In Defense of Larry Summers

Last Thursday, I met with representatives from the Credit Card industry to discuss my ideas for consumer protection.

I invited some key members of my administration including Treasury Secretary Tim Geithner, my senior adviser and Hawaii vacation pal Val Jarrett, chief of staff Rahm Emanuel, and my chief economic advisor Larry Summers.

I knew the subject matter was going to be rather dry. My staff has been immersed in such serious issues lately that I wanted to add a little zest to the meeting. So I ordered up some fine American lager.

The first couple hours of the meeting was productive; the ideas and beer flowed freely. After a few rounds, the table was cleared and the glasses of beer were replaced with glasses of water.

At that point, the press was allowed in for the last fifteen minutes of the meeting. As I was giving the wrap-up summary, unbeknownst to me, Larry was snoozing at the end of the table. The photographers had a field day and the photos flooded the internet.

In hindsight, serving beer at a late-afternoon economic meeting was a bad idea. So how about we all give Larry a break?