An economist who accurately predicted the recent recession and recovery will deliver his economic forecast for 2012 when he is honored Oct. 20 in New York by ASU’s W.P. Carey School of Business.
Former U.S. Treasury Secretary Lawrence Summers will present Goldman Sachs Chief Economist Jan Hatzius with the prestigious Lawrence R. Klein Award for economic forecasting. Hatzius becomes one of a handful of people to receive the honor twice.
“The challenge for the forecasters was to project the depth of the economy’s contraction and then gauge the strength of the recovery into 2010,” said W.P. Carey research professor of economics Lee McPheters. “The Goldman Sachs analysts, led by Jan Hatzius, were especially accurate on interest rates and tracked the cycle overall better than anybody else.”
az2008 posted at 7:28 pm on Wed, Sep 28, 2011.
What an insult! Lawrence Summers was largely responsible for deregulation of exotic financial derivatives.
Summers, Rubin and Greenspan destroyed Brooksley Born, chairwoman of the CFTC who warned financial derivatives would bring down our system, proposing regulation to bring "counterparty transparency" to the market.
Google for "PBS Frontline: The Warning." It's a very informative 1-hour documentary showing Larry Summers contribution to our financial meltdown.
What an insult for Summers to award someone else for foreseeing the recession. Brooksley Born saw it in 1997. If ASU's business school were intellectually honest they'd recognize her and condemn Summers as the heavy-handed thug that he is.
I hope ASU students have the moral character to stand and turn their backs when Summers takes the stage.