Blog on the Run: Reloaded

Friday, September 6, 2013 7:01 pm

Quote of the day, Fed chair edition

From Dean Baker at the Council for Economic and Policy Research:

If one were to list the people most responsible for the country’s dismal economic state few people other than Alan Greenspan and Robert Rubin would rank higher than Larry Summers. After all, Summers was a huge proponent of financial deregulation in the 1990s and the last decade. He was a cheerleader for the stock bubble and never expressed any concerns about the housing bubble. He thought the over-valued dollar was good policy (and therefore also the enormous trade deficit that inevitably follows), and he was unconcerned that an inadequate stimulus would lead to a dismal employment picture long into the future.

If you think high unemployment is a good thing that ought to continue, then support Larry Summers. If you don’t, contact your senators and tell them not just no, but hell, no. The last person you want in charge of the economy is one of the miscreants who blew it up in the first place.

(h/t: Fec)


  1. Thanks.

    Comment by Fec — Friday, September 6, 2013 7:05 pm @ 7:05 pm

  2. I’d like to see Janet Yellen in this position, and not particularly because she’d be the first woman Fed chair. The simple fact is that events have proven her right again and again. The Wall Street Journal rated the forecasting success of top Fed officials, and Yellen was the best. She’s a “dove,” i.e. not an inflation hawk, which is a good thing in a depression. She’s been a regional Fed president, she obviously knows what she’s doing, etc. Yet everything we read says that Obama has the heaving thigh sweats for Larry F***ing Summers. I think Summers is great in a lot of respects, but this just isn’t the time or position for him.

    Comment by Andrew Brod — Friday, September 6, 2013 10:47 pm @ 10:47 pm

  3. That’s my opinion. Bettors in novelty markets disagree. One set of betting odds makes Summers a 2-to-5 favorite, with Yellen at 12-to-5.

    Comment by Andrew Brod — Friday, September 6, 2013 10:49 pm @ 10:49 pm

  4. If only being right again and again were actually a job requirement in federal-government economics.

    Comment by Lex — Friday, September 6, 2013 11:02 pm @ 11:02 pm

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