Against Larry Summers

It’s been over a year since Obama was elected and while its an immense relief to be rid of the awful regime that laid waste to this country for eight years, the disappointment about the current administration is starting to set in. I’ve been cautious from day one since I remember just how stupid the Clinton administration really was and observed that during the election Obama never offered compelling policies to match his oratory.

Soon, my suspicions were confirmed as Obama began to hire deeply questionable figures to key positions in the administration. Of these, I suspect that chief economic adviser Larry Summers will go down in history as leading a failed economic policy that prolongs a stock market bubble that prevents the economy from having a strong enough correction early on, thus leading to a much worse recession later.

It’s hard to concoct a character as flawed as Summers for this position. I’ve already talked about Summers’s comic misspeak “We are all Friedmanites now,” but ran into an article the other day at Seeking Alpha that described how, as President of Harvard University, he ignored warnings about risky financial investments and, to his complete discredit, marched it even further down that path, ultimately resulting in a staggering $1.8 billion loss for the university.

Maybe he’s going to outdo himself this time?