Weekend Economists Take a Chance and Call a Bluff July 26-28, 2013

[bread_and_roses]

4. No More Second Chances for Larry Summers (betting that the House wins ...)

http://www.commondreams.org/view/2013/07/25-1

Published on Thursday, July 25, 2013 by The Nation
No More Second Chances for Larry Summers
by William Greider

Among his other outstanding attributes, Lawrence Summers is perhaps most distinguished by his mendacity. ...

“How can I say this nicely?” I wrote. “Larry Summers is a clumsy public liar. His noxious, condescending manner helps explain why he failed as president of Harvard. But it is the crude mendacity that ought to bother people now. The man is President Obama’s top economic adviser.”

I ticked off some of the self-serving lies he told to cover up his own role in destabilizing the financial system when he was Treasury secretary in the Clinton administration—when he personally blocked tougher regulation on the financial time bombs known as derivatives, when he collaborated with Republicans and the Federal Reserve in dismantling Glass-Steagall and other New Deal protections ...

... the White House propagandists are pushing hard to make Larry Summers the next Federal Reserve chairman. If Obama makes that choice, Wall Street wins again. Summers is their candidate and at home in their money culture. As Fed chair, he would become their main watchdog .

If so, this will be a sick joke on us hopeful voters who re-elected the president last fall.