My two cents on Larry Summers as next head of Fed – John Gelmini

English: Official picture of Janet Yellen from...

English: Official picture of Janet Yellen from FRBSF web site. (Photo credit: Wikipedia)


Larry Summers was the man who at the behest of Wall Street, helped to abolish Glass Steagall.

He like them likes unfettered markets where bankers and those who control them are free to transfer risks to the taxpayer whilst profits accrue solely to the plutocratic few.


Obama’s financial backers want Larry Summers to be Federal Reserve chief not the more eminently qualified and consensual Janet Yellen.


Dr Alf wonders whether President Obama is taking too long to make his decision about who to appoint to the Fed role?


The answer is yes because in this as in all other important decisions he is not the one actually making them and therefore the timetable is not within his control.


Time will tell whether the Wall Street plunderers and their friends get their way or whether the truculent and obnoxious Larry Summers is imposed against the wishes of almost everyone else and especially those who believe in sound money.


John Gelmini


White House portrait of Lawrence Summers.

White House portrait of Lawrence Summers. (Photo credit: Wikipedia)



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