BREAKING: Larry Summers is front-runner for Fed Reserve chairman, source tells Hayes it's certain

[octoberlib]

35. On top of being a sexist, which is bad enough .........

Despite his alleged brilliance, he seems to exhibit what can charitably be described as the worst judgment of any economist ever in existence. Granted, discussing economists with poor judgement is an embarrassment of riches, but Summers manages to surpass that crowd in ways never previously imagined.
He is essentially a smarter version of Alan Greenspan — only lacking Greenspan’s keen judgment, insight and humility (in case it escaped your notice, this is sarcasm ).
Consider Summers “brilliant” track record:

• He has consistently argued for privatization and deregulation of the financial sector;

• He oversaw the repeal of Glass-Steagall via the passage of the Gramm-Leach-Bliley Act;

• He approved the (previously illegal) merger between Citibank and Travelers;

• He oversaw (and indeed encouraged) concentration in the financial sector, thinking bulked up banks are a virtue. This led to the rise of the TBTF institutions (formerly known as mega-banks);

• He successfully fought Brooksley Born, then chair of the Commodity Futures Trading Commission, to rein in financial derivatives;

• He oversaw passage of the Commodity Futures Modernization Act of 2000, preventing ALL Federal regulation of derivatives. The CFMA also exempted derivatives from state insurance oversight and antigambling laws;

• Thanks to Summers, derivatives still have no minimum reserve requirements, no disclosure obligations, no transparency and no exchange listing/reporting requirements

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