Bill Bonner on next FedHead (continued): "Hey, anyone can make a mistake. But what sets Summers apart is his readiness to make mistakes on a colossal scale… with other people’s money. But as far as we can see, that gives him all the qualifications you need to be America’s top banker. A high IQ moron is just what you need for this kind of work. You have to be smart enough to talk the talk, pretending that you know what you’re talking about. But you have to be stupid enough to believe it. You must think you really can improve the financial decisions of 310 million people. And you have to be arrogant enough to contradict all of them – putting your own asinine plans into action even though they will almost certainly bankrupt the entire nation."
Posted on: Fri, 19 Jul 2013 20:14:42 +0000
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