Posts filed under “Politics”
Here’s what President Barack Obama‘s statement on Lawrence Summers‘s decision to withdraw his name from consideration to be the next chairman of the Federal Reserve would have looked like after 40 milligrams of Sodium thiopental:
“Earlier today, I spoke with Larry Summers and accepted his decision to withdraw his name from consideration for Chairman of the Federal Reserve.
Larry was a critical contributor to the radical deregulation that was one of many causes of the worst economic crisis since the Great Depression. It was in no small part because of his lack of expertise, false wisdom, and inept leadership that the economy crashed and burned and even today is still failing to be to back to its full growth potential.
As Treasury Secretary, he helped to pass the Commodity Futures Modernization Act. This turned derivatives into a unique financial instrument with no oversight, reserve requirements, mandated disclosures, or listing minimums. The CFMA all but guaranteed that Derivatives would eventually implode. Summers further contributed to the crisis by Summers by overseeing the repeal of Glass Steagall. With this firebreak between Wall Street and Main Street effectively removed, the financial conflagration of 2008 spread from Wall Street to every corner of the economy.
Further, his terrible advice and lack of insight is in large part the reason we see so little progress being made today — the lack of economic growth, the concentrated bank power, the still dangerous financial system and of course, the sub par job creation.
I will always blame Larry for the way he damaged my presidency. To anyone who to seek his guidance and counsel in the future, please don’t make the same naive errors I did.
I think is quite a bit more truthful than the nonsense we heard earlier today.
UPDATE: September 15th, 2013, 7:30pm
Syria or Summers?
This was the old state of affairs in the USA: “There is only one party in the United States, the Property Party… and it has two right wings: Republican and Democrat. Republicans are a bit stupider, more rigid, more doctrinaire in their laissez-faire capitalism than the Democrats, who are cuter, prettier, a bit more corrupt…Read More
Mark Leibovich on Glitz and Greed in Washington
August 23, 2013
Bill talks with journalist Mark Leibovich about his latest book, This Town, a city where money rules the day and status is determined by who you know and what they can do for you. “If you can sell yourself as someone who knows how Washington works, someone who has these relationships,” Leibovich explains, “that’s a very marketable commodity. If you’re seen as someone who knows how this town works, someone who is a usual suspect in this town, you can dine out for years — that’s why no one leaves.”
Click to enlarge Source: The Chart Store via All Star Charts We have not looked at the Presidential Cycle in some time (See this, this and this from 2005). Regardless, it is something that people often fail to contextualize correctly: What the chart above shows is the historical average of the 4 year presidential…Read More
Are “Professional” Politicians the Problem? Do we really need politicians? Can’t we cut out the useless middlemen and do it ourselves? Professional politicians just pimp their services out to the highest bidder. And American democracy – once a glorious thing – has devolved into an oligarchy, according to two leading IMF officials, the former…Read More
About some of these “scandals” that have been in the news: “And they would have gotten away with it, too, had their narrative had the benefit of being true. But now, almost two months later, we know that in fact the IRS targeted lots of different kinds of groups, not just conservative ones; that the…Read More