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Dates: during 2000-2009
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...mindful of how ill-considered asides by policymakers can cause financial-market angina. So you can probably imagine the ripple that ran through the Peterson Institute for International Economics in Washington in July when Summers looked up from his prepared speech, flashed a grin and loosed the sort of utterance that once upon a time marked imminent indiscretion. "There was," he told the room, "a fight about whether I was allowed to say this now that I work in the White House." (See how Americans are spending...
Right Man, Right Time By one of those strange Sully Sullenberger collisions of preparation and crisis - the sort that put Depression expert Ben Bernanke in at the Fed at the moment of a flameout of 1930s magnitude - Larry Summers made his reputation as an employment theorist. Summers is the nephew of two Nobel economists and was regarded as the smartest undergrad anyone knew, but as he surveyed his research options 30 years ago, he settled on the then relatively unsexy specialty of labor. The subject tickled his sense of skepticism. "The view that was taking hold at that time...
...think about. They prefer to consider economies as yo-yos tethered to the sturdy string of the business cycle, moving up and down from growth to slowdown and back. But from time to time, things do snap. And Summers' argument in 1986 was that unemployment in Europe, the sort that might persist in the face of growth, was an expression of an economy that had snapped. Europe's economy was hit not only by shocks like an oil-price spike, a productivity collapse and rocketing tax rates but also by stubborn unions that made hiring, firing and adjusting payrolls near...
...bedeviling his young Administration: a lack of focus, difficulty reforming the U.S. military, trouble articulating a global vision. Obama now faces a host of problems of his own: weakening political will, an inevitable "What next?" after health care, a base that has lost energy. His 9/11 is just the sort of transcendent issue that can reconnect him to the theme of hope and change. A tough challenge? You bet. But as Obama's presidency unfolds, it will be the most vital one for him to meet...
...mythology and false claims about the legislation but also to the wars that have been waged between the left and the right over actual provisions. Chief among them: the "public option," a government-run alternative like Medicare to cover the uninsured. "What's happened is that has become sort of a Rorschach test for the left and the right," the White House official said. "There are those on the left who believe this would be the nose under the tent for single-payer. There are those on the right who suspect that this could be the nose under the tent...