Why Larry Summers is the Worst Guy Ever to Head the Fed, Obama's Biggest Challenge Yet Part 2
It's been a bit since I posted over at Urban Conservative (partially out of being distracted more by policy than politics of late) and in fact I haven't written there since Ben Bernanke appeared on 60 Minutes to announce the Fed is printing money just days after China warned our central bank not to.
Coincidentally, China is sending the same warning again on the same day the Treasury market began to show serious signs of impending doom (in case you missed it).
So today seemed an appropriate day to elaborate on Obama's greatest decision yet (and the one I'll be most closely watching) via UC. Part of that article follows, the rest may be found here:
Obama’s true challenge, disregarding the rest of the noise, is still ahead. Soon, he will have to start considering who he would like to replace Ben Bernanke as Chairman of the Fed.
Bernanke’s term expires on January 31, 2010 and Obama’s people have certainly made it clear that the President does not intend to keep him in his post beyond that date. The first sign Obama wasn’t too keen on another term for Helicopter Ben? Sticking Timmy the Two Bit Tax Cheat Geithner in the Treasury, leaving ex Harvard President Larry Summers’ calendar free for “Take Over the Federal Reserve” on February 1st, 2010.
So, you say?
So, Larry Summers is, as one blogger put it, “a walking, talking conflict of interest.” Summers has collected millions in speaking fees from firms like Citigroup (multiple bailouts ring a bell?), Goldman Sachs (NY Fed/Goldman scandal sound familiar?), and Bank of America (CEO Ken Lewis working with ex Treasury Secretary Hank Paulson and Ben Bernanke to possibly mislead investors, anyone?).
The New York Times paints a lovely picture of Summers saying “Mr. Summers, who will be 54 on Nov. 30, is universally described as brilliant, but is also renowned for being arrogant, occasionally rude and sometimes difficult to work with.” The article goes on to discuss Summers’ infamous reputation as a sexist after “girls don’t do economics” comments were, according to him, taken out of context some years ago.
A real winner. Seems to be a theme of this administration. Please, please, President Obama, I plead with you now: do not mess this one up. Please.
I will be happily watching this unfold in the weeks and months ahead as I was 6 when Alan Greenspan was placed at the head of the Fed and a tad distracted by other things when it came time for Bernanke to take his place. But this one? This one is an absolute do not miss.
I sincerely hope OMGObama understands how important this is. If he does just one thing correctly during his entire term, I hope it is this (setting the bar low, eh? Yeah well I've had a few months to adjust my expectations kthnx).