Not hard to argue at all. This narrative is worn out. The populist belief that Corporate America was a down-home hoe down where good guys get together and make deals with a handshake is revisionist at best.

Summers perfectly illustrates that the financial system is a nepotistic web of USG, banks, and investors which is heavily regulated to maximize profits at all endpoints. The fact that it only comes crashing down every few decades is a testimony to the small remnants of capitalism one might find in the edifice.

Krugman is economics theatre.