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Larry Summers, interview May 16, 2013
Aiming for three strikes?
Just a week ago, economists surveyed by The Wall Street Journal saw Janet Yellen, vice chairwoman of the Federal Reserve's board of governers, as obvious front-runner to succeed Ben Bernanke as head of the Fed. Thirty-five out of 42 economists said they expected she would get that job. And now, whether it's a completely unfounded rumor, something real or just a trial balloon that appears filled with lead, Larry Summers is said to be the top choice at the White House. A whole lot of people hope that isn't true.

But Yellen has two strikes against her. A vice chair has never been elevated to the top spot in the century that the Fed has been around. And there's a lot of talk, "gender-coded talk," as David Dayen puts it, about her not being tough enough, not willing to speak up enough, not being imperious enough, not being thick-skinned enough to handle the post.

Matt Yglesias at Slate's "Moneybox" favors Yellen. But he says there's no difference between her and Summers on monetary policy:

The one big difference between that's clear is that though both are Democrats, Summers is really tied in with the Democratic Party. He's served the last two presidents at high levels, and the Obama administration is staffed by lots of people he'd work with. You might see that as biasing Summers toward expansionary policy through 2016 since helping Hillary Clinton win the election is a way of helping personal friends and colleagues of Summers' continue running national economic policy. On the other hand, you might see Summers' closeness to the White House as biasing him toward tight monetary policy in order to prove his independence.
Scott Sumner at The Money Illusion:
I’ve often argued that macroeconomists as a group caused the Great Recession.  Obviously “macroeconomists” is a vague term, but there are real flesh and blood individuals on both the left and the right who failed to forcefully advocate monetary policies that would lead to an appropriate level of AD.  Summers was one of the most important.

Amazingly, there isn’t even any discussion of [former chair of the Council of Economic Advisers Christina] Romer.

Matt Phillips at Quartz:
We’d respectfully suggest that the lesson of Greenspan’s tenure—when the central bank became something of a personality cult—is that it is a dangerous thing for the Fed to be a one-man show, dominated by a single, dazzling intellect. That’s even more true when the intellect in question has been wrong on key questions related to one of the Fed’s key roles: Regulating Wall Street.
Mark Thoma at Economist's View says he will be disappointed if Yellen doesn't get the job. "I am very concerned about Summer's disposition to be a de-regulator, especially after we see that the Federal Reserve, in its infinite wisdom, gave permission for investment banks to openly manipulate commodity markets." And also:
I want someone who is calm, not in the spotlight, and really has the ability to rebuild the Fed as an institution. Everything he says will be big news, and it will be him, him, him."
Please sign our petition requesting that President Obama not appoint Larry Summers as Federal Reserve chair, and consider instead appointing a more qualified woman, such as Deputy Chair Janet Yellen.

More commentary on Summers can be read below the fold.

Mike Konczal at the Roosevelt Institute:

The commenters at The Money Illusion couldn’t find a single instance of Summers suggesting that monetary policy was too tight in the past five years. Summers was simply missing in action for the most important monetary policy debates of the past 30 years, while Yellen was leading them. [...]

It’s difficult to overstate how important the Federal Reserve is to financial regulation. Did you catch how the Federal Reserve needs to decide about the future of finance and physical commodities soon, with virtually no oversight or accountability? Even if you think Summers gets a bum rap for deregulation in the 1990s, you must believe that his suspicion of skepticism about finance—for instance, the reporting on his opposition on the Volcker Rule—is not what our real economy needs while Dodd-Frank is being implemented.

Bill McBride at Calculated Risk, who, like me, backed Janet Yellen for the head-of-the-Fed slot in 2009 when Bernanke got it instead, still favors her, in part because she made sense on housing:
In August 2005, Raghuram Rajan, an economist at the University of Chicago’s Booth School of Business, predicted the financial crisis. And he did it at possibly the least friendly of venues: a conference of high-powered economists who had convened in part to honor Federal Reserve Chairman Alan Greenspan.

Rajan presented a paper titled “Has Financial Innovation Made the World Riskier?” His answer, put simply, was “Yes.” He was dismissed by the assembled masters of the universe. “Misguided,” said Larry Summers. But Rajan was right.

Felix Salmon at Reuters:
[I]f Obama picks Summers, it won’t be on the merits; instead, it will be on the grounds that Obama likes Summers, and is in awe of his intelligence. (Summers is, to put it mildly, not good at charming those he considers to be his inferiors, but he’s surprisingly excellent at cultivating people with real power.)

What’s more, the move would be a calculated snub to bien pensant opinion. Never mind the utter shambles that Summers made of Harvard, or the way he treated Cornel West, or his tone-deaf speech about women’s aptitude, or the pollution memo, or the Shleifer affair, or the way he shut down Brooksley Born at the CFTC, or his role in repealing Glass-Steagall, or his generally toxic combination of ego and temper — so long as POTUS likes Larry, and/or so long as Summers is good at working key Obama advisors like Geithner, Lew, and Rubin, that’s all that matters.

Sheila Bair, former chairwoman of the Federal Deposit Insurance Corporation:
Certainly, there is no better qualified candidate to fill Bernanke's shoes when he steps down in January. A noted economist, Yellen headed the Council of Economic Advisors for two years; led the San Francisco Federal Reserve Bank for six years; and has served ably as Bernanke's Vice Chairman since 2010. Unlike Larry Summers, Tim Geithner, and other Bob Rubin—minions frequently mentioned in the financial press as potential Bernanke successors—she was not part of the deregulatory cabal that got us into the 2008 financial crisis. In fact, she had a solid record as a bank regulator at the San Francisco Fed and was one of the few in the Fed system to sound the alarm on the risks of subprime mortgages in 2007.

So why isn't she a shoo-in? The "whispering" campaign against her among industry types has been deafening. "Doesn't understand markets." Translation: She may not bail us out if we get into trouble again. "Not assertive enough." Translation: She won't stand up for us against the populists who want more regulation. "Lacks gravitas." Translation: She doesn't show up very often in the financial media. (Rest assured that if she were more vocal, they would accuse her of not being a "team player.")

Noam Sheiber at The New Republic:
Summers has been prescient at times while writing from the remove of academia or the op-ed page. But, as my colleague John Judis observes, he seems to have a weakness for elite conventional wisdom once he gets into positions of power. This was true during the 1990s, when he echoed some of Alan Greenspan’s arguments for shielding derivatives from the prying eyes of regulators. And, as I reported in my book on the Obama administration, it was true in late 2008, when Summers recognized the need for a much larger stimulus than most in Washington were calling for, but nonetheless pushed for a far smaller package than necessary because he didn’t want to be laughed out of the room by Obama’s political advisers. “People will think we don’t get it,” he told his colleague Christina Romer, the incoming head of the Council of Economic Advisers, who preferred to present Obama with a much bigger number. (In fairness, Summers later became an aggressive internal advocate for doing more to stimulate the economy.)

Originally posted to Meteor Blades on Wed Jul 24, 2013 at 03:10 PM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  Yes, of course. (4+ / 0-)

    It's just that he is so smart, the world around him often fails to keep up with his brilliance.

    I deal in facts. My friends are few but fast.

    by Farugia on Wed Jul 24, 2013 at 03:18:27 PM PDT

  •  The challenge for Yellen (4+ / 0-)

    I doubt being a woman or her position have anything to do with a potential nomination fight.  Rather she seems to be on the side reversing the policy of cheap money.

    While her position is academically valid, it is politically terrifying for elected officials.

    •  Maybe, but I've seen enough games (4+ / 0-)

      played around expectations of women being more timid (and someone wanting that response and being upset that that the woman doesn't turn out to meet that expectation); and perfectly capable and smart women marginalized amongst their peers based on very sexist interpretations of their actions.  

      Someone like Larry Summers slams his fist on the table or says something incredibly "bitchy" to someone and he's thought to be "a fighter".  A woman does the same thing over the exact same issue and is presumed to be having her period or not getting enough sex, etc.

      In any case, the inside game of marginalizing a woman on the basis of sex is an ongoing fixture in Washington politics.

      Just take a look at the debate about sexual assaults in the military.  Not only has it been women who have been fighting to reform the system, but it is also a majority of men who are the victims of the crimes.  That is a very interesting irony.  Sexual politics are alive and well.  And the weird thing is that they persist even when men are more at risk than women because of the policies the men seem to intent on protecting and advancing.  That's strange.  Isn't it?

      Lot's of women aren't worth a damn - I don't vote based on gender - but what's interesting is that the ones who want to change things are SUPER threatening to the establishment male hierarchy and not just because they are women, but being that they are women, the male leadership will use that against them to protect their status quo.

  •  appropos your title: don't they all? (4+ / 0-)

    The mystique of the Harvard man...

    (or so I've heard).

    Words can sometimes, in moments of grace, attain the quality of deeds. --Elie Wiesel

    by a gilas girl on Wed Jul 24, 2013 at 03:30:38 PM PDT

  •  Sounds like Yellen's greatest selling point (6+ / 0-)

    is that she isn't Larry Summers, especially if Yglesias is right and there isn't a lot of policy daylight between the two.

    So how about we support neither of them?

    Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

    by corvo on Wed Jul 24, 2013 at 03:36:58 PM PDT

  •  If you like guys like Summers... (5+ / 0-)

    you'll love the Hillary administration.

    Just sayin'.

    "Against the assault of laughter, nothing can stand." - Mark Twain

    by GrimReefa on Wed Jul 24, 2013 at 03:39:40 PM PDT

    •  Sad thing is (0+ / 0-)

      that a lot of folks around these parts are already loving the Hillary Administration.

      Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

      by corvo on Wed Jul 24, 2013 at 04:11:50 PM PDT

      [ Parent ]

  •  the banksters own Washington (2+ / 0-)
    Recommended by:
    Words In Action, corvo

    they know it, and nothing can stop them making the most of it

    We're shocked by a naked nipple, but not by naked aggression.

    by Lepanto on Wed Jul 24, 2013 at 03:40:00 PM PDT

  •  Larry Summers hasn't been ruined (1+ / 0-)
    Recommended by:
    Words In Action

    Whatever his thinking, Larry Summers has not been ruined financially.

    As a rich and powerful person who publicly exspoused economic policies that caused financial ruin for millions around the world while personally becoming very rich, and yet is now the White House choice for head of the Federal Reserve, he has good reason to imagine himself the smartest guy in the room.

    "The fool doth think he is wise: the wise man knows himself to be a fool" - W. Shakespeare

    by Hugh Jim Bissell on Wed Jul 24, 2013 at 03:42:20 PM PDT

  •  So Basically he's Bill Clinton's brother from (1+ / 0-)
    Recommended by:
    KJG52

    another mother. No wonder they get along. Ugh.

    If I knew it was going to be that kind of party, I'd have stuck my ---- in the mashed potatoes! - Paul's Boutique

    by DoctorWho on Wed Jul 24, 2013 at 03:43:00 PM PDT

  •  the economy is Obama's Vietnam (7+ / 0-)

    [note I'm not comparing the horrors of Rolling Thunder with the financial meltdown in anyway]

    Vietnam wasn't an issue Johnson wanted to deal with, he was left with it and he didn't understand it. He was surrounded by "the smartest guys in the room" who battled for his ear as he muddled through, or rather waded into a deepening disaster.

    The economy wasn't an issue Obama came prepared to address. In retrospect it's clear Obama wanted to move on health care insurance reform and be a dignified first black President who got reelected. Obama is surrounded by the smartest guys in the room all of whom believe that the health of Wall St is paramount. My elderly aunts theory was/is that FDR was born rich so when the bankers came to him and said "you can't do that" he said "oh yes I can" whereas Obama community organized what he saw as the finance industry who convinced him that if Wall St took even the slightest haircut that the WORLD WOULD END and Obama didn't have the background of dealing with Wall St sharpies so he nodded with concern and we are where we are. Unlike Hillary I don't think Obama's Wall St genuflection is ideological (spare me the flame threads it's just My Humble Opinion and I care not for the slogans of whatever trendy street movement is rocking), I think Obama see's himself as a consensus builder and the debate is Krugman vs Everyone Else and Everyone Else thinks alike. My guess is history will award the "got it right" prize to Krugman, so far he's on it, but that doesn't help anyone (me) who thinks we need a New Deal, ecologically and economically.

    It often gets pointed out that "Green jobs and green infrastructure" are not new ideas, but the time is, or at least should be, now. It would be great if a national leader would forcefully make the case for a transaction tax and taxing big carbon but that leader isn't Obama (I didn't check the recent speech so correct me if there was a dramatic turn to pragmatic progressive economics) and it isn't Clinton.

    If you didn't like the news today, go out and make some of your own.

    by jgnyc on Wed Jul 24, 2013 at 03:43:17 PM PDT

    •  I'd have thought that national security (0+ / 0-)

      was Obama's Vietnam, although he might still have his chance with Syria and/or Iran when it comes to real places.

      So many Vietnams, so little time.

      Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

      by corvo on Wed Jul 24, 2013 at 04:08:48 PM PDT

      [ Parent ]

  •  Bair's remarks seemed most interesting to me. (7+ / 0-)

    Translations of the street, especially:

    So why isn't she a shoo-in? The "whispering" campaign against her among industry types has been deafening. "Doesn't understand markets." Translation: She may not bail us out if we get into trouble again. "Not assertive enough." Translation: She won't stand up for us against the populists who want more regulation. "Lacks gravitas." Translation: She doesn't show up very often in the financial media. (Rest assured that if she were more vocal, they would accuse her of not being a "team player.")

    SECURITY, because ticking time bomb mushroom cloud of terror!!
    Shop Kos Katalogue

    by Words In Action on Wed Jul 24, 2013 at 03:44:02 PM PDT

  •  This bozo defies the law of gravity... (6+ / 0-)

    by continually falling up.

    When you triangulate everything, you can't even roll downhill...

    by PhilJD on Wed Jul 24, 2013 at 03:51:09 PM PDT

    •  besides meteorologists... (1+ / 0-)
      Recommended by:
      PhilJD

      ...and repubs, I don't know of anybody else besides Summers who can be wrong every single day of our miserable lives--and still keep his job. Especially when untold millions of ruined lives and trillions of dollars in lost wealth can be directly attributed to his disastrous economic policies. Once is an accident. Twice is a coincidence. Three times is premeditated by deliberate design.

      "I wish to have no connection with any ship that does not sail fast, for I intend to go in harm's way." John Paul Jones

      by ImpeachKingBushII on Wed Jul 24, 2013 at 08:29:29 PM PDT

      [ Parent ]

  •  Larry famously once started an academic paper (7+ / 0-)

    with the words: "There are idiots; look around."

    Larry, there are idiots; look in the mirror.

    " 'In this world, Elwood, you must be oh so smart or oh so pleasant.' Well, for years I was smart. I recommend pleasant. You may quote me." Elwood P. Dowd

    by paulbkk on Wed Jul 24, 2013 at 03:51:56 PM PDT

  •  Anyone who was in on (9+ / 0-)

    shutting down Brooksley Born at the CFTC is persona non grata for me. As far as I could tell she was absolutely correct in her predictions and warnings.

    Ceiling Cat rules....srsly.

    by side pocket on Wed Jul 24, 2013 at 03:54:20 PM PDT

  •  The petition is strange. (1+ / 0-)
    Recommended by:
    corvo

    It's pro-qualified-female instead of pro-Yellin. And shouldn't it be pro-Romer, in any case? Seems like it's trying to have it both ways, and not really asking for anyone specific.

    It is unconscionable that Larry Summers—an architect and cheerleader for the financial deregulation that ruined our economy—would be appointed chairman of the Federal Reserve.

    Please do not appoint him, and instead consider this an opportunity to shatter a glass ceiling by appointing a qualified woman to this powerful position.

    "Gussie, a glutton for punishment, stared at himself in the mirror."

    by GussieFN on Wed Jul 24, 2013 at 03:56:17 PM PDT

    •  Yes, and while I think that having a woman (2+ / 0-)
      Recommended by:
      side pocket, GussieFN

      run the Fed would be a grand idea, my first wish would be for someone who wasn't ignorant or contemptuous of basic principles of macroeconomics.  

      That would be a refreshing change, and more meaningful than having a different set of chromosomes execute the same failed economic policies.

      Dogs from the street can have all the desirable qualities that one could want from pet dogs. Most adopted stray dogs are usually humble and exceptionally faithful to their owners as if they are grateful for this kindness. -- H.M. Bhumibol Adulyadej

      by corvo on Wed Jul 24, 2013 at 04:10:59 PM PDT

      [ Parent ]

  •  I'm assuming that whoever is nominated... (4+ / 0-)
    Recommended by:
    side pocket, paulbkk, KJG52, northerntier

    will have to face the Senate Banking Committee and then approval by the whole Senate. If so, I'll be watching the grilling Elizabeth Warren gives the nominee (particularly if it's Larry Summers--that would be a case of the smartest guy in the room facing the woman who's even smarter than him). I think we can count on plenty of tough questions from Sen. Warren who also has a very low bullshit threshold.

    But if the cause be not good, the king himself hath a heavy reckoning to make, ... there are few die well that die in a battle; ... Now, if these men do not die well, it will be a black matter for the king that led them to it; — Shakespeare, ‘Henry V’

    by dewtx on Wed Jul 24, 2013 at 04:09:00 PM PDT

    •  I get excited (3+ / 0-)
      Recommended by:
      hester, barbwires, dewtx

      just thinking of that interchange as you describe it. It would drive Summers nuts: smarter than he is, and a woman.

      Ceiling Cat rules....srsly.

      by side pocket on Wed Jul 24, 2013 at 04:14:41 PM PDT

      [ Parent ]

      •  It may be like the scene in Lord of the Rings (0+ / 0-)

        movie where the Lord of the Nazgul faces Eowyn and says that no man can kill him. Then Eowyn pulls off her helmet, yells "But I'm no man!" and plunges her sword through the center of the Nazgul's head where he horribly withers and dies. What a great scene!

        Now imagine Larry Summers as the Lord of the Nazgul and Elizabeth Warren as Eowyn, but this time the scene of battle is the Senate Banking Committee confirmation hearing--another great scene for the imagination!

        But if the cause be not good, the king himself hath a heavy reckoning to make, ... there are few die well that die in a battle; ... Now, if these men do not die well, it will be a black matter for the king that led them to it; — Shakespeare, ‘Henry V’

        by dewtx on Thu Jul 25, 2013 at 10:21:49 AM PDT

        [ Parent ]

  •  To all you Summers-Haters: (2+ / 0-)
    Recommended by:
    raboof, mollyd

    If Summers is so bad (for the working class / 99%), then why did Obama pick Summers for his WH Economic Team?

    Next thing you know, people on this site will be criticizing Jack Lew (who prior to being Obama's Treasury Sec pick, made a fortune betting that Americans would be foreclosed on).

    Waking Up Yet?

    I think it's time we all engage in an email campaign and tell Obama we demand:  More And Better Banksters!

    The excuses for Obama's behavior have long since passed the point of predictability neccessary to qualify as an absurd production of Kabuki Theater.

    by Johnathan Ivan on Wed Jul 24, 2013 at 04:12:35 PM PDT

    •  I wondered why Summers from the start. (0+ / 0-)

      And thus were the first seeds of doubt sown.  Five years later and Obama is still trying to steer people back to the economy.

      Re: Summers/Brooksley Born: I agree.

      Bastion of the working class, Bernie Sanders, voted against Jacob Lew, so I have to figure he has more information than I have.  There is a lot of history on Summers and other than agreement that he is a smart man, he is a lousy pick for this job.

      I don't think it's a break-the-glass ceiling moment, especially if Yellen has the same beliefs as Summers.  The papers, other than Bloomberg from several months ago, are not putting many names forward.

      No more Clintons and their kind near or in the White House.

      "No, I opposed one war. That was enough for me. I am now perpetually in favor of war, pestilence and famine." Justin Butterfield, 1848

      by nancybehr on Wed Jul 24, 2013 at 04:45:06 PM PDT

      [ Parent ]

      •  Five Years Later: (0+ / 0-)
        Five years later and Obama is still trying to steer people back to the economy.
        The only steering on the economy Obama is doing is steering pro-1% policies.

        Free Trade w/ Columbia, Panama, S. Korea?

        Trans Pacific Partnership?

        Anti-Social Program Deficit Commission?

        Banksters as Chief of Staff?

        Publicly Praising Banksters?

        Etc....

        By this point it is very obvious who Obama - and the Democratic Party as a whole - represent.

        And it isn't the 99%.

        The excuses for Obama's behavior have long since passed the point of predictability neccessary to qualify as an absurd production of Kabuki Theater.

        by Johnathan Ivan on Fri Jul 26, 2013 at 07:41:20 PM PDT

        [ Parent ]

  •  stop the knee-jerk Summers hate (1+ / 0-)
    Recommended by:
    shrike

    Google him with UC Berkeley economist Brad DeLong or his op-eds in the Financial Times. He's not the banksters consigliere or a fool who didn't see anything coming. He is one of the few people that has Bernanke's abilities to analyze markets and not be overpowered by big money and berserker ideologues.

  •  If this creep actually IS Mr. Obama's choice (0+ / 0-)

    he'll receive a lot of support here.

    Just watch.

    When you triangulate everything, you can't even roll downhill...

    by PhilJD on Wed Jul 24, 2013 at 04:29:24 PM PDT

  •  Summers, Rubin, Geithner and Greenspan are... (5+ / 0-)

    the architects of the casino mentality of Wall Street, they are champions of "globalism," and deregulation. The miserable performance of the US economy is the result of a contemptuous disregard for working people in America and the championing of polices eg "the Washington Consensus," that champions the creation of a world where neo-feudal peonage is the norm for workers.

    Where is the call for Stiglitz, Akerloff, Shiller or Galbraith in this "debate," socially progressive economists that do not adhere to the "Chicago School." The path of technocratic elitism has brought us to a place where we have abandoned the moral foundation of economics, which was founded as a school of study originally to address the problems of the crushing societal burden of poverty and class inequality. Summers is a champion of Wall Street and could care less about the typical American worker or family, much less the plight of social inequity that his discipline was originally founded to address.

    Summers is the champion of the school of thought that all American unemployment is "structural," that the problem with the economy is under educated, unskilled, people that can't survive in the "new economy," a construct created by the Clinton wing of the Democratic Party. With the Feds mandate being employment and price stability, how does Summers paradigm of "free market" domination create either.

    Larry Summers is an inflexible didact with no compassion for the American people, a bloodless arrogant pedant who would be bearable if he was correct in his assumptions and policy prescriptions, but has been proven wrong by events time and time again. Typically the arrogance of genius is tolerated because the vision of genius is proven over time. Larry Summers may be smart and crafty, a good political infighter, but he does not have the vision of "genius," in fact he has been proven wrong in the harsh light of reality again and again.

    Larry Summers is a plumber who can't fix the leak in the plumbing and returns again and again to the customers to tell them that his incompetence is not the problem, its that the customer just doesn't comprehend his solution. While the customer stands knee deep in water, Summers then presents his bill.            

    "Intelligence is quickness in seeing things as they are..." George Santayana

    by KJG52 on Wed Jul 24, 2013 at 04:33:34 PM PDT

    •  which brings me to my question... (1+ / 0-)
      Recommended by:
      KJG52

      ...Everybody who can read knows where Dr. Paul Krugman stands, and it's not with the banksters and Wall Street fat cats. Do you think he would be allowed by the power brokers who really rule this nation (Hint: starts with Federal Reserve Board) within 1000 meters of the FED politburo heirarchy (vampire) inner circle?

      "I wish to have no connection with any ship that does not sail fast, for I intend to go in harm's way." John Paul Jones

      by ImpeachKingBushII on Wed Jul 24, 2013 at 08:04:48 PM PDT

      [ Parent ]

      •  Probably not, even if he wanted it, which on many (1+ / 0-)
        Recommended by:
        ImpeachKingBushII

        occasions he has said he does not. I like Krugman's take on many policies; however, he is not, by his own admission, cut out for the rough and tumble and inane infighting that characterizes the Village. I think he is more valuable as a non-aligned voice of reason in the public view.

        "Intelligence is quickness in seeing things as they are..." George Santayana

        by KJG52 on Thu Jul 25, 2013 at 12:44:21 AM PDT

        [ Parent ]

  •  Larry's a sop / trial balloon (0+ / 0-)

    to the DLC Clintonistas and when resistance rises especially from every woman scientist and engineer in the US, Yellen should get it

    Warning - some snark may be above‽ (-9.50; -7.03)‽ eState4Column5©2013 "I’m not the strapping young Muslim socialist that I used to be" - Barack Obama 04/27/2013

    by annieli on Wed Jul 24, 2013 at 04:57:29 PM PDT

  •  There is only one man who is qualified to (0+ / 0-)

    head the Fed right now.  His name is Warren Mosler, the man who helped found MMT.  Check out this recent interview by Marshall Auerbach:

    http://www.youtube.com/...

    "The Earth is my country and Science my religion" Christiaan Huygens.................... Please join our Kos group "Money and Public Purpose". The gold standard ended on August 15, 1971, its time we start acting like it.

    by Auburn Parks on Wed Jul 24, 2013 at 04:59:36 PM PDT

  •  Obama Believes Elites Are His Friends and Peers (0+ / 0-)

    Obama is part of the elite system which he joined from early private school education.  You don't bite or fight the social system of the ruling elites

  •  dazzling intellect (0+ / 0-)

    "dominated by a single, dazzling intellect." I do not think those words mean what they think they mean.

  •  Maybe we should (0+ / 0-)

    Define "smart" in a Clinton kind of way...

  •  signed (0+ / 0-)

    I really don't have anything against Summers but I would much more prefer to see someone new there.

    In the time that I have been given, I am what I am
    Shop Kos Katalogue
    Der Weg ist das Ziel

    by duhban on Wed Jul 24, 2013 at 05:56:53 PM PDT

  •  Catch 22? (2+ / 0-)
    Recommended by:
    Meteor Blades, ImpeachKingBushII

    > And there's a lot of talk, "gender-coded talk,"...
    > about her not being tough enough,
    > not willing to speak up enough,
    > not being imperious enough,
    > not being thick-skinned enough to handle the post.

    Of course if Janet Yellin were
    - tough enough
    - willing to speak up
    - imperious
    - thick-skinned

    she would be characterized as a shrill, cold, calculating, emasculating b***h.

    And, of course, that also would disqualify her.

    Counting stars by candlelight...

    by frasca on Wed Jul 24, 2013 at 06:52:48 PM PDT

  •  That asshole cost Harvard (0+ / 0-)

    ...a third of its endowment.  That's what it lost in the crash just after his ignominious departure, and that's not even counting the big hole in the ground in Allston.

    I've already given up on the Obama administration; it has proven as spectacularly incompetent as its predecessor. All we can do is hang on until 2016 and hope the Democrats nominate someone worth voting for.

    •  "as spectacularly incompetent"?... (1+ / 0-)
      Recommended by:
      Meteor Blades

      ...puleese. No major terrorist attacks on US soil. No 3rd "great recession" on Obama's watch. No more elective, preemptive wars of aggression for oil and empire. Marriage equality. Real immigration reform(Dream Act) creating a true attainable path to citizenship. Protecting Social Security and Medicare against the repubs when his predecessor did everything in his power to privatize (kill) it. Obama won the Nobel Prize for Peace. Bush said, "Money trumps peace".

      "I wish to have no connection with any ship that does not sail fast, for I intend to go in harm's way." John Paul Jones

      by ImpeachKingBushII on Wed Jul 24, 2013 at 07:45:10 PM PDT

      [ Parent ]

  •  the smartest person in the room... (0+ / 0-)

    ...only when he's in the same room with the Three Stooges.
     photo 01010001020401040520080908667b6fe0f.jpg

    I still think Curly holds the edge...
     photo 3nf3mf3o95V55X35R4a4m744f887758a218.jpg

    ...only because I don't want to get my gob smacked by Moe.
     photo 3n63k43o35V05P45X5a4m7f2032995ce914.jpg

    "I wish to have no connection with any ship that does not sail fast, for I intend to go in harm's way." John Paul Jones

    by ImpeachKingBushII on Wed Jul 24, 2013 at 07:19:10 PM PDT

  •  Larry the Hutt (0+ / 0-)

    "We must close union offices, confiscate their money and put their leaders in prison. We must reduce workers salaries and take away their right to strike.” -Adolf Hitler, May 2, 1933

    by bekosiluvu on Thu Jul 25, 2013 at 08:50:16 PM PDT

  •  There might be a few regulations on Wall Street (0+ / 0-)

    that Larry forgot to destroy. He wants to finish the job, and maybe create more financial products like derivatives.

    To thine ownself be true

    by Agathena on Fri Jul 26, 2013 at 10:52:53 PM PDT

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