more Summers gossip

[Brad De Long]

>Gosh, the gossip lines have been buzzing today! I just heard that Larry
>Summers recently offered the following analysis in an off-the-record speech
>to a bunch of businesspersons: the world economy depends on the U.S.; the
>U.S. economy depends on consumer spending; consumer spending depends on the
>stock market; and the stock market depends on about 50 stocks.
>
>AOL at 283 times earnings isn't outlandish - it's a public service!
>
>Doug

This seems... way garbled...

Brad DeLong