Krugman gives Summers a smackdown

Paul Krugman notes that President Barack Obama’s economics czar, Larry Summers, is ultimately the eminense grise behind Treasury Secretary Tim Geithner’s TALF, TARP 2.0 and other alphabet soup. Krugman notes that our post-World War II growth was NOT dependent on a massive, and wheeling-dealing, “finance sector,” so, contra Summers, he says we don’t need one now either.