I don't know how serious he is, but this was something that he said which makes a lot of sense and goes against the grain of what we've seen from Summers.
Summers, director of the White House National Economic Council, reiterated President Barack Obama's call for stronger financial regulation, including giving regulators the power to properly address the failures of large institutions and protect their customers.
He asked leaders of business and public policy at the Citizens Budget Commission's fundraiser in New York to accept the role of government in preparing for and responding to crisis. Business should support, rather than thwart the government in its efforts, he said.
"A strong government (that) responds to market failures, provides social protection regulates potential abuses and supports economic conditions is undeniably in the long-run interest of business," he said.
While Summers said he understood business antipathy, "history teaches us that active government is a necessary force," he added.
His pleas came as negotiations over financial reform dragged on in Washington, with strong disagreements on creation of a new government watchdog for financial consumers. Senate Banking Committee Christopher Dodd has been trying to bridge a gap with Republicans, who oppose an independent consumer protection agency, and discussed with Republican Senator Bob Corker the possibility of making the agency a division of the Federal Reserve.
The fat cats of Wall Street will fight this to the bitter end no matter how many times our economy collapses because of their shennanigans.
And we need more of Elizabeth Warren please:
While members of the Senate Banking Committee debate proposals to fix the nation's broken financial system and ineffective approach to protecting consumers, Elizabeth Warren has one message: Pass a strong bill or nothing at all. "My first choice is a strong consumer agency," the Harvard Law professor and federal bailout watchdog said in an interview with the Huffington Post. "My second choice is no agency at all and plenty of blood and teeth left on the floor"
