So I thought this was an interesting read

[uebermann]

[The Comrade]

i can't even get angry at this. all my rage has been exhausted these past 5 years. plus, this isn't even that surprising. the only surprising aspect about it is that it didn't come out sooner.

[eynon81]

[exploited]

I just... I wanna... how can they...

Ugh.

[The Dharma Bum]

[Mr.Bill]

Yeah.. A month or so ago I started a thread asking how the FVCK Obama can even be considering Larry Summers for anything, except maybe serving 25 years in jail..

But here we are, a month later and Summers name is still being floated for the Fed Job..

Summers is an incompetent ass, he's fvcked up every job he's ever had, he had a HUGE hand in what happened in 2008.. Yet here he is a front runner for the TOP job in the Fed..

Again, and for the umpteenth time... No accountably anymore in this country.. NONE!!!

[spacemonkey]

May as well have Al Capone on the supreme court.

[The Dude]

Once again, while I don't endorse Summers for the Fed Chair, the guy changed his mind legitimately. He was integral in deregulating on the banking industry and has said it was a mistake.

Bernanke also once believed that the Fed shouldn't take an active role in assessing housing bubbles when he first became chair. He also believed the Fed couldn't even monitor it. He was wrong and has since completely reversed course.

Good economists or policy makers or scientists admit when they were wrong and change. I'd rather have someone open-minded around than a lot of the people that do run things that even when they're wrong stick to their guns.

The reason I don't endorse Summers is

A. there's a better person for the job an its Yellen.

B. While he's open minded he's messed up too many times and quite frankly I think he underplayed the stimulus that was needed by being too willing to accept the politics over necessity (the main reason Obama trusts Summers was how he handled the economic crisis which, to Summers credit, he did about as good as he could have assuming the politics behind it which again I wish he didn't).

Obama's big fault is his loyalty to the people who served him well like Summers. Well, that and not being tough like Teddy Roosevelt.

Having said all that, I bet Summers wouldn't be a terrible Fed chair. I just don't want to find out.