’11 stunning revelations from Larry Summers’s secret economics memo to Barack Obama’

Jeff G.
Protein Wisdom

James Pethokoukis looks at the 57-page Larry Summers memo Ryan Lizza used for his New Yorker piece on policymaking in the Obama White House and comes away with a few revelations. Which are, he says, stunning. And are as follows:

1. The stimulus was about implementing the Obama agenda.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
3. Obamanomics was pricier than advertised.
4. Even Washington can only spend so much money so fast.
5. Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.
6. Team Obama wanted to use courts to force massive mortgage principal writedowns….

…11. The financial crisis wasn’t just Wall Street’s fault.

Pethokoukis excerpts bits from Summers’ memo to support each point. Whereas I’m going to provide my own glosses without having read the memo. They are as follows…

Read the whole thing at Protein Wisdom.

Update: Ace of Spades has a few observations on this, too.

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