Larry Summers, like Bill Clinton, still defends the reversal of the 1933 Glass-Steagall Act, a 1999 repeal that destroyed the wall between investment and commercial banking put into place by Franklin Roosevelt in response to the Great Depression.
Why has Robert Rubin, the onetime treasury secretary who went on to become Citigroup chairman during the time of the corporation's financial shenanigans, never been held accountable for this and other deep damage done to the U.S. economy on his watch?
Dr. Lawrence H.Summers, former President of Harvard, gave a brilliant keynote address at the New York Times Schools for Tomorrow Conference in which he talked about how technology will change education.
As INET Executive Director Rob Johnson said, "last year's conference punctured the mystique of market stability (not to mention real events). This year, the conference will shatter the illusion of control."
While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.
How desperate is Obama that he would turn to the great triangulator, Bill Clinton, who opened the floodgates to banking greed, for validation of the sorry opportunistic hodgepodge that passes for this administration's economic policy?