At a panel moderated by the Harvard Business Review at the Washington National Cathedral, Christine Lagarde tackles inequality.

Moderator Idi Ignatius, editor of the Harvard Business Review, posed this question: “Is Christian faith incompatible with vast wealth?”

Lagarde, who grew up Catholic in France, parried the question with aplomb.
“I think it’s how you use it, what you do with it, and what purpose you give to your life as a result which really matters.”

Those words echoed her June speech before a Catholic conference in Belgium in which she asserted, “It is not immoral to enjoy one’s financial success.”
Summers, who’s Jewish, drew laughs when he observed, “I hope this is the last time I’m asked to opine on Christian morality,” then agreed with Lagarde:

The discussion of public morality, sustainable economic growth and government policies that encourage redistribution of wealth included themes touched on by Pope Francis during his apostolic visit to the United States in September.

The pope, in fact, was the only religious leader quoted during the evening. Ignatius referred to the pope’s speech in Bolivia July 8: “Let us say ‘no’ to an economy of exclusion and inequality, where money rules, rather than service. That economy kills. That economy excludes. That economy destroys Mother Earth.”

The Rev. Gary Hall, dean of the cathedral, reached back farther in his introduction to the program, quoting from the pope’s apostolic exhortation of 2013, in which he called capitalism “a new tyranny” and called on political leaders to address income inequality.

Lagarde avoided specific observations on the morality of income inequality. “As far as the IMF is concerned,” she said, “we’re not taking a political stand; we’re not taking an ideological stand.”  Instead, she said, “we have to ask ourselves, is that good for financial stability? Is that good for sustainable growth?”
She concluded that “excessive inequality is not good for sustainable growth,” adding, “We need to have a moral compass” in government economic policies.

Larry Summers lobbying for a position in a potential Clinton administration and Christine Lagarde, the real deal among women in finance, address a camel passing through the eye of a needle.

The usually loquacious former U.S. Treasury Secretary Larry Summers is rarely a man at a loss for words, especially on economic matters. But he was stumped at a recent event—at least for a moment.

The Harvard University economist was asked to expound on Matthew 19:24, the Bible passage that says it’s harder for a rich man to enter heaven than a camel to pass through the eye of a needle.

In the airy halls of the National Cathedral, Mr. Summers and International Monetary Fund Managing Director Christine Lagarde this week were exploring “Capitalism and Morality: The Inequality Challenge” with Adi Ignatius, the editor-in-chief of Harvard Business Review.

Mr. Ignatius asked the two economic policy leaders whether the Christian faith is compatible with having vast wealth.

Ms. Lagarde quickly tapped her catechism of old, pointing to the “parable of the talents,” a biblical lesson on the use of personal resources. “It’s how you use it, what you do with it, and what purpose you give to your life as a result which really matters,” the head of the world’s emergency lender said.

All eyes in the cathedral turned to the man who had largely dominated the panel discussion for the previous hour. Mr. Summers had adopted a puzzled pose not too dissimilar from Rodin’s “The Thinker.”

“I really don’t know what to say,” he said.

“I’ve been on a lot of panels in my life–a lot of panels–and I have to say as a Jewish economics professor, this is the first occasion, and I frankly hope the last, on which I have been asked to opine on Christian morality.”

A few more “umms” later, however, Mr. Summers was able to regain his composure and his words. He proceeded to walk the congregation through Henry Ford’s revolution of the U.S. economic geography, iPad education, higher taxation on the wealthy and philanthropy.