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Comedian and political commentator Jon Stewartand former U.S. Treasury SecretaryLarry Summersgot into a heated exchange about the state of the economyduring an episode of Stewart's eponymous show, "The Problem With Jon Stewart."

On Friday, Summers argued that the U.S. government's stimulus measures have resulted in inflation, rising prices and wages.

"What happened to us is we had massive stimulus and an economy that could only produce so much. So we had a huge level of demand, and those huge levels of demand kept pushing up prices and pushing up wages," he explained."But ultimately, it was, you put too much water in the bathtub, you put too much demand into the economy, and you get high and rising prices."

In discussing wages and employment,Summers said, "There are certain sicknesses you can have where there's a drug, and it has side effects, and everybody hates the side effects, and no doctor wants their patient to suffer the side effects. But if you don't address the sickness, you can have a bigger problem down the road."

Stewart, however, fired back, saying,The stock market assets have gone up 150%. CEO pay has gone up 1,500%. Workers wages haven't gone up at all. I think you're misdiagnosing the sickness.

"The most serious problem in the U.S. economy has been the cleavages between those like you and me, who are very fortunate. That's why we need a strategy and strengthening economic labor power. Is it an issue that somebody whose control is over setting interest rates and printing money can do much about?" Summers askedin response.

Read Also:Larry Summers Says Soft Landing 'Looks More Possible': Unemployment Vs. Inflation

Speaking later about economic recovery, Stewart said,This pandemic was the first time the government, in my opinion, did the thing that they're supposed to do in a crisis. When you look at the stimulus payments that went out, you know, 70% of it was being used for rent and food.

And if you look at the recovery in the pandemic versus the recovery from 2008, when you stimulated the economy at the demand level, jobs had plunged in the pandemic and then they shot back up. The recovery in 2009 was painstaking, but the stock market did great. So our fiscal policy and our monetary policy has always been on the side of corporate easing, he added.

"If you talk to African American voters, if you talk to Hispanic voters, talk to voters who don't have college degrees, they regard the country's biggest problem as having to do with inflation," Summers retorted. "So while you may see this as having been tremendously successful, our fellow Americans who don't live as comfortably as you and I do have a lot of questions."

Touching on the topic of corporate profit,Stewart told the former Treasury Secretary,Butwhat you're not addressing is not all of inflation was stimulus. The tools that we have, though, are basically saying to somebody, everyone's paying more for gas and groceries, and that's really hard. So here's what we're going to do:We're going to throw 10 million of them out of work so that we all don't have to share that burden.Why aren't we attacking corporate profit in any way? Because that's been estimated to be 30% of inflation,40% of inflation?

Summers responded by saying that he didn't think that "it's a tenable view that all of a sudden corporations became greedy.

At that point, Stewart cutSummers off, pointing out that there had beenrecordings and reports wherecorporate executives had spokenhighly oftheirincreased profits during earnings calls.

The former Treasury Secretary had earlier said that the Federal Reserve shouldn't be spooked by the recent banking crisis into easing its campaign to contain inflation.

"It would be very unfortunate if, out of solicitude for the banking system, the Fed were to slow down its rate of interest-rate increase beyond what was appropriate given the credit contraction," Summers said during aninterviewwith Bloomberg.

Read Next:Larry Summers Says It Would Be 'Catastrophic' For US To Default On Debt: 'God, I Wish We Could Move Past This'

Photo: Shutterstock

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

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YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

Published

on

By

YouTuber Jake Paul strikes defeat against former boxing champ Mike Tyson in Texas

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who’s more than twice his age.

The bout was won on a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
The heavyweight boxing match took place in Arlington, Texas. Pic: AP

Boxing careers compared

This was not Paul’s first professional fight. The 27-year-old American YouTube star made his debut in 2020 with his most high-profile clash against Tyson Fury’s brother Tommy Fury last year, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson, 58, was ranked among the best heavyweight boxers of all time.

More on Jake Paul

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson was more reflective: “I’ve been through so many ups and downs since my last fight with Kevin McBride,” he said.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
Image:
Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems seeing the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

Politics

Elon Musk ‘shot down’ OpenAI’s ICO plan in 2018 over credibility concerns

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<div>Elon Musk 'shot down' OpenAI's ICO plan in 2018 over credibility concerns</div>

According to a court filing, Elon Musk said that the proposed initial coin offering (ICO) “would simply result in a massive loss of credibility for OpenAI.”

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