Cape Cod In Winter

It isn't really exaggeration to say that every major decision fucking up the economy for the past 25 years can be traced back to Larry Summers. And yet he keeps on going.

thank you. @LHSummers! happy to see you to back off your ‘Cape Cod in the winter’ take ... too bad it’s months after CARES Act https://t.co/FqdTniW4cp

— Claudia Sahm GET MORE MONEY OUT (@Claudia_Sahm) October 13, 2020

I have the optimistic guess-but it’s only an optimistic guess-that the recovery can be faster than many expect b it has the character of the recovery from the depression that hits a Cape Cod economy every winter or recovery in American GDP that takes place every Monday morning.

— Lawrence H. Summers (@LHSummers) April 3, 2020

On this particular issue - how to rescue the economy from a recession - the costs of doing way too much are trivial compared to the costs of doing not enough, and yet that is where they go every time. Summers wasn't against doing something, but the immediate happy talk after doing it helped to dampen enthusiasm for CARES or anything similar. And here we are.