Summers - Over Already

Larry Summers is a very bright guy who can't seem to open his mouth without saying something really stupid. Something so stupid that it threatens to destroy whatever enterprise he is engaged in.

Here he is defending the AIG bonuses and incidentally trying to blow up the Obama Presidency:

We are a country of law. There are contracts. The government cannot just abrogate contracts.

This is bullshit, and Summers knows it. The government has plenty of power to abrogate contracts, most relevantly here in the bankruptcy laws. AIG is bankrupt, and the attempts to pretend it isn't are spreading anger and chaos throughout the economy.

The public, which has already funnelled an immense fortune into AIG, is justifiably enraged. I don't think that Congress can or will be able to protect Obama's back on this one. If conventional bankruptcy is not adequate to handle the AIG case, Congress needs to pass new laws immediately.

Rubin, Summers and Geithner are too deeply associated with those who ran this scam to be trusted. It is probably not an exaggeration to say that Obama is risking losing his whole program by letting this fester.

Time to kill the zombies.

Time to fire Summers.

Geithner has to go also, but maybe not this week.

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