Wednesday, November 13, 2013
Larry Summers, political hack
When people would ask me who I preferred to be the new Chairman of the Fed, Janet Yellen or Lawrence Summers, my response was that neither would pursue the right policies, but that Summers had become such a political hack that he should not be trusted with the reins of the Fed. He proved my point today in his praise of Obamacare for its positive effects on the economy, and of the great things that have happened to the energy sector under the President's watch. I think we can now place Summers alongside Paul Krugman among the once-distinguished economists who have rendered themselves incapable of serious economic analysis.