Obama and Media Pushing Larry - 'The Looter' - Summers for the Fed and Blocking the Woman Who Should Lead
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On Sunday, New York Times readers were greeted with the image of Larry Summers splashed across the front page, looking like a visionary statesman gazing thoughtfully into the distance, as if ready to seize the reins at the Federal Reserve and guide the country’s economic destiny. Fed chair Ben Bernanke is expected to step down in January when his term ends, and the search for his successor has lately heated up. Larry Summers, the former Treasury Secretary under Clinton, and Janet Yellen, currently serving as vice chairwoman of the Fed, are the names most often mentioned for the job.
Over the last few weeks, Americans have been bombarded by a Summers-Summers-Summers drumbeat coming from the Obama administration, much of the mainstream media, and various Summers protégés. Sheryl Sandberg of Facebook, who served as Summers’ chief of staff when he was Treasury Secretary, and Ed Luce of the Financial Times, who used to write speeches for him and now writes pro-Summers columns in the FT are among those carrying the Summers banner.
The Fed chairman is often said to be the most powerful official the president appoints because that person directly affects each and every pocketbook in America. The perversity of the attempt to push a man who will expose American pocketbooks to another round of serial looting really can’t be overstated.
Apparently the Summers-pushers think We the People haven’t had quite enough looting, so they are trying to promote one of the very guys who gave the thieves the keys to the castle and forced us to bail out reckless banks as a thank you. Obama’s cravenness on this matter is epic, and the oozing sycophancy of Sandberg and her ilk is a wonder to behold.
In a nutshell, Larry Summers is part of the infamous Robert Rubin crew that deregulated the financial sector back in the 1990s and allowed Wall Street to haul in heaps of money at our expense, even as it set off a financial crisis that left millions of Americans without jobs, homes, and pensions — and then insisted we bail out the crooks.
Let’s be blunt: Summers sold out the American people, and lined his own pockets in the process. He has gotten rich off our misery, and even the New York Times story admits as much. The seat was still warm in his office as Obama’s top economic advisor when he rushed into a “money-making spree” of consulting jobs, six-figure speaking gigs, and corporate board positions. He has been raking in the dough from too-big-to-fail banks like Citigroup (bailed out on your dime!), giant hedge funds, and Silicon Valley financial firms.
And he had already pocketed plenty of Wall Street money even before joining Team Obama. Between his tenure at the Treasury Department in the 1990s and 2009, when he went back to Washington, the Times reports that his personal wealth skyrocketed from $400,000 to a whopping $31 million.
He has also thumbed his nose at conflicts of interest, most famously when he protected his Harvard colleague Andrei Schleifer from charges of looting in Russia pressed by the U.S. government. He played a disgusting role defending Enron in California's energy crisis, and his trashing of Brooksley Born, who, as head of the Commodities Futures Trading Commission, attempted to impose wise regulations on the financial sector, remains a testimony to his lack of judgment.
This man is fantastically unfit to lead the Fed, and yet the press campaign on his behalf is increasingly making him the frontrunner. Meanwhile, an excellent candidate, Janet Yellen, is available and sitting on the Fed Board of Governors right now, while her record is assailed with dismissals, sexism and distortions.