Summers says that growth should not be based upon bubbles and inequality. 'Bubbles' is a nasty word for change, which rich, old-money blue bloods hate; they would prefer that bureaucrats like Summers create rules that protect their enterprises, thus income, from competition, just like Europe and the 1970s here.
Speaking of competition, that is what he aims to eliminate by getting rid of nasty ole 'inequality.' Good ideas defeat crappy ideas in the free (really free, not GS/Harvard/CNBC 'free') market. The economies of Europe have tried to eliminated bubbles and inequality with social democracy and they have succeeded in creating economies that rely on the US consumer for health-- not to mention, operations and profits of companies, owned by the rich, are locked in and the middle class cannot build wealth. Japan has some entrepreneurialism, but not enough to grow their economy.
Since Larry has not noticed, I will: Japan and Europe's most contolled economies get bubbles anyway! Worse, the structures in those economies prevent the the economies from recovering quickly. So Larry, you and your Washington friends can move to Europe, Canada or Japan and stay rich and equal, but I want my freedom, change, creative destruction and healthy, growing economy. Larry, if your business idea is better than mine, I want to change or go bankrupt, instead of a guarantee of living my whole life comfortably as some rich oligarch's wage slave.