Yet another Democrat speaks his mind and then is forced to retract his position

This is beginning to happen just too regularly with Democrats questioning Obama's positions and then having to quickly backtrack.  Bill Clinton is just the latest example of this.

Larry Summers on MSNBC: "The real risk to this economy is on the side of slow down, certainly not on the side of overheating.  That means we've got to make sure we don't take the gasoline out of the tank at the end of this year.  That's got to be the top priority."

But Summers quickly reversed his position releasing a statement saying:

"I fully support President Obama's position on tax cuts . . . Extending the high income tax cut does little for demand and poses substantial problems of fairness and fiscal prudence." 

Of course, this argument about "demand" makes little sense.  It only makes sense if you believe in the old Keynesian marginal propensity to consume, that poor people have a higher MPC than others.  The problem is that saving is not the equivalent of burying money in a hole in the backyard.  If you put your paycheck in the bank, the bank will lend out the money or buy bonds.  The money doesn't just sit there.