Ezra Klein gives us some terrifying news in a Bloomberg column today. President Obama’s economic team think they are doing a great job, hence the desire to bring back former teammate Larry Summers as Fed chair. This is terrifying because the economy this Labor Day is described by a set of statistics that can only be described as horrible.
|By: Dean Baker Saturday August 31, 2013 11:05 am|
|By: DSWright Thursday August 22, 2013 10:00 am|
Senior Chinese Communist Party leaders have been briefing party members about the dangers facing the party in the coming years. Identified in a secret memo as the “seven perils”, the concerns center around Western ideas creeping into Chinese society and the threat they pose to the party’s continued dominance of the country.
|By: Jon Walker Friday August 16, 2013 7:28 am|
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: 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: DSWright Wednesday August 14, 2013 11:15 am|
The Center for American Progress (CAP), a progressive front group for corporate Democrats, has decided to go on the record in assisting Larry Summers’ quest to become Chairman of the Federal Reserve.
|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: 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.