Larry Summers, the former U.S. Treasury Secretary and Harvard president, has spent decades failing upward. Despite a track record of disastrous deregulation, sexist remarks, and harmful economic advice, he remains a fixture in elite circles. It’s time to ask: Why does polite society keep rehabilitating Larry Summers?
From enabling financial crises to dismissing gender inequality, Summers’ legacy is one of unearned credibility. Yet, media outlets and think tanks continue to platform him. Here’s why that needs to stop.
1. Deregulation That Led to Economic Collapse
Summers championed the repeal of Glass-Steagall in 1999, removing critical banking safeguards. This decision fueled reckless Wall Street behavior, culminating in the 2008 financial crisis—costing millions their homes and livelihoods. Rather than facing consequences, Summers profited, joining hedge fund D.E. Shaw. His role in dismantling financial protections should disqualify him from policymaking.
2. A Trail of Sexism and Exclusion
In 2005, Summers suggested “innate differences” might explain why fewer women succeed in science—a remark that exposed deep bias. His Harvard presidency collapsed amid faculty revolts over his leadership style and discriminatory views. Despite this, he’s still invited to lecture on governance and equality.
3. Wrong on Pandemic Recovery
During COVID-19, Summers warned against “excessive stimulus”, claiming it would overheat the economy. He was proven wrong—U.S. recovery thrived thanks to robust spending. Yet, he continues pushing austerity myths, ignoring the human cost of his ideology.
4. The Insider Who Never Faces Consequences
Summers’ failures span decades:
– Trade policies that gutted U.S. manufacturing.
– Wall Street deregulation that enabled corporate greed.
– Dismissing critics until crises proved them right.
Despite this, D.C. insiders treat him as a sage instead of a cautionary tale.
Why Does He Keep Getting a Pass?
Summers represents the worst of elite policymaking: arrogance, insularity, and zero accountability. The media and political class reward his connections, not his record.
The Bottom Line
Larry Summers symbolizes a broken system that protects failed elites. If we want better leadership, we must stop platforming him. Some doors should stay closed.
