New York article on Peter Orzsag:

And while the crash dented the confidence of the Wall Street-Washington policy elite, the blow was far from fatal. In November 2008, Rubin attended an economic-policy meeting with Obama and senior aides in Chicago. Reich was there, and he told me that after the meeting, he confronted Rubin about the meltdown. "I asked him why did the crash happen? He said, 'It was a perfect storm. It was a once-in-a-lifetime event.'" Reich, like many progressives, sees 2008 as a reassessment of the Rubin way. "Why was there a complete implosion, if Wall Street is so smart, if markets work so well?"

(via Yglesias)

Larry Summers event at Bretton-Woods:



(via DeLong)