The Average Joe

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 up...

As the United States has now hit the debt ceiling of $14 Trillion Dollars…That’s $14 TRILLION DOLLARS, the United States Government is now deciding on if it should be increased, and if so, by how much.  I cannot speak for all Americans, but I feel that instead of taking so much time and effort in trying to come to a compromise on increasing it, why am I not seeing serious talk on trying to decrease the size of the debt. Before we go any further, lets discuss some of the recent history of the national debt of the United States.  On September 15, 1981, President Ronald Reagan had signed the legislation that passed in Congress that allowed the debt ceiling increase to $1 Trillion Dollars.  Throughout the 1980’s, Reaganomics had led to increases in the national debt.  In simple terms, his policies of cutting taxes for the top tax rate, raising taxes for the middle tax rate; which had been done 8 times during his presidency, proved to be a major blow to Main Stre...