Tuesday, March 23, 2021

What's the Deal with Larry Summers?

Larry Summers' bizarre intervention around the American Rescue Plan, waving the bloody shirt of an impending inflation spike, reminded me of something I wrote last July. Here it is, along with a link to the excellent article by Bob Kuttner that inspired that post.
The Ballad of Larry Summers
I wonder what that would sound like? At any rate, I recommend this profile of the Amazing Larry Summers (how can we miss him if he won't go away?) by Bob Kuttner. It's really quite a tale; the many, many policy mistakes that Summers has sailed through with complete self-confidence and without ever admitting error. How does he do it? I'm not sure Kuttner satisfactorily explains this, but it's a great read anyway. This article can and perhaps should be read in conjunction with Reed Hundt's A Crisis Wasted, within which the ubiquitous Summers has a starring role.
Now of course Summers is a born-again aggressive Keynesian who sneers at deficit-phobes and shouts his support for big spending from the rooftops. And he's managed to worm his way into the Biden camp's circle of economic advisors. Should we trust this man? Well, people do change but...I dunno, his record makes me very, very nervous.

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