Gordon Bethune, the former CEO of Continental Airlines, famously said of the airline industry, "you're only as smart as your dumbest competitor." The point being, any airline - no matter how well run - can be completely undermined by a competitor dedicated to increasing market share at the cost of profitability.
Thomas Sowell, who has a degree from Harvard in economics, said the best thing about having a Harvard degree was 'never again having to be impressed by someone with a degree from Harvard." In this article, Sowell's opinion of Harvard graduates will be extended to Harvard faculty in the person of Lawrence H. Summers.
Preface and Update:
In his post-crisis memoir, The Courage to Act, Ben Bernanke recalls 'seething' in anger at AIG;
On February 20, 2004 Ben Bernanke gave one of the most remarkable speeches of his lengthy Fed career; he served at the Fed from 2002-2005 and 2006-2014. He claimed "improvements in monetary policy, though certainly not the only factor, have probably been an important source of the Great Moderation." (1) The Great Moderation was a term economists and central bankers came up with to e