“I’ve already considered that idea and rejected it.”

We found Ezra Klein’s take on Steven Rattner’s, Overhaul, quite amusing,

[Larry] Summers is also one of the book’s more amusing characters. His intellectual and managerial style are distinct enough that the index has six entries under “Larry Summers; style.” Here’s my favorite

Once Diana Farrell began to offer an opinion, but before she passed the mid-point of expressing her thought, Larry interrupted to say (not harshly), “I’ve already considered that idea and rejected it.” This so amused our younger colleagues that for weeks afterward they would say to one another, as they debated one proposal or another, “I’ve already considered that idea and rejected it.”

Often overlooked,  it was Larry Summers who most likely constrained the Clinton Administration from spending the windfall tax revenues of 1990’s stock market and dot.com bubble.  He is one most studied academics on bubbles and clearly recognized the unstable nature of the economy during his last days at the Clinton Treasury.  If only California had such an economist.

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1 Response to “I’ve already considered that idea and rejected it.”

  1. David says:

    The Larry Summers comment reminds me of Laplace speaking to Napoleon about God. If I remember correctly it was Summers who rejected warnings about deregulating the financial system which led to all those toxic derivatives? DHJ

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