I find Larry Summers to be extremely intelligent. He is able to summarize his thoughts well and is one of the better “mainstream” economists. However, I do not have much respect for the practice of economics as it is currently taught in our universities. For me, it is similar to listening to an absolutely excellent country western singer. While I note that the art is impressive, the concept makes me throw up in my mouth a little bit. So while I respect him, ultimately I hope he and all his brethren are relegated to the dustbin of history. See Mr. Friedman below for my concept of what our economy should look like. If you think the US over the last several decades is a free market, I have some condos in southern Miami I would like to sell you.
So of course, it is interesting to see mistakes that men such as Mr. Summers make. This is a big one. It speaks to his credibility with our largest creditors.