In the attached piece James Pethokoukis at AEI examines the 57 page memo sent to the president from Larry- I hate Glass-Steagall- Summers.
There is nothing shocking in the memo. For those who have followed Mr. Summers and his exploits, and the economic policy of the Obama administration at large it’s about what one would expect. Lots of cronysim with a layer of Keynsian economics on top.
According to the article, Summers says in his memo-
“The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.”
No suprise. Good to see it in print though. This sweater is only starting to unravel.
And on Obamacare Summers said-
“The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.”
That Summers was advising Obama in the heart of the economic crisis is laughable if it were not so tragic. Summers and Robert Rubin (in the Clinton years) layed much of the foundation for the current trouble.
Then again having a guy at the White House who was around during the bailout of Long Term Capital Management and at the birth of the housing bubble might be an asset (from Obama’s persepctive, not the American people’s.)
At least we can rest knowing that Summers has finally passed from the scene.