Mr. Sensitive

September 13, 2013

Don’t Do It, Mr. President

Filed under: Uncategorized — lbej @ 14:58

It comes to this: if President Obama nominates Lawrence Summers to be the next Fed Chairman, I’m done with him.  I’ve heard the Obama White House described as a boy’s club, and that Barry and Larry  have a bromance that trumps the latter’s lack of character and experience, but I have reserved judgment.  Well, if Obama does this—fires Bernanke and passes over Yellen to nominate his boy to the second-most powerful position in the U.S.—I’m done.  In my (admittedly irrelevant) judgment, this nomination will turn what has been a mediocre and disappointing presidency into a failure.

Do you remember Harriet Miers?  She was the Bush family lawyer George W. nominated to the Supreme Court, only to be told by Senate leaders from his own party that no way in hell was that happening.  Miers had no prior judicial experience and was primarily a corporate lawyer before GWB brought her in as White House counsel and then tried to elevate her to the nation’s highest court.  Well, this is worse.  Larry Summers has no more monetary policy experience than Harriet Miers had judicial experience, but there was at least no evidence that she was a terrible person.  Larry Summers opposed bank regulation when he was in Bill Clinton’s Treasury Department, grossly misunderstanding and/or misrepresenting the threat off-balance sheet derivatives posed to the safety of the banking system.  Larry Summers was forced out as president of Harvard because of sexist buffoonery, conflicts of interest, and oh-by-the-way he cost the university hundreds of millions of dollars by making bad bets on—you guessed it—derivatives.  Then before he wormed his way into Obama’s inner circle, he ‘worked’ for a hedge fund for a few months and was paid more than $1 million for his ‘services.’   Now all indications are that President Obama will nominate this professional parasite to oversee the monetary and interest rate policy of the United States.  This is outrageous and I hope that Senate Democrats give Obama the same rebuke Bush received over the Miers nomination.  Unfortunately, too few Americans understand how powerful the Fed Chairman is, because if they did, this clown


wouldn’t get a sniff.


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