Former Harvard president and White House economic adviser Larry Summers had the line that echoed furthest from Aspen into the outside world: Calling the Facebook-suing Winklevoss twins “assholes” and affirming that the “Social Network” portrayal of him arrogantly dismissing their concerns as Harvard undergrads was accurate. Summers said:

One of the things you learn as a college president is that if an undergraduate is wearing a tie and jacket on Thursday afternoon at three o’clock, there are two possibilities. One is that they’re looking for a job and have an interview; the other is that they are an asshole. This was the latter case.

The Winklevii, for their part, publicly protested that the president of a college probably shouldn’t be writing off students for what they wear.

Below is a video of just the Winklevii quote, but if you’re interested in more topical U.S. economy stuff you may want to watch the full thing, which was quite good.

A more unexpected breakout hit was a panel session on mobile payments that had Square’s Keith Rabois with his claws out toward Google’s Stephanie Tilenius and the general premise of near field communications money transfers. Then Verifone’s Doug Bergeron compared Square to a subprime mortgage lender.

Here’s the video:

(Google CFO Patrick Pichette got in another mobile payment quotable during a separate session, saying, “A wallet is a medieval item, right? It’s made of hide.”)

And then lastly, and more broadly, investment banker Frank Quattrone brought today’s technology “bubble” into context with a mix of zingers and stats. He said LinkedIn is the Netscape of this era (beginning of a boom, not end of a bubble), and traced a shift in market caps from older tech giants to emerging ones.

Here’s that session, with video and a full transcript:

In an unusual appointment for the longtime public servant, former U.S. Treasury Secretary Larry Summers will join Silicon Valley venture powerhouse Andreessen Horowitz as a part-time “Special Advisor.”

Summers got to know the firm with an assist from Facebook COO Sheryl Sandberg, who was a student of his when he was a professor at Harvard University.

Summers was later president of Harvard, as well as director of the White House National Economic Council in the Obama administration until late last year.

“I am doing this because I feel technology in general and information technology in particular is now having a real pervasive macroeconomic impact in our time,” said Summers in a phone interview this afternoon from his home in Boston. “Long after people have lost their memory of the dramatic financial crisis in recent years, they will remember what technology has done to transform our economy in these same years.”

Summers said he increasingly wanted to become closer to this important trend and thought he could contribute to the innovation in Silicon Valley by helping its portfolio companies better understand the global economy.

He was introduced to Andreessen Horowitz at first by Sandberg, who was also Summers’ chief of staff while at the Treasury Department, and was attracted to its investment philosophy.

“They have distinctive elements of strategy that seemed to be a good fit, such as their emphasis on market disruption,” said Summers. “They also have an audacity of the vision and were really supporting transformation.”

Summers said he would serve as an advisor to Andreessen Horowitz companies, focusing on global opportunities they should take advantage of.

He will not become a VC, though. “My life to date has been as a professor and public servant, so I am not in a position to be a major investor,” said Summers.

That said, Marc Andreessen quickly noted in the interview that “if Larry brings in a company, we are going to take a serious look at it.”

While he was not a partner, Andreessen said Summers’ compensation would be linked to the long-term performance of the firm.

Summers will travel between Massachusetts and the West coast, but will also continue to work on outside projects.

What he will not be doing is giving any long-winded economic lessons to entrepreneurs in Silicon Valley.

“I am not sure there is the attention span for some of my lectures out there,” he joked.

Here is Andreessen’s blog post about the Summers appointment:

Meet Larry Summers, Our New Special Advisor

By Marc Andreessen

Today I’m delighted to announce that economist and former US Treasury Secretary Larry Summers is joining our team as a part-time Special Advisor.

A lot of people already know who Larry is, but here are the highlights of a remarkable career to date:

* Admitted to MIT at age 16, originally to study physics — clearly our kind of nerd.

* Became tenured professor of economics at Harvard at age 28, where he first started mentoring a young undergraduate named Sheryl Sandberg, who ultimately became his chief of staff at the US Treasury.

* Received John Bates Clark Medal for his research at age 38, one of the two most prestigious awards in the field of economics (the other is the Nobel).

* On the staff of President Reagan’s Council of Economic Advisors in 1982-1983. (For those of you too young to remember, Reagan was a noted Republican.)

* Undersecretary for International Affairs and then Deputy Treasury Secretary for President Clinton between 1993 and 1999. Intimately involved in resolving major macroeconomic crises in Mexico, Russia, and elsewhere. Became US Treasury Secretary in 1999.

* President of Harvard from 2001 to 2006.

* Until late 2010, served as President Obama’s director of the White House National Economic Council.

* And, most importantly, a pivotal character in the recent movie “The Social Network”.

Larry will be an advisor to our firm and our entrepreneurs on several topics:

First, as technology continues its relentless colonization of broad swaths of the global economy, Larry will help us understand the scope and nature of the opportunities in front of us and our industry.

Second, many of our companies are seeking to restructure and revolutionize various markets — such as telecommunications, advertising, entertainment, education, health care, and financial services — and Larry will help us and our entrepreneurs analyze and understand the economics and dynamics of those markets.

Third, Larry’s deep insight into global economics and geopolitics will be highly useful to our companies that intend to expand globally — which is to say, all of them.

According to the New York Times, “Years ago, Henry Kissinger suggested that Mr. Summers be given a White House post in which he was charged with shooting down or fixing bad ideas.” We can’t arrange that, but we are excited to have him on our team, both to do that and to contribute lots of new ideas to us and to our companies.

The new economy is the Internet Economy. The Internet Economy is reshaping the fortunes of business, countries and people, leveling the playing field for everyone, and driving the most significant economic shift since the Industrial Revolution.”

– Cisco CEO John Chambers, Sept. 24, 1998

When he appeared at our D5 conference in May 2007, Sen. John McCain said that, given the chance, he’d hire Cisco CEO John Chambers for his cabinet. Now, in the run-up to the November presidential election, it looks like Chambers has some competition for that spot. In an interview with Reuters today, McCain said that Chambers–who’s contributed quite a bit to the McCain campaign–is still on his short list of potential Treasury secretaries, but the Cisco (CSCO) CEO has some company. “I think it would be someone that Americans would recognize that would inspire trust and confidence,” McCain said. “There’s people like John Chambers, there’s people like [former eBay (EBAY) CEO] Meg Whitman, there’s people like Warren Buffett.”

Apparently, current Secretary Henry Paulson doesn’t quite cut it anymore. Anyway … it’s curious that McCain would include Buffett among his choices for Treasury secretary since his appointment would almost certainly outrage tax-cutting fiscal conservatives to near-aneurysm. Indeed, it already has. Said Grover Norquist, president of Americans for Tax Reform, “Warren Buffett is a goddamned Democrat and he doesn’t understand that a 28 percent capital gains tax would be a bad thing. He might be a good bridge partner, but he’s awful on policy.”

Incidentally, Barack Obama’s list of potential Treasury secretaries includes no Silicon Valley CEOs, current or otherwise. According to people close to his campaign, it includes New York Federal Reserve Bank President Tim Geithner, former Treasury Secretary Larry Summers and former deputy Treasury secretary Roger Altman.

Ah, the appeal of a fresh face is just irresistible to the press–OK, including BoomTown, except we posted more than a month ago!–with two major pieces, in Fortune and The Wall Street Journal, rolling out this week alone, with everything you wanted to know about the new COO of the social-networking site, former Google (GOOG) exec Sheryl Sandberg (pictured here).

But if you don’t have time to read them, here’s a quick synopsis of both:

Fortune: “Meet Facebook’s New Number Two” by Jessi Hempel

Details: Just 14 days into new job; Leg-tucking white Eames chair (pictured here); as Google’s VP global online sales and ops, ran everything!; she and Zuckerberg met cute at holiday party; aced Larry Summers’s midterm and final at Harvard public economics course, much to his shock, since he implies she was kind of chatty in class with friends.

Also Harvard MBA; obligatory McKinsey stint; Treasury Department in Clinton administration; picked 300-person Google over investment banking; always 10 steps ahead; Google.org mover and shaker.

Facebook aims: A need for corporate structure pronto; also time for the bigger picture; no more one-off decisions; more international growth; hiring senior managers; oh, yes, also must invent a new ad model for social networks.

But no silver bullets!; kicks ass, talks tough, then hugs all around (we did not make this up!); take out trash from Mark’s all-night Pizza-My-Heart-and-Red-Bull party (OK, we made that one up!).

Money quote: “This feels like Google when I started.“

The Wall Street Journal: “New Face at Facebook Hopes to Map Out a Road to Growth” by Carol Hymowitz

Details: Two weeks into new job; Biz dev guy Dan Rose is already sick of her (“It feels like she’s been here six months already.”); flip-flops endangered?; is able to argue why she is right by arguing how she is wrong; dangles data before engineers like fish before seals; easygoing but intense (when will these opposing dichotomies end?); crashed Harvard computers, but it was worth it.

Taught aerobics and was a stretching fascist; more cute dinner chatter with Zuckerberg before hiring; grew Google team from four to 4,000; a feminist and hangs with Gloria Steinem and Jane Fonda (see aerobics!) too!; Facebook pix of Argentine waterfall-leaning; went to high school in Miami; small kids, hubby; more 10 steps ahead and shoving people out of comfort zone.

Facebook aims: Employee performance reviews; processes for identifying and recruiting new employees; management-training programs; rally troops; stop the cash burn and up ad sales; close-knit culture must go, but you get hundreds of millions of new friends!

Also must figure out how to save Beacon’s bacon; earn trust of users, while frantically searching for a business model; wants frank feedback from staff and will publicly thank such person who gives it.

Money quote: “Facebook is a different space than Google, with tremendous potential to connect people, but it needs scale, it needs systems and processes to have impact, and I can do that.”