"While most of us really don’t have any idea of how smart Summers actually is, we do have some basis to assess his record. He was a big proponent of deregulation of the financial sector in 1990s and in the last decade, right up to when the collapse of the housing bubble led to the financial crisis. Apparently his meta-cognition skills didn’t help him much on that one....Summers also was an opponent of actions to break up the big banks even when they when they were bankrupt and would have collapsed if the market was allowed to work its magic. Largely as a result of Summers’ actions, the big banks are bigger and more profitable than ever....Summers also played a role in getting President Obama to accept a less than adequate stimulus and then shifting his focus to deficit reduction, even when the economy clearly needed more stimulus. The weak recovery and continued high unemployment is the price that we are paying for these policies. Whatever meta-cognition skills Summers may have, they do not seem to have benefited the country thus far."
Posted on: Thu, 15 Aug 2013 15:39:05 +0000
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