Larry Summers and Financial Crises: Is He Being Graded on Attendance?

According to Ezra Klein, a major plus in the case for Larry Summers as Fed chair is his experience dealing with financial crises. While it is true that he took a leadership role in dealing with far more crises than Janet Yellen, the other leading contender for the job, it is hard to believe that his record in this area would be a plus if he was being graded by the outcomes.

Starting with the Mexican peso crisis in 1994, Summers helped to negotiate a deal that protected big investors in Mexico...