To donate by check, phone, or other method, see our More Ways to Give page.

×
  • Home
  • Politics
  • Climate
  • Economy
  • Rights & Justice
  • War & Peace
  • Breaking News
  • Opinion
  • News
  • Newswire
  • Further
  • Planned Parenthood Action Fund
  • Trade Justice Education Fund
  • Profile Organization Test
  • ProsperUS
  • Repairers of the Breach
  • Fix Our Senate
  • ACLU Florida
  • Alliance for Retired Americans
  • Concerted Action
  • Green New Deal Network
  • Costs of War
  • Fossil Free Media
  • Center for Democratic and Environmental Rights
  • Independent Jewish Voices Canada
  • Cascadia Wildlands
  • Congressman Jamaal Bowman
  • Environmental Defense
  • National Coalition for the Homeless
  • Riverkeeper
  • U.S. Campaign to Ban Landmines
  • Free Gaza Movement
  • Friends of the Earth Europe
  • Bulletin of the Atomic Scientists
  • Basel Action Network
  • Healthy California Now
  • Groundwork Collaborative
  • One Fair Wage
  • Progressive International
  • Data for Progress
  • Congressman Ro Khanna
  • Fight Corporate Monopolies
  • Mijente
  • Congresswoman Pramila Jayapal
  • Oxfam America
  • Repair Our Democracy
  • Farm Action
  • Accountable.Senate
  • The Sentencing Project
  • Hunger Free America
  • Fridays for Future
  • Family Farm Action
  • National Family Farm Coalition
  • Protect the Results
  • AFSCME
  • Color Of Change PAC
  • MPower Change
  • Western Watersheds Project
  • WildEarth Guardians
  • The Elders
  • Gwich'in Steering Committee
  • Stop the Money Pipeline
  • RootsAction
  • United Nations Human Rights - Special Procedures
  • Quaker United Nations Office (QUNO)
  • Communications Workers of America
  • The Endangered Species Coalition
  • Center for Climate Integrity
  • Climate Power
  • NORML
  • Lower Drug Prices Now
  • National Education Association (NEA)
  • Democracy Initiative
  • Small Business for Paid Leave
  • Campaign Legal Center
  • Muslim Advocates
  • Congresswoman Ilhan Omar
  • Accountable.US
  • Climate Mobilization
  • GLAD
  • Out & Equal
  • American Federation of State, County and Municipal Employees
  • The Sunrise Project
  • American Economic Liberties Project
  • Bend the Arc
  • Poor People's Campaign
  • Jewish Voice for Peace Action
  • The Revolving Door Project
  • Congresswoman Alexandria Ocasio-Cortez
  • TIME'S UP Now
  • Oil Change U.S.
  • Vote Climate U.S. PAC
  • Community Change Action
  • Democracy 21
  • Environmental Justice Foundation
  • Center for Popular Democracy Action
  • Climate Justice Alliance
  • Free Press Action
  • International Rivers
  • JVP Action
  • Open Markets Institute
  • Center for Popular Democracy
  • Stand Up America
  • Demand Justice
  • Stand.earth
  • By the People
  • The Sanders Institute
  • Tax March
  • Friends of the Earth Scotland
  • Justice Democrats
  • Sunrise Movement
  • Western Values Project
  • Good Jobs First
  • Climate Works for All
  • Democratic Socialists of America
  • Freedom From Facebook & Google
  • National Center for Transgender Equality
  • As You Sow
  • Rootstrikers
  • Every Voice
  • Direct Action Everywhere
  • Earthworks
  • Global Witness
  • National Abortion Federation
  • Representative Keith Ellison
  • Transgender Law Center (TLC)
  • Sea Shepherd
  • American Promise
  • Americans For Tax Fairness Action Fund
  • Biofuelwatch
  • Grassroots International
  • Climate Justice Programme
  • End Rape On Campus (EROC)
  • Stop the Wall
  • Organization for Competitive Markets
  • Balestra Media
  • Pacifica Foundation
  • The LGBT Network
  • Compassion in World Farming
  • UNHCR
  • Community Alliance for Global Justice
  • Elders Rising
  • Moms Demand Action For Gun Sense in America
  • The Right Livelihood Award
  • Women's Earth & Climate Action Network (WECAN)
  • The International Rescue Committee
  • Women Cross DMZ
  • Acadia Center
  • American Sustainable Business Council (ASBC)
  • The New York Immigration Coalition
  • GAIA
  • The Culinary Union
  • The American Immigration Council
  • Citizens Against Monopoly
  • Our Revolution
  • United We Dream
  • National Women's Law Center
  • SumofUs
  • Global Zero
  • The Immigrant Legal Resource Center (ILRC)
  • NAACP Legal Defense Fund
  • Network Lobby
  • NIAC Action
  • Asian Americans Advancing Justice
  • Freedom of the Press Foundation
  • Progressive Congress Action Fund
  • The Main Street Alliance
  • Millions Marching For Medicare For All
  • The World Health Organization
  • Senator Elizabeth Warren
  • Rep. Barbara Lee
  • John Conyers, Jr., Congressman
  • The Commonwealth Fund
  • Social Security Works
  • Mercy for Animals
  • American Federation of Teachers
  • Climate Disobedience Center
  • Nuclear Age Peace Foundation
  • Open Media
  • Campaign for Nuclear Disarmament
  • Community Environmental Legal Defense Fund
  • Bold Alliance
  • The Greenlining Institute
  • Physicians for Reproductive Health
  • Americans for Tax Fairness
  • Climate Action Tracker
  • American Federation of Government Employees
  • Patriotic Millionaires
  • Congresswoman Barbara Lee
  • Progressive Change Campaign Committee
  • Indivisible
  • Friends of the Earth Action
  • Stop the War Coalition
  • Earthrights International
  • Free Speech for People
  • National Employment Law Project
  • Navdanya International
  • Open Debate Coalition
  • Shut It Down - Climate Direct Action
  • SOA Watch
  • Grassroots Global Justice Alliance
  • Green Party of the US
  • Live Share Grow
  • Advancement Project
  • Chicago Teachers Union
  • Indigenous Environmental Network
  • Financial Accountability and Corporate Transparency (FACT) Coalition
  • Coalition to Stop Gun Violence
  • The Leadership Conference on Civil and Human Rights
  • Stop Mass Incarceration Network - Chicago
  • International Campaign to Abolish Nuclear Weapons (ICAN)
  • Progress Michigan
  • 350 Action
  • Climate Action Network International
  • Climate Tracker
  • Regeneration International
  • Ecojustice
  • Together for Global Justice (CIDSE)
  • Carbon Underground
  • Fight for $15
  • sHELLNO
  • Pembina Institute
  • Global Justice Now
  • Grassroots Leadership
  • La Via Campesina
  • New York Civil Liberties Union
  • Privacy International
  • National Iranian American Council (NIAC)
  • Restaurant Opportunities Centers United
  • U.S. Right to Know
  • Share the World's Resources
  • National Latina Institute for Reproductive Health
  • Don't Shoot Coalition
  • Fight for the Future
  • Environmental Action
  • Oceana
  • UltraViolet
  • Huu-ay-aht First Nations
  • Latino Advocacy
  • Western Environmental Law Center
  • Rolling Jubilee
  • Coalition for Peace Action
  • Rodale Institute
  • Food Research and Action Center
  • Reject and Protect
  • The Upstate Coalition to Ground the Drones and End the Wars
  • Center for Reproductive Rights
  • People's Action
  • Iraq Veterans Against the War
  • Jewish Voice for Peace
  • US Robin Hood Tax Campaign
  • Chesapeake Climate Action Network
  • Council of Canadians
  • Haiti: Make Births Safe
  • Center for Corporate Policy
  • Our Children's Trust
  • The Partnership for Civil Justice Fund
    commondreams-mobile-logo
    globe-icon
    LATEST NEWSOPINIONCLIMATEECONOMY POLITICS RIGHTS & JUSTICEWAR & PEACE
    LATEST NEWS
    OPINION
    globe-iconlogo-icon
    commondreams-logo
    commondreams-tagline

    larry summers

    Larry Summers

    'Awful News for Humanity': Alarm as Larry Summers Joins OpenAI Board

    “There is no greater indication that OpenAI is unserious about the interests of humanity than their elevation of Larry Summers to its board of directors," said one watchdog.

    Jake Johnson
    Nov 22, 2023

    News that OpenAI co-founder Sam Altman will be returning to the artificial intelligence startup just days after he was ousted by the firm's board of directors was accompanied by the announcement Tuesday of a new initial board consisting of three individuals—one of whom is the Wall Street-friendly economist and former U.S. Treasury Secretary Larry Summers.

    Given Summers' record of fighting tougher regulations for risky financial instruments and—more recently—his incorrect predictions about the trajectory and stubbornness of inflation in the U.S., his elevation to the board of a company whose AI work has profound implications for the future of humanity drew immediate alarm.

    Keep ReadingShow Less
    News
    larry summers
    U.S. Federal Reserve Chair Jerome Powell stands at a podium.

    Why the Economic Doomsayers Were Wrong

    The macroeconomic situation today has confounded both those who called for interest rate hikes and those who warned against them.

    James K. Galbraith
    Aug 14, 2023

    Back in 2021 and early 2022, a posse of prominent economists—including Lawrence H. Summers, Jason Furman, and Kenneth Rogoff, all of Harvard—criticized the Biden administration’s fiscal and investment program, and pressured the U.S. Federal Reserve to raise interest rates. Their argument was that inflation, fueled by federal spending, would prove “persistent,” requiring a sustained shift to austerity. Unemployment, sadly, would have to rise to at least 6.5% for several years, according to one study touted by Furman.

    While this trio (and many like-minded commentators) failed to sway the White House or Congress, they were in tune with Fed Chair Jerome Powell and his colleagues, who began hiking interest rates in early 2022 and have kept at it. The Fed’s rapid monetary-policy tightening soon prompted progressives, led by Senator Elizabeth Warren of Massachusetts, to fear that it will trigger a recession, mass unemployment, and (though they didn’t say it) a Republican victory in 2024.

    Keep ReadingShow Less
    Opinion
    economy
    U.S. Federal Reserve Board Chair Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C. on June 14, 2023.

    With Inflation Down, Economists Demand Fed Permanently Halt 'Dangerous Rate-Hiking'

    "As interest rates have risen to 'cool' the economy, who do you think has shouldered the burden? Working people," said Robert Reich. "There's no reason to continue punishing them when they aren't to blame for inflation."

    Jessica Corbett
    Jun 14, 2023

    After the latest consumer price index update signaled cooling inflation, the Federal Reserve's interest rate-setting committee on Wednesday temporarily paused hikes, an approach that progressive economists and others want the panel to continue.

    The Federal Open Market Committee confirmation that, as expected, it will keep the federal funds rate at 5-5.25% follows 10 consecutive hikes since early 2022 that have increasingly generated concerns of a recession and major job losses.

    Keep ReadingShow Less
    News
    interest rates

    SUBSCRIBE TO OUR FREE NEWSLETTER

    Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.

    subscribe
    below
    * indicates required
    True
    True
    Follow Us
    Most Popular

    Oligarchs 'Terrified' Democratic Socialist Mamdani Might Win NYC Mayoral Primary

    Bezos' Lavish Venice Wedding Spurs Demand for Global Billionaire Tax

    Zohran Mamdani Delivers Stunning Blow to 'Billionaire-Backed Status Quo' in NYC

    After Trump's Bombing, Sanders Condemns 'Lies' Over Iran Nuclear Threat

    128 House Democrats Join GOP to Kill Trump Impeachment Resolution

    'No, Mr. President—You Don't Know What You're Doing,' Says Ilhan Omar After Trump's Iran-Israel Rant

    Medicaid Defenders in Wheelchairs Arrested Ahead of Senate Vote on 'Betrayal of a Bill'

    After Mamdani Victory, Progressives Call for Primary Challenges to Democratic Establishment

    As Dem Establishment Backs Cuomo, Calls Grow for NYC Mayor Race to Be 'Referendum' on Party's Direction

    Calls for Impeachment Grow as Trump Floats 'Regime Change' in Iran

    We cover the issues the corporate media never will.
    Please support our journalism.