The Guest Blog

Tony Fratto: G8 Sing The Songs Of Summer

With apologies to German Chancellor Angela Merkel, The Boys of Summer (Don Henley) are gathered once again for their annual G8 summerclam bake, so let's crank up the tunes...

Yes, it's Summertime (DJ Jazzy Jeff and The Fresh Prince) -- time to sit back and unwind, just a bit of a break from the norm. After all, it's been a crazy year.

And while earthquake-stricken L'Aquilaisn't exactly a day at the beach, for British Prime Minister Gordon Brown it must feel like School's Out (Alice Cooper) compared to London these days.

Meeting of the G8

For a while, it appeared the summit would be dominated by the Italian media's fascination with the Summer Nights (John Travolta and Olivia Newton-John) controversy of Italian host Silvio Berlusconi ("tell me more, tell me more...").

Then Chinese President Hu Jintao was having no Hot Fun in the Summertime (Sly and the Family Stone), and instead was forced to retreat to his country to deal with the ongoing riots there.

His quixotic quest for a new international reserve currency will have to wait for another day.

But leaders did gather, and as with all summer travel the discussion quickly turned to the weather -- specifically, getting an agreement to prevent a global Heat Wave (Martha Reeves and the Vandellas) by 2050.

They're having less success with the global economy, where the forecast remains cloudy. So for action on stimulus exit strategies and financial rescue and regulatory efforts, G8 leaders will See You in September (The Happenings) at the G20 in Pittsburgh.

After spending Saturday in the Park (Chicago) -- I think it was the 4th of July -- President Obama flew in on a Summer Wind (Frank Sinatra) after meeting with his new fickle friend, President Medvedev, in Moscow. But before he can take his Vacation (Go-Go's) in August he could be in the midst of a Cruel Summer (Bananarama) if Congress fails to send him a health care bill.

So G8 leaders should enjoy their time together now -- with looming elections, scandals, economic crises and legislative battles to fight at home, the backs of their necks will get dirty and gritty when they return to capitols...for a hot Summer in the City (The Lovin' Spoonful).

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Tony Fratto is a CNBC on-air contributor and most recently served as Deputy Assistant to the President and Deputy Press Secretary for the Bush Administration.