SECRET MEMO !

Stunning revelations from Larry Summers’s
secret economics memo to Barack Obama.

http://blog.american.com/2012/01/11-stunning-revelations-
from-larry-summers-secret-economics-memo-to-barack-obama/

1. The stimulus was about implementing the Obama agenda.
2. Team Obama knows these deficits are dangerous
(although it has offered no long-term plan to deal with them).
3. Obamanomics was pricier than advertised.
4. Even Washington can only spend so much money so fast.
5. Liberals can complain about the stimulus having too many tax cuts,
but even Team Obama thought more spending was unrealistic.
6. Team Obama wanted to use courts to force
massive mortgage principal writedowns.
7. Team Obama thought a stimulus plan of more than $1 trillion
would spook financial markets and send interest rates climbing.
8. Greg Mankiw, economic adviser to Mitt Romney,
was dubious about the stimulus.
9. But the Fed was a stimulus enabler.
10. IPAB was there at the very beginning.
11. The financial crisis wasn’t just Wall Street’s fault.

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