Summers on Fox News Sunday

Transcript is here.

Actually, I think he did well. Although I haven't seen Larry on one of the Sunday shows yet, I think he could be very good in this capacity... in other words, he could be helpful for the administration to be the conservative, old white male economist face defending populist left-liberal policies on television.

He just shouldn't be involved in crafting policy...

I remember reading Dallek's JFK biography, and one of the things that struck everyone was that JFK had four different sets of advisers for every issue. What Obama really needs is three or four parallel teams of economists, working to craft their own ideas on the bank bailout, and on the stimulus, separately, and then he needs to be able to compare these independently and fully-thought-out proposals separately. Volcker has no team of economists under him, and most of the rest of the economists in the administration are close Summers confidants. This is a problem...