Larry Summers is not just an prize asshole, but a charlatan too. That considered judgement is based on what his speech orifice emitted to the Brookings Institution:

Although there could be many ways to question this calculation, that the market would be at essentially the same real level as it was in 1966 when there were no PCs, no internet, no flexible manufacturing, no software industry, and when our workforce was half and our net capital stock as a third of what it is today, may be regarded by some as the sale of the century.

What the bleep does the fact that there were “no PCs, no internet, no flexible manufacturing, no software industry” in 1966 and that “our workforce was half and our net capital stock as a third of what it is today” have to do with the return on the Dow?

His comment might make sense if he was talking about the growth in the total value of the stock market, the market capitalization. But it makes no sense at all when applied to the return on a stock market index.

And he’s a charlatan because he jolly well knows that.