Takeovers wouldn't cause the stock market to rise unless there is an upward reassessment of earnings (potential). People are more optimistic and confident about the future.
Lawrence SummersIf you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles.
Lawrence SummersThe dramatic modernization of the Asian economies ranks alongside the Renaissance and the Industrial Revolution as one of the most important developments in economic history.
Lawrence SummersThe idea that we should be open to all ideas is very different from the supposition that all ideas are equally valid.
Lawrence SummersJust between you and me, shouldn’t the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Less Developed Countries]?... I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that... I’ve always though that under-populated countries in Africa are vastly UNDER-polluted, their air quality is probably vastly inefficiently low compared to Los Angeles or Mexico City.
Lawrence Summers