Friday, July 26, 2013
UPDATE - RECONSIDERING Larry Summers - Deregulation, Decline
Barry, My Liege :
A recent article by Financial Times reporter Edward Luce restores partially the case in favor of Larry Summers at the FED. read it here :
Here my original comments as posted in July :
With the impending retirement of Ben Bernanke as Chairman of the Federal Reserve Bank, you have an opportunity to help restore the middle class and, consequently, the Economic National Security of the United States by choosing the next Chairman.
Folded into the same choice is a danger of perpetuating the weakening of our country by exacerbating the trends toward income inequality and national decline.
Nominating Larry Summers as the next Chairman will lead the United states down a path of decline and financial turmoil. He is a poor choice because he supports policies which have led us into this decline. Such polices will hasten our decline and lead to a poorer quality of life for the entire country.
Mr. Summers is the choice of the Objectivist group which included Alan Greenspan and also includes Timothy Geithner and Robert Rubin - the folks who gave us deregulation and the financial meltdown of 2008.
As Treasury secretary under Bill Clinton, and as deputy secretary before that, Summers was a proponent of deregulating financial markets and helped repeal the Glass-Steagall Act.
It is a clear choice, My Liege, choose an alternative to Mr. Summers and continue toward restoration of the middle class or choose Mr. Summers and reverse today's positive trends and choose the path of deregulation and decline.
Your faithful servant,