One of the biggest jobs in economics is up for grabs – sort of. For months now, the media has been pondering who will replace Ben Bernanke as Chair of the Federal Reserve (aka the “Fed”). Despite being wildly unpopular with progressives (not to mention feminists), Larry Summers appears to be the front runner over current Vice Chair Janet Yellen. If nominated, Janet Yellen would be the first Lady Economist to chair the Federal Reserve Bank.
The Campaign for America’s Future, a progressive advocacy center, is circulating the following petition to block Larry Summer’s potential nomination to the chair of the Federal Reserve. Below is a copy of the CAF’s materials:
The rumor that Larry Summers is going to be nominated to chair the Federal Reserve looks suspiciously like a leak.
What other explanation is there when senior aides across the capital start whispering into their cellphones to journalists, “We’re vetting Summers. Pass it on.”?
Let me get straight to the point. Larry Summers’ long record of supporting banks at the expense of working people and the economy as a whole should disqualify him, but somehow it has not.
- He advocated for the repeal of Glass-Steagall, which paved the way for gigantic banking conglomerates that are too big to fail.
- He blocked efforts to regulate derivatives, which Warren Buffett presciently called “financial instruments of mass destruction.”
- When the financial system crashed the real economy in 2008, he insisted banks be bailed out but not restructured and that executives keep their bonuses
The list goes on. Larry Summers has a long record of confusing the interests of big banks with the interest of the nation.
There is a “boys’ club” in Washington that likes to make decisions in private. The process is underway. Only your intervention can stop it.