Bill Clinton: Summers slandered:
Bill Clinton says Lawrence Summers, his former Treasury secretary, did not deserve the criticism he received when he was under consideration to be the next chairman of the Federal Reserve. "I think there's this kind of cartoon image that's been developed that somehow Larry Summers was a one-note Johnny, just trying to let big financial titans ravage the land," the former president said in an interview aired Sunday on CNN's "Fareed Zakaria Live." "And it's just ludicrous." Clinton said Summers, who came under criticism from liberals for being too close to Wall Street's largest financial institutions, had accomplished much. Summers has also served as director of the National Economic Council, chief economist of the World Bank and president of Harvard.
"He played a central role in helping President Obama use the power of the government to try to bring the economy back when we were on the brink of just sliding into depression when he took office," Clinton said. "When he worked for me, he played a central role in implementing much more balanced policies than had been let on, where we had more private sector growth, but we also had good, sensible regulatory oversight."