Former Treasury Secretary and Harvard President Larry Summers held forth on the economy yesterday, and if the early betting is correct, that is the set of presently private ruminations most relevant to the year ahead.
A Summers’ return to Treasury would be a very good thing, and given the bozos at my alma mater’s decision to run off the brilliant Summers from Harvard’s presidency, he can’t be looking forward to many more years by the Charles. A second time around at a Cabinet post allows the occupant the chance to put into effect the lessons learned on tour number one. This is what Donald Rumsfeld began to do in 2001 when the war intervened, and when Rumsfeld’s memoirs emerge we will get his side of the story about the ability of any Secretary to change any major bureaucracy.
But if anyone could have taken time between Acts one and two at an agency to think through crucial reforms, it would be Summers. I hope the president-elect sends him back to Hamilton’s job.