Summers was one of the FEW people in the regime who actually was not a doctrinaire Collectivist. He had been in the (nominally) private sector, and he DID (at least at points) understand economics.
But the debates [over monetary policy] take place within the context of nearly total agreement on some basics: Monetary policy can shape an economy more than budgetary policy can; extended high inflation will not lead to prosperity and can lead to lower living standards; policy makers cannot fine-tune their economies as they fluctuate.
While much of his academic work was directed at monetary policy, Mr. [Milton] Friedman’s great popular contribution lay elsewhere: in convincing people of the importance of allowing free markets to operate.He WAS one of the few people who COULD provide a moderating influence on Obama...who could teach THE ONE some economics.
In reality, though, my understanding is that people like Valorie Jarrett had MUCH more influence on The Mad King Barack than the Summers types.
Summers also had at least intellectual INTEGRITY. He braced Cornell West, and he had the temerity to suggest there MIGHT be some organic difference between men and women.
So, the departure of Summers from the Obami is not an unmixed piece of news.
But it MAY prove to be another milestone in the Great Unraveling. Time will tell...