Larry Summers: Austerity has been a 'grievous error'

Speaking out for the first time since dropping a high-profile bid to become Federal Reserve chairman, Harvard professor Larry Summers struck an unusually aggressive liberal tone Thursday morning, denouncing the “austerity” of the past few years as “a grievous error” and calling for increased government stimulus.

Summers, speaking at an event at the Center for American Progress in Washington, appeared uncharacteristically animated as he criticized the economy’s progress over the past few years.