Monday, September 16, 2013

Summers bows out

How Larry Summers Paid for Obama’s Sins by Jonathan Chait

Democrats on the Senate Banking Committee came out against Summers. Merkley of Oregon and Brown of Ohio are liberals I guess. Tester of Montana represents rural interests and community banks. I'd guess Elizabeth Warren would have voted no also. New York Times reports North Dakota Senator Heidi Heitkamp was also wavering. Obama, Geithner, Bernanke and Summers allowed the community banks to face the harsh free market while the big banks benefitted from the socialism of the rich. Their reps didn't appreciate it.

Summers didn't apologize for his Kaleckian views of growth through deregulation. Or rather he didn't admit to his mistakes or his "group's" mistakes.

Brown organized a letter of 20 Senators supporting Yellen after it became apparent that she wasn't the frontrunner and Obama wanted Summers. Kudos to Durbin for signing that letter in July.

Kohn was a Greenspan man and Bush appointee. It would be disappointing for Obama to go with him.

It was disappointing how the Summers partisans with the exception of DeLong attacked Yellen anonymously in the press.

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