Larry Summers Is The Wrong Man For The Job
Over the last week we have been hearing that Larry Summers might be President Obama’s pick for the next chair of the Federal Reserve after Ben Bernanke retires. Just from looking at his history, as well as the economic history of the United States over the last 15 years, he is the wrong man for the job. President Obama has demonstrated that he is loyal to those that have supported and aided him, but picking Larry Summers would be a terrible mistake, as we are still recovering from the worst financial crisis since the Great Depression. It is best to put somebody at the Federal Reserve that will respond quickly and effectively. In looking back to the late 1990’s, it is clear to see that Larry Summers is not that guy. Back in the late 1990’s, Brooksley Born, the former head of the Commodity Futures Trading Commission (CFTC), vigorously pushed to regulate the risky over-the-counter derivatives market, which are off-balance sheet agreements whose prices are dependent upon or derived