This is just dumb.  Why would a guy keep his holdings to mostly government bonds in 2008?  Because he knows that he might be a player in the Capitol again, and wants to get his ducks in a financial-disclosure row before going into any administration.  It wasn’t automatically or necesssarily that Summers had little faith in the stock market, or that he knew things were going to get bad, or whatever nastiness is being implied here.  It’s bland investing to support a government career.

And I kind of feel bad that Geithner lost 19 percent of his retirement last year, too, as I do for anyone who lost a chunk of retirement.