Former U.S. Treasury Secretary Larry Summers is likely happy he is in the private sector and not running the Treasury Department as Donald Trump closes in on securing the Republican presidential nomination.
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During an appearance on Wall Street Week, airing this Friday at 8 p.m. ET on the FOX Business Network, Summers sounded off on a potential Trump presidency.
“It scares me; I don’t know of a greater threat to our prosperity. I think policy would be extremely erratic, I think there are great risks to the global economy from the truculence that would manifest,” he said when asked about Trump. Summers is also concerned about Trump’s influence on the fiscal reputation of the United States.
“I think there are great risks even going to the government’s credit domestically. I think it would put an uncertainty premium the likes of which we haven’t seen before into the markets,” he said.
Larry Summers was the 71st Secretary of the U.S. Treasury during the Clinton Administration. He also served as director of the National Economic Council for President Obama. Additionally, he was president of Harvard University for five years.
Wall Street Week is hosted by Skybridge Capital founder and co-managing partner Anthony Scaramucci. The firm is also the host of SALT [SkyBridge Alternatives Conference) underway this week in Las Vegas. Co-host Gary Kaminsky serves as a Senior Advisor at Morgan Stanley (NYSE:MS).