Summers: Core Inflation Growth Is out of Control, We'll Need 'Significant Dislocation' in Economy to Get Inflation to Normal

On Wednesday's broadcast of CNN's "Situation Room," Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers said that bringing inflation down to the levels we've gotten used to recently will "require quite significant dislocation in the economy" and that the increase in core inflation "is not a situation that is in good and satisfactory control."