Saturday, August 2, 2014

Banks are more important than schools

Larry Summers, former secretary of treasury, Harvard President, director of national economic council and nephew of two Nobel Prize laureates, has recently raised public attention of "secular stagnation" in modern economy. However, one comment in the following article from a little girl to Summers probably tugs at readers' heartstrings more than his "secular stagnation". When Summers extolled how important education in government's policy during a school visit, one little girl asked him "Why should any of the students believe you when there is paint chipping off the walls of their classroom and when the first lunch period has to begin at 9:45 a.m. because this school is so overcrowded? There is no chipping paint at any bank. Maybe we think bank is the most important thing.”
http://larrysummers.com/2014/04/11/idle-workerslow-interest-rates-time-to-rebuild-infrastructure/

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