7 Reasons to Fight Out-of-Touch Crony Capitalist Larry Summers as Fed Chair
September 3, 2013 |
The Fed chairman is the most powerful official Obama will pick— directly affecting each and every wallet in America. As much as anything, this appointment will shape our country’s future.
Obama appears to want Summers, and so do the most powerful people on Wall Street. But he is not the people's choice. Democrats who care about ordinary Americans, like Sen. Elizabeth Warren, do not want to see him controlling of one of the two most significant economic levers in the country.
In leaning toward Summers, Obama, still a relatively young man with many years ahead, seems to be more interested in his own future than our future. The big banks will reward him for backing Summers. But the American people will not forget such a betrayal.
The legacy of the next Fed chair will last long after the President leaves office. Remember Alan Greenspan? He acted as Fed chief for nearly two decades. The next chair could potentially guide America’s economy for a generation.
We can look back on Greenspan's tenure and see the origins of many of the ills we now face, from inequality to high unemployment. If, down the road, we turn into an unstable, third-rate nation where regular people have lost faith in financial and justice systems and the rich retreat behind barbed wire, we may well look back and see in Larry Summers the genesis of that picture.
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http://www.alternet.org/economy/larry-summers-fed-chair