The Committee to Crash the World

Scott Bessent, Howard Lutnick, Donald Trump
Trump’s economic team seemed nearly as poleaxed by the size, scale, and cockamamie computational formula behind his punitive measures—and unprepared to defend them when shit hit the fan. Photo: JIM WATSON/AFP/Getty Images
John Heilemann
April 8, 2025

In February 1999, a trio of economic policymakers graced the cover of Time magazine for the first and almost certainly last time. The three men were Federal Reserve chair Alan Greenspan, Treasury Secretary Robert Rubin, and Rubin’s deputy, Larry Summers—all wearing dark suits, white shirts, staid ties, and expressions of infinite self-satisfaction. Having just engineered a series of maneuvers to prevent a metastasizing financial crisis in Asia from infecting the worldwide economy, thereby extending the longest U.S. expansion in history, they were widely seen as super-wonky superheroes. The cover line beneath their portrait read “The Committee to Save the World.”