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Obama defenders: should he ask Larry Summers to chair the Federal Reserve?

Should Obama tap Larry Summers to chair the Federal Reserve?


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Neomalthusian

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Summers' acerbic and dismissive intellectual style, his support of bank deregulation (he was a key leader in the Clinton administration's team that worked with Congress to repeal the Glass-Steagall Act, a Depression-era law separating investment banking from institutions with federally insured deposits), his fight against regulating financial derivatives (a major source of the financial crisis) and his successful advocacy with Congress to allow higher executive pay and bonuses for financial executives whose firms received billions in federal bailouts during the financial crisis all feed the opposition, who believe that Yellin is perfectly well qualified to lead the Federal Reserve.
Opinion: Don't let Larry Summers lead the Federal Reserve - CNN.com
 
Larry Summers is largely responsible for the events leading up to the Financial Meltdown.
The even consider him is another example of the symbiotic relationship between "The Feds" and "The Bankers".
We're doomed.
 
Lawrence Summers, 1999 - 2001:
-Successfully pushed for capital gains tax cuts as Clinton's Treasury Secretary
-Advised Korea to raise interest rates and balance its budget mid-recession
-Fought for Gramm-Leach-Bliley and won
-Torpedoed an effort to regulate the derivatives that many blame for bringing the financial market down in Fall 2008​

What do you get for all that fail? You get to be the President of Harvard University, then you get to be Barack Obama's chief economic advisor, then maybe Chairman of the Federal Reserve?

"I have a range of outstanding candidates -- you've mentioned two of them, Mr. Summers and Mr. Yellen." - Barack Obama, August, 2013
 
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