Saturday, November 8, 2008

Dean Baker on Larry Summers

Baker writes about Summers, who is rumored to be under consideration for the position of Treasury Secretary in the Obama Adminstraton:

I have nothing against Larry Summers, but I think there is some sense to having people evaluated based on their job performance. Larry Summers thought the stock bubble was cool, ignored the housing bubble, was in favor of the over-valued dollar...

This track record arguably make Summers one of the main villains in the current economic crisis...

I have no doubt that Summers is very bright, but his brilliance did not prevent him from supporting the policies that got us into this mess. Why do we think that his brilliance will lead him to choose the best policies to get us out of it?

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