Larry Summers’ path to confirmation to the Federal Reserves runs through the Senate Finance Committee, which Sen. Maria Cantwell (D-WA) sits on, and Cantwell doesn’t sound happy about his possible nomination.
|By: Jon Walker Friday August 16, 2013 7:28 am|
|By: Dean Baker Wednesday August 14, 2013 6:24 pm|
The supporters of Larry Summers drive to be Fed chair are desperately trying to rewrite history so that this world class champion of financial deregulation was actually a prescient supporter of tighter regulation all along. Exhibit A in this historical rewriting is a report on predatory lending that the Department of Housing and Urban Development (HUD) and the Treasury Department put out in 2000, when Summers was Treasury Secretary. The report is featured as an example of Summers’ commitment to regulation in a NYT article comparing Larry Summers’ and Janet Yellen’s record on regulation.
|By: Jon Walker Wednesday August 7, 2013 10:25 am|
It would then seem there should be an obvious compromise to this situation. If this is really about having the Federal Reserve “benefit” from Summers’ unique intelligence then promote Yellen to Chair and nominate Summers for Vice Chair.
|By: Jon Walker Tuesday August 6, 2013 5:22 pm|
Pretending that Summers’ personal friends’ support of him is somehow a noteworthy proof of his ability is just insulting. A big complaint against Summers is that only big supporters are his friends. Clearly, Summers is just lucky he has powerful friends, since no one who doesn’t have a personal connection has offered a real case for Summers based on merit.
|By: Dean Baker Thursday August 1, 2013 6:00 pm|
According to Ezra Klein, a major plus in the case for Larry Summers as Fed chair is his experience dealing with financial crises. While it is true that he took a leadership role in dealing with far more crises than Janet Yellen, the other leading contender for the job, it is hard to believe that his record in this area would be a plus if he was being graded by the outcomes.
|By: Jon Walker Monday July 29, 2013 9:59 am|
Summers is even less popular with Wall Street than he is with liberal bloggers and Democratic senators.
|By: Jeff Connaughton Sunday July 28, 2013 1:59 pm|
On the big questions about our government’s performance in the lead up to the 2008 financial crisis and afterwards during the response, today’s guests believe our government blew it. Past administrations made errors of commission and omission that led to the crisis, and the Obama Administration failed to address its aftermath effectively. Government didn’t diagnose and treat the problems that led to the crisis, and it didn’t prescribe the right medicine after the convulsion. On these big questions, few at Firedoglake are likely to disagree with the good doctors of political science who are today’s guests. There’s blame enough to go around, the authors say, but “Wall Street should be nailed to the highest pole.”
|By: Jon Walker Friday July 26, 2013 1:05 pm|
The Larry Summers trial balloon is behaving as if it was filled with lead. Not only have many liberal and economic bloggers strongly criticized the prospect of President Obama nominating Summers to run the Federal Reserve, but several prominent Democrats are actively lobbying for Obama to choose Vice Chairman Janet Yellen as the next Chairman instead.
|By: Jon Walker Thursday July 25, 2013 10:20 am|
As best as I can tell the only reason Larry Summers maybe President Obama’s top choice to head the Federal Reserve is that Obama personally likes him and Summers doesn’t suffer from the affliction of having two X chromosomes. Summers fails all of the main tests for what makes a good pick.
|By: DSWright Friday May 10, 2013 12:25 pm|
As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street.