ever attempted in washington, no less than the chairman of the federal reserve and secretary of the treasury assured the country the inflation was not a big deal because he would be "transitory." calm down, america. then larry summers, former treasury secretary under bill clinton, former head of harvard. some predicted inflation would stay. now because partisan politics is the most important thing the democratic party and washington, summers is blaming inflation on america's suffering working-class, people who are at the capitol january 6th and anyone who doesn't think it was an insurrection, it's their fault. watch this. >> i think the banana republicans who are saying that what happened on january 6th was nothing or okay. they are undermining the basic credibility of our country's institutions. that in turn feeds through for inflation because if you can't trust the country's governm

>> well, first of all, you might recall that larry summers also agrees that the fed is independent and we knneed to le them do their job. all the economists are going to argue about what that is. the president expects them to do what is necessary to bring inflation down. and we hope that they do sooner rather than later. the president has already enacted a massive piece of legislation called the infrastructure act, which is designed to actually help rebuild the supply chains and to fix the rails and to fix the roads and to fix the air and to fix the water. on top of that, he released product from the strategic pe tr petroleum reserve to bring down gas prices. >> that certainly didn't bring down gas prices. >> they announced that release and today gas is $4.67 a gallon. >> the president himself doesn't control the price of gas. you asked whether or not there was anything in his power that he can do. >> certainly, he does not control the price of gas, but the president said releasing from the strategic reserve would bring down the price of gas, and all we've seen since then was a series

larry summers was talking about a 5% unemployment rate the next five years. where do you think their tolerance is? william: what larry is talking about is reasonable. the reason they are not going to blink at the end of the day, if they blink and do not get inflation down, they have to do even more later. postponing -- procrastination is not a great option. we saw what happened in the 1970's when the federal reserve was slow to tax inflation. inflation got out of hand, paul broker had to put the u.s. economy through the rinker -- ringer. >> it is in the longer term you see the full effects of monetary policy taking shape, and operates with a lag. we understand that. the question is, if they are frontloading and aggressive, are they going to see it reflected in the data we are getting, or do they risk -- or is the risk of too aggressively, and the data turns all at once? william: that is what could happen. the economy has a certain momentum as the economy reopens, household balance sheets are very solid, boosted by the fiscal stimulus we got the last couple of

former treasury secretary larry summers discusses the state of the u.s. economy and tally inflation. he sat down with david from "the washington post." they also talked about the housing and labor markets and criticism of jeff bezos' on the biden administration's tax policy. this is 25 minutes. i would like to ask what you see coming out of this meeting and what do you think the chairman will say to the president about what he is doing? larry: i think the president's column today in "the wall street journal" articulated the broad principles, that inflation is our preeminent short run economic bubble, that it has to take priority over other problems, that the first part of any strategy or -- the first part of any strategy has to be monetary policy, that the president has to respect the independence of the federal reserve as the federals -- as the federal reserve does what is necessary to contain inflation. the fed was slow to recognize the gap -- the gravity of the gathering inflation score even though there was substantial evidence of it. in recent weeks

. >> larry summers says the u.s. will need to see unemployment develop 5% for the next five years to curb inflation and says the fed will likely need to make more difficult prices to rein in prices. after a call with him, biden says a u.s. recession is avoidable. >> i was talking with larry summers this morning and there is nothing inevitable about a recession. >> volodymyr zelenskyy says his nation is facing a historic week . leaders of france, italy and germany have given their blessing but all member states of nato must agree. marcos june euro appointed himself agriculture secretary. he has pledged monitor -- he has pledged to modern machinery for workers. a new survey found more than half consumers have not built up savings during the pandemic. this undercuts hopes households have a cushion against at the cost of living crisis. most saved -- most spent savings on essentials, not luxuries. >> we are watching, oddity prices before the opening of japan, australia, and korea. natural gas futures trading down despite

he spoke to reporters after a conversation with larry summers. summers says this is a significant chance that you boulevard itself battling stagflation. in china, the coronavirus infection is spreading to the south coast. it has triggered testing and a lockdown of some neighborhoods. the european union's 27 members will formally grant ukraine candidacy status later this week, a highly symbolic step on the path to becoming an eu member. they will discuss the membership bid this week. guggenheim will formally merge with polstar on thursday. the transaction will raise at least $850 million in gross proceeds. elon musk says there are few unresolved matters regarding his acquisition of twitter. he told john micklethwait there is the question of whether the debt portion of the deal comes together, and then whether shareholders vote in favor. musk is still awaiting a resolution on the matter of how many bots are on the platform. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more tha

larry summers is correct, i think, in diagnosing a lot of these problems. and, unfortunately, i think that this white house is really whistling past all of this. they are acting as if washington can just solve this with a snap of a finger and, unfortunately, i think that's not the case. >> bret: howie, speaking of that we have seen the president tap the strategic petroleum reserve, we are now hearing him talk about a possible gas tax holiday which means roughly 18 cents a gallon for some period of time but then it comes back. so, critics would say they are grasping at straws to try to get something before the midterms. >> look. if biden is arguing about whether we are in a recession or heading to a recession, he is losing. because it doesn't matter what the statistics show. it is what people feel about the economy. he doesn't have many tools in the remaining months to do something about inflation, especially gas prices and inflation is the killer app. of this campaign. at the same time, bret, some democrats now openly questioning joe biden's age and mental

i want to thank larry summers for joining us to discuss these issues. thanks for being with us, i hope you come back. mr. summers: very good to be with you. david: please join us for other washington post live programming. go to washington post -- [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2022] announcer: >> good afternoon, i have a few thoughts to share now that the trial has ended. i hope the jury clearly recognized that with their verdict today. i'm grateful to the members for their careful, thoughtful service. despite being falsely confused, i believe justice will ultimately prevail in my case. this has been a difficult year for my family and me. but right now, we are just grateful for the love and support from so many. and i look forward to getting back to the work that i love. y, i want to thank my legal team at latham and watkins, they are the finest lawyers, they worked tirelessly on my case. thank you

what larry summers says, new details on how americans view the president's handling of this economy. confidence in the nutritional drink you choose. try boost glucose control®. it's s clinically shown to help manage blood sugar levels and contains high quality protein to helelp manage hunger and support muscle health. try boost® today. hitting the road, not all 5g networks are created equal. t-mobile covers more highway miles with 5g than verizon. t-mobile has more 5g bars in more places than anyone. another reason t-mobile is the leader in 5 right now, we'rell feelin' the squeeze. but walmart's got your back with thousands of rollbacks so you get everything you need to keep your summer rollin'. because when you save money, you can live better. age-related macular degeneration may lead to severe vision loss. and if you're taking a multivitamin alone, you may be missing a critical piece. preservision. preservision areds 2 contains the only clinically proven nutrient formula recommended by the national eye institute to help reduce the risk of moderate to advanced amd progression. "pr

my guests this morning, former treasury secretary larry summers, who says a recession is likely. >>> also, thanks to the troubled economy and president biden's aides, democrats are worried about the president's 2024 chances and whether he should even run again. joining me for insight and analysis are nbc news chief white house correspondent, peter alexander. maria teresa kumar president of voter latino. republican strategist brendan buck and politico national correspondent betsy woodruff swan. welcome to sunday. it's "meet the press." >> announcer: from nbc news in washington, the longest running show in television history, this is "meet the press" with chuck todd. >>> a good sunday morning on this juneteenth holiday and a happy father's day to all the dads out there. 50 years after the watergate break-in, we learned this week a lot about another president, donald trump, and all of that president's men. we learned at the january 6 hearings that mr. trump was told repeatedly that he lost the election but he continued to insist that he won and he spread the lie that the election was ri

when summers was warning about inflation, and now obviously biden is talking to larry summers and trying to keep him inside the tent. i couldn't help to notice larry summers was on a show yesterday in the previous sunday, perhaps joe biden saw clips of the shows and wants to keep summers on message. >> that's part of the challenge. look, a president cannot wave a magic wand and even -- yes, he could suspend the gas tax for weeks or months but then the federal government loses money. there's a price for that. you can do modest things but you can't make it all go away. he's trying to show the american people i'm trying to do everything i can. >> he wants to show he's trying. this is an economic problem that has really serious political ramifications. now, a lot of biden supporters don't like to hear this. but this is a problem for the president. no, he did not cause it. no, it's not all his fault. but at the end of the day, presidents get all sorts of problems on their desk that they didn't cause, they didn't ask for it, and they got to deal with it. and he has to deal with it. if he does

larry summers warned early this inflation way for be much higher in fashion than people expected. he was right. his concerns are worth heeding. tom: i would love to talk to him now. president biden is doing his part jetting around the company on air force one to make fuel demand go up. 63,500 gallons of fuel to make air force one go. joe mathieu can do this math, joins us from washington. joe, not to be snarky, but it is snark monday. what is the president's plan this week to tame gasoline and inflation? joe: book a trip to saudi arabia. he was asked, i am not confirming, but i am going because of reasons other than energy. he is going to pop up there at some point. it says a lot about what we have been through the last year with regard to energy prices, to see the president going to a nation he called the pariah of the world, to try and unlock more supply. he is booking a trip to philadelphia tomorrow, he is going to talk about the working economy. they want to point to this strong job market, you are referring to as the other side of the story from inflation. the messaging is no

i was talking to larry summers this morning and i think that is why we will be able to do it. we will get a change in medicare and if you know anyone who has type two diabetes, they need that during the week. we can also move in a direction that we can provide for those in the corporate area as well as individuals related to trumps tax cuts. i am also working with our teams working at the same time. we have a chance to make the fundamental turn toward electric vehicles. that is how they might team should be sitting down with. there can. first of all, what they are doing is they cut all the stuff. they have cut back on refining. they don't want to get stuck. i want an explanation about why they are not refining more oil. she was trying to tell me keep going. >> you all hung out together. >> this week on the c-span network, the january 6 committee continues this work investigating the attack on the capital with two scheduled hearings tuesday at 1:00 p.m. eastern and thursday at 3:00 p.m. eastern and in the wake of the largest federal increase in 30 years, jerome powell testifies

. >> larry summers will join us ahead. ♪ ♪ ♪i'm so defensive,♪ ♪i got bongos thumping in my chest♪ ♪and something tells me they don't beatat me♪ ♪ ♪ ♪he'd better not take the ring from me.♪ [ chantell ] when my teeth started to deteriorate, i stopped hanging out socially. it was a easy decision -- clearchoice. [ awada ] the health of our teeth plays a significant role in our overall health. chantell was suffering, and we had to put an end to that. the absolute best way to do that was through dental implants. [ chantell ] clearchoice dental implants changed everything. my digestive health is much better now. i feel more energetic. the person that i've always been has shown up to the party again. we definitely have ants in here. not for long. [irish music plays] nice. what's going on here? i said get a pro. i did get a pro. ...an orkin pro. i got you. got ants? don't call any pro, call the orkin pro. orkin. the best in pests. "peace of mind." such a big, beautiful idea. and for us at booking.com this means - free cancellation on most bookings. it's a bit functional. but we'll gl

former treasury secretary larry summers joins me to discuss in moments. >>> plus, political price. he came out for tighter gun laws after buffalo and uvalde and is now going to be out of a job. i'll speak exclusively to republican congressman chris jacobs and i'll sit down with mass shooting survivor and activist gabby giffords. >>> hello, i'm dana bash in washington where the state of our union is hopeful. we have breaking news this morning. a bipartisan group of senators is on track to announce the outlines of an agreement to address gun violence as soon as today, according to sources familiar with the talks. the sources tell me and manu raju that it is an agreement in principle only at this point and that legislation is not yet written. and because getting any changes to gun law is so dicey, sources say that negotiators are working to get ten republican senators to sign onto an agreement before it's announced to show they can get a filibuster proof 60 votes. here's what sources involved tell us the plan includes. funding to incentivize states to implement, quote, red flag laws,

summers and now they have admitted they made a mistake and it's hard to find in this town but it was a gargantuan mistake with regard tod the ongoing with one of violence and we are hoping to actually get an outcome that will make a difference in the areas of mental health and school safety and things that are related and what occurred in texas. >> the last three president biden came out with a plan to deal with inflation but white it consisted of is more instead of acknowledging it was the 2 trillion-dollar tax and spending spree that is not complete partisan basis. you would think after having had that experience they would not want to double down because even at that time you have liberal with a lot of spending and dollars of their. >> record gas prices which are hitting the pocketbooks every day. even though the president may talk about job growth and wage growth is not keeping up with inflation with that de facto cap. what is the solution to that they aree still trying to revise discussions of the build back better bill and that is the exact opposite trying to combat inflation?

, madam secretary, larry summers more than a year ago was saying the biden administration was putting too much money into the economy, flooding too much money into the economy and he was concerned about inflation and the biden administration officials said larry summers was wrong. turns out he was right. >> i don't really agree with thatcharacterization. i was just in europe and gas in france is $10 a gallon. they didn't have an american rescue plan like we did. i shudder to think, jake, what we would be living through if we didn't have the american rescue plan. that was the money for vaccinations that allowed us to get everybody back to work. that was the money for emergency rent relief. i was the governor of rhode island before this job. we were deep into the, quote, unquote, recovery from the r recession last time. when i took over, unemployment in my state was 7 or 8%. when president biden took over, we had 18 million people collecting unemployment insurance. we have a strong economy now. people are working. inflation is a problem, i will grant you that. we'll get it under control

he claims he got a different answer from larry summers himself today. >> i was talking to larry summers this morning. there's nothing inevitable about a recession. >> biden is instructing his team to sit down with oil ceos to justify profit margins. he's not going to the meeting himself. biden did meet with retailers and logistics companies. one meeting the president is taking is a face-to-face with the saudi crown prince even though he keeps frames this as an international trip that mbs happens to be a part of. his administration and treasury -- energy secretary saying that biden will meet face to face with mohammed bin salman and pressuring them to ramp up oil production. the white house has said that that will be a key focus of the discussion. neil? >> neil: thanks. james clyburn is here with us, the south carolina majority whip. congressman, you think we need a federal gas tax holiday? >> thank you very much for having me. yes, i have for some time now been talking about a gas tax holiday for oil consumers. the president has i think rightfully so addressed this issue part of the way

larry summers has come out and said the u.s. needs a jobless rate in excess of 5% for a sustained period to curb inflation. of course that harks back to the old phillips curve, which was defunct at some point. is he talking out of his hat, or does he have some basis in fact with this? james: with all the respect to larry, i do think it is the wrong number to focus on. this is not just an issue with the recent comments, it is an issue with the press more generally. we focus on the unemployment rate because it is easy to focus on and everyone thinks the understand it. the challenge is the definition of the unemployment rate is the percentage of jobseekers that are out of work. that is a critical definitional issue. the number that makes more sense is the total number of employed people in a particular country. that takes away, are you actively seeking a job or not. we have talked in prior segments about the importance of the participation rate in the broader employment base. the participation rate is critical because at the moment

former treasure secretary larry summers is coming up. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ ♪ ♪ ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪ the union." the gun deal with backed by 10 senate republicans. just released the statement on the negotiating group and he said, quote, i continue to hope the discussions yield a bipartisan product that makes significant headway on key issues like mental health and school safety, respects the second amendment and earns broad support in the senate, and makes a dichbs for our country. this is the closest to any action on gun violence. joining me now someone of the democratic senators involved in these negotiations, chris coons of delaware. thank you so much for jumping on with us. i apprec

we had larry summers on. and i was asking him basically the fed, inflation is a fed issue more than anything else, how much he thinks they'll need to raise interest rates to stop it. listen. >> we never stopped an inflation without raising interest rates by considerably more than inflation went up. >> sounds like what you're saying is to contain inflation we need either a recession, which is not something that most people, most consumers certainly want to see, or raising interest rates as much as 4% from where it is, which is an enormous -- an enormous increase. >> i think that is the lesson of history. here's the unfortunate painful fact, and it is true of the u.s. experience, and it is true of the experience of other rich countries like us. when inflation is above 4%, you are almost certain to have a recession within the next two years. >> so a recession in two years or raising rates by 4%? >> i'm still picking my jaw up off the floor. i was so glad you asked that follow-up. did he just say that? i think an

larry summers says it did contribute to inflation. officials around here say none of their plans have led to higher prices. that is still putin's fault. bret? >> bret: peter doocy live on the north lawn, peter, thank you. here are the final numbers from wall street. the dow cratered 876 today. the s&p 500 fell 151, the nasdaq plummeted 531. let's get some analysis from david as monday from fox business. david, good evening. >> good evening. >> this is a tough day. >> it has been tough for a week. sometimes you have good days. sometimes you have bad days but right now main street and wall street are converging with their concerns because, frankly, as americans begin to wonder whether they can afford the food on their table they're definitely sure they can't afford the high ticket items that are costing companies that are represented by wall street. you know, if americans aren't buying corporations aren't making a profit and their figures come down. so, again, wall street and main street are completely aligned now in fearing both inflat

he spoke to reporters after a conversation with larry summers. summers says there is a significant chance that u.s. will find itself battling stagflation. in china, the corona virus outbreak has shifted to the south coast. meanwhile, macau is raising to stop its first outbreak in eight months. the european union's 27 members are set to grant canada membership. eu leaders will discuss ukraine's membership this week. elon musk says there are still a few unresolved matters regarding his proposal of twitter. he spoke to john micklethwait and said that there is the question of whether the debt portion of the deal comes together, and then whether shareholders vote in favor. musk is still waiting for a resolution on the matter of how many bots are on the platform. it is the latest move in the battle of who will end up owning spirit airlines. jetblue has raised its offer. that follows spirit's decision to delay a shareholder vote on its pending deal with frontier airlines. that vote is set for june 30. global news 24 hours a day, on-air, and on bloomberg

do you agree with larry summers? >> no, i don't. i think a recession is possible. economists are very bad at predicting recessions, but i think the fed has a decent chance, a reasonable chance of achieving what jay powell calls a softish landing, no recession or very mild recession to bring inflation down. >> when you look at the economy going forward buzz does it look like the stagflation of the 1970s? and does it feel like, you know, that like people were out of economic tools to solve the problems? do you feel like we're in a situation like that today? >> no, i don't, and i could go on forever. my book points a out a lot of differences between then and now. a very basic difference is that the inflation of the '70s lasted for 13 or 14 years and not six months so people became very used to inflation and a huge inflation psychology developed. and that was very, very difficult for paul locer, the chair of the fed in the early '80s to break gnat theflation sikaelg. that's why he had to bring down the hammer as hard as he did in the early-'80s. today we have a federal

down. >> well, all due respect, larry summers a year ago, more than a year ago, was saying the biden administration was putting too much money into the economy, flooding too much money into the economy and he was concerned about inflation and the biden administration official said that larry summers was wrong and it turns out he was right. >> i don't really agree with that characterization. the reality is, i was just in europe a couple of weeks ago. gas in france is $10 a gallon. they didn't have an american rescue plan like we did. i shutter to think, jake, what we would be living through right now if we didn't have the american rescue plan. remember, that was the money for vaccinations, which actually allowed us to get everybody back to work. that was the money for emergency rental relief. i was the governor of rhode island before this job. when i took over as governor, we were deep into the quote, unquote, recovery from the stimulus last time, which was anemic. when i took over, unemployment in my state was 7% or 8%. so, i can't -- when the president -- when president biden took o

so, on balance, i think people do think what larry summers said is correct. >> and obviously, that's an unwelcome view by a well respected harvard economist and former treasury secretary from inside the white house. democrat on democrat if you will. president biden just in the last hour said he hopes to have a decision on the gas tax holiday by the end of the week. would that be a band aid to make americans feel better in a midterm year? >> yeah, i mean, behavior economists have quite a lot to say about how inflation is playing out. consumers, ordinary people, with the economy, you have a big overarching numbers-based view of what happened to prices. right now, the fact that of the matter is that good people see the gas prices going up so radically on the full court. 60% rise over the last year. there's a tend decency to pick on that most visible price and project it on to everything else. so, certainly, what happens to gas prices it incredibly enforced it for symbolic reasons as much as everything else. the real reason that larry summers has come out and said what he said, of course

charles: all of sudden larry summers is the man of the hour. this of course after he warned of the $1.9 trillion covid relief package last year. he said it would trigger runaway inflation. he was right. president biden at the time told him to pound sand. president actually name dropped mentioned larry summers even though he was saying recession is still avoidable. however here is the rub. summers is saying we'll need 5% jobless rate for five years to bring down inflation. joining me founder of north man trading.com, have ven hendrick. i have feeling biden, if summers told president biden this, he said you're a lying dog-faced pony soldier. no way we'll go five years to try to clean up inflation. what will happen with the inflation/recession debate situation we're locked? >> hi, charles. inflation is one aspect of it. one is the monetary fiscal excess which exacerbated the supply chain issues which by the way are getting better as well as commodity aspects. third one is geopolitical russia, ukraine, which feeds into energy and food prices and th

remember larry summers,ed the bill clinton treasury secretary and former bawm advisor. bawm -- and former obama advisor. >> i think we'll have inflation of a kind we haven't seen in 30 years until the fed takes some significant move with respect to monetary policy or until there is some kind of accident. dan: that not a crop circle. he actually said it. he weir were all told we would have inflation. but biden ignored those signs. now we are facing a shocker of inflation. here is larry summers a democrat with another warning. >> unless of course the economy heads towards recession on its own, we need to recognize that a soft landing will be very difficult in the circumstances. dan: you think the biden administration is going to ignore that? not a crop circle. according to them, no sweat, the economy is in great shape. >> we have the fastest growing economy in the world, the world, the world. dan: the economy shrunk last quarter. americans can barely afford to fill up their gas tanks and put food on the table. they claim the economy is in a better place than it's been his

what larry summers is saying about the state of the economy get a cup of coffee. we're back right after this. ♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. >>> all right. welcome or welcome back on "worldwide exchange" on a tuesday morning. don't rub your eyes. it is an actual trade. dow up 513 the nasdaq up 233. the reason for the surge is insert reason here i don't know there is no screaming headline out there to suggest any reason for pop. bear market rally. oversold bounce. maybe it dana's point that the hope of energy prices will come down who knows? we are seeing dow futures up 511 points the question is not just today, but where are we going longer term from here katie stockton is in the house and she will layout charts on the market and bitcoin and oil icarnde reo stk ou (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring w

larry summers and adviser to president obama. he saw high inflation coming and said there's real danger of a recession ahead and joins me now. mr. summers, welcome back to "meet the press." >> happy father's day, chuck. >> thank you, happy father's day to you. two takes on what's coming. you've got president biden in an interview with the associated press, he said a recession is not inevitable. secondly, we're in a stronger position than any nation in the world to overcome this inflation, and then you've got jamie dimon who essentially says, i said there were storm clouds, big storm clouds hanging over this economy, and now it's a hurricane. so can both statements be true or essentially is one person seeing a recession and another person not? >> look, nothing is certain and all economic forecasts have uncertainty. my best guess is that a recession is ahead. i base that on the fact that we haven't had a situation like the present with inflation above 4 and unemployment below 4 without a recession following within a year or two. so

yes, i as i mentioned larry summers, but he was not the the only one that was the conventional wisdom that we were at the end of the business cycle and and that we just couldn't squeeze anything more out of out of this current cycle. i mean, i think the the federal reserves said that growth wouldn't be much above 2% maybe 2.1% they were predicting for 20 17 2018 trump exceeded that the trump economy exceeded that i think they said unemployment wouldn't fall below around four four point one percent again it did it felt well below that a full percentage point below that in fact, and so that that's and i think it's important to point that out because again there is this argument that this was all going to happen anyway, and and in fact well into 2018 you still had president obama there taking credit. for the trump economy you you had joe biden taking credit again for the trump economy and and saying, you know, we started this the the obama administration started all of us that you're saying today. don't forget who started it and and again, that's why i wanted to point out what those expe

. >> some people did see inflationary pressures including former clinton secretary larry summers. he warned that the american rescue plan, and i'll read this from a washington post-op ed, that can, quote, set off inflationary pressures of a kind that we have not seen in a generation. if he knew that this was possible, should the biden administration, should the president, should you and the treasury secretary have known? >> it's important for us to step back and to think about what's driving inflation today in our economy. >> but to that question -- but before we talk about that, to that question, should you all and should the president have seen this coming? >> i think i mentioned a number of things that are driving inflation and i don't think anyone saw the invasion, russia's invasion of ukraine coming which has driven the high energy prices that we've seen today. >> but larry summers doesn't talk about that. larry summers writes at a time before the russian invasion of ukraine, he was talking merely about injecting $2 trillion into the economy. >> yeah, and i think the best way

summers and others. >> larry summers all along hits of the american rescue plan was to big and was potentially inflationary, and the fed may be do enough sooner. >> bret: juan, besides the economy, the inflation, there are also issues like crime, and you have this recall in the district attorney chase of routine getting recalled in san francisco because of how he's dealing with crime. similar to other places, you may see that in los angeles as well. >> i think crime, again, especially violent c and guns are huge issue right we talk about inflation, we talk about abortion and the potential for anger over that decision but i think there's a lot of frustration with the inability of the political class to do anything when you see children being slaughtered and people in the afternoon supermarket being slaughtered. and so right now there's a sense that there has to be some change, that people are looking for change. there's a lot of resentment out there. i think we've been talking about midterm politics. you know, you look at -- you go back to, well, you go back even to bill clinton in '92. you go