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Comment by femiagbabiaka | Hacker News Reader

He was terrible at 2 out of three of those jobs. He ruined many people's lives. He was corrupt as hell. He shouldn't be welcome in polite society.. well I guess Epstein's inner circle isn't exactly polite society.

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Neither should people who shoot over eager puppies, but hey what're you gonna do? Not shoot puppies?

Could you elaborate? Which two was he bad at? How did he ruin people's lives? Honestly asking.

I was referring to his stints as treasury secretary and on the NEC, during which he championed a worldview that saw economics as being science, with immutable laws, that inevitably led to policy outcomes that caused the explosion in income inequality that we've seen since 2008 especially. The U.S. would be in a better place if he was never in the Obama or Clinton admins.

But now that I think about it, the email leaks show that he was sexually harassing women while he was at Harvard too. So he was terrible at all three jobs.

Which policies contributed to income inequality?

All of them lol. Summers pushed aggressively for the free trade agreements (including allowing China into the WTO) that, in practice, shuttered American manufacturing, he pushed for cuts to capital gains tax, he lobbied aggressively against regulating derivatives and in favor of repealing glass-stegall, both of which directly led to the 2008 crisis, and then after the crisis he caused, he architected a recovery package that prioritized bailing out banks (but not enough to dig the economy out of recession quickly). He's one of the most damaging American figures of all time, he basically got us Trump if you ask me.

In general he was not a fan of regulating banks, although he walked back some of his beliefs after 2008. Although iirc he still supports combining investment and commercial banks. Various shenanigans involving privatization of Russian industry. Pushing for tax cuts at the expense of infrastructure spending. He didn't like that the US capped exec pay at banks that received bailouts (banks that gave him millions in speaking fees, which seems a lil bit sketch)

God I forgot about shock therapy! The Russian oligarchs owe their fortunes to Mr. Summers.

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