Larry Summers: Committee Member # 3


Doug Kass of Seabreeze Partners was on CNBC (Tue, Feb 3 2009, 7am EST), praising the current president’s economic team. He said the previous team was bumbling, but this new one was clued in and brilliant. The CNBC reporter challenged him, pointing out that secretary Geitner was part of the previous team. [Aside: As was Bernanke.]

Kass said he was talking mainly about Larry Summers. He called him a brilliant man, saying he spoke to Summers recently and heard about some great unconventional ideas to solve our crisis — things that you and I have not thought about. [Aside: Insider information?]
Given that praise, I just had to share this cover from Time magazine, Feb 15 1999:

Robert Rubin, Alan Greenspan, and Larry Summers.

With saviors like this, who needs enemies. Two down, one to go…

HT: James Grant’s book “Mr. Market Miscalculates” which you can find also anywhere on the web.

We saw what Greenspan did to the the Fed, and we saw what Rubin did to Treasury and later to a private bank.
Perhaps it is guilt by association, but it makes me nervous that “committee member” number three is part of the new team.

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