The idea that Barack Obama would still consider appointing Lawrence Summers to head the Federal Reserve rather than order an investigation into this former White House official's Wall Street payments mocks the president's claimed concern for the disappearing middle class.
On Saturday, President Obama stated that he wants the next chairman of the Federal Reserve to not just be an economic wonk but to actively promote policies that will advance the welfare of ordinary citizens. He may as well have described the resume of Robert Reich.
Whoever said "What you don't know can't hurt you" doesn't know much about economics. That goes double for the nomination of Lawrence Summers to head the Federal Reserve.
There are worse things in life than terrible phone manners, imperiousness and excessive confidence, but these traits have just become more relevant amid the disclosures that Larry Summers appears to be the front-runner to take over as Federal Reserve chairman assuming Ben Bernanke steps down early next year.
As a man mired so deeply in Greenspan Economics, Summers is simply not capable of recognizing the dangers of letting the banking industry run fast and loose, or of grasping the wisdom of regulated capitalism.
Larry Summers is the wrong guy for the wrong job at the wrong time. This pick is terrible politics and worse substance.
Larry Summers for the Fed? Seriously? There are better choices for Federal Reserve chair; in particular, Janet Yellen. The White House is not actively shooting this down, and this is just an insult to American women.
Ordinary people are still just important to being the driving force for free market discipline today as they were in 2009. You can never have too much transparency when looking at "boring banks."
Larry Summers is running hard to succeed Ben Bernanke as chairman of the Federal Reserve. This is a terrible idea. Once appointed chief of economic policy, Summers with Tim Geithner was a prime architect of propping up and bailing out the biggest banks, rather than cleaning them out and altering the conflicts of interest at the core of Wall Street's business model. Today, the banks are more highly concentrated, more profitable, and less in the business of financing the real economy than ever. This is Larry Summers' legacy. The prime alternative to Summers is Fed Vice Chair Janet Yellen, who is very much like Bernanke, only better. She has gone even further in expressing concern for the economy's persistent unemployment and in criticizing the bipartisan obsession with deficit reduction. Yellen deserves to be Fed chair purely on the merits. It pains me to write that if she gets the job, one other major contrast with Summers will weigh in her favor. She is female.
It is bizarre that Summers would be seriously considered as the next Fed chair. Memories tend to be short in Washington, but those of us removed from elite circles know that Summers' policies played a central role in setting up the economy for the crash.
Barack Hussein Obama President of the United States of America The White House Washington, DC 26 June 2013 Dear Mr. President, In a few hours yo...
The fact is that Congress does not need some sort of invitation from the White House in order to do their job. To take affirmative action toward addressing our nation's problems, Congress should put aside its letterhead and stop writing letters to the President and federal agencies asking them to take action.
David Nasaw's biography of Joseph P. Kennedy, entitled The Patriarch, raises familiar memes about the patriarch of the Kennedy clan: how he prowled ar...
Some pundits assert that in doing so he was taking his eye off the ball. We would argue quite the contrary. Putting jobs and wages in the direct line of sight is exactly what needs to be done to move the economy forward in a manner that benefits the middle class and average Americans.
Larry Summers has an op-ed up in the Washington Post this morning in which he repeats the very wrongheaded idea that the tar sands in Canada will be exploited with or without the Keystone XL pipeline.
Silicon Valley thrives on disruption; academia thrives on tradition. That's a recipe for tension.