Tag: Quantitative Easing

Effective regulation, and on that note, it is a positive thing that the Summers of our discontent can finally be laid to rest. After all the damage Larry Summers has caused in being one of the architects of this crisis, from boxing in Brooksley Born and ignoring her warnings with regard to derivatives which brought down Long Term Capital Management during the Clinton administration, to his sexism among everything else. He has now thankfully taken himself out consideration for the job.

It’s a good thing he did. Rather than fighting for something or someone that helps people suffering from this economic crisis, President Obama strongly recommended and fought for Larry Summers to be Chairman of the Federal Reserve, a guy who lost a billion dollars as President of Harvard betting on interest rates. Yeah, let that sink in for awhile.

It’s really not OK. This is why making excuses for everything the President does, as too many Democrats do without thinking of the damage, is dangerous, immoral, and unprincipled. Now it looks like the front runner to replace Ben Bernanke as Chairman of the Federal Reserve is going to be Vice Chairwoman of the Board of Governors of the Federal Reserve System and once President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Janet Yellin. Unlike Larry Summers, she at least saw the crisis coming as early as 2005.

I know it. You know it, so who are we kidding? I suppose anything can happen, but essentially the election is over and our President will very likely win the electoral college and the Democrats will keep the Senate and maybe pick up some new seats in the House. So I’m here to find meaning within it all, because I have not been able to grasp how shutting up during election season, but then speaking up after the election will make us “move froward.” Especially when the President and the filibuster-loving-set-to-do-nothing Congress do not have to care what we think at all afterwards.

They may get together for their grand bargain since many so called Democrats and Republicans are deficit terrorists and will work to tear down our social safety net in a bipartisan way for the mythical bond vigilantes and confidence fairies they believe in because Peter Peterson told them some scary bedtime stories in the chambers of Congress. This will all be hashed out in unrepresentative undemocratic gangs of 6 or 8 or 12 without our input. So what are we supposed to do when that happens and we are cut out? Make believe they still love us?

Or perhaps some think pointing this out is me being seduced by cynicism. Though I respect some who are arguing this now as opposed to the past, I have to vehemently disagree and I think I have a good case to make to counter that narrative.