Janet Yellen Set To Be First Female Federal Reserve Chair

By: Wednesday October 9, 2013 6:37 am

According to reports Janet Yellen is likely to be announced today as the first female chair of the Federal Reserve. Yellen’s nomination would come after the withdrawal of Larry Summers who proved too controversial to be confirmed by the Senate. Yellen is currently a vice chairwoman at the Fed and is currently considered to face an easy confirmation process by the Senate.

Larry Summers Withdraws From Fed Chair Race

By: Monday September 16, 2013 4:53 am

In a stinging rebuke to the forces of financial deregulation in general, and the Robert Rubin clique in particular, Larry Summers withdrew his name from consideration for Chairman of the Federal Reserve after it became clear he could not be confirmed. The withdrawal marks a major failure for a man whose path to power seemed unstoppable [...]

Chinese Communist Party Memo Warns of ‘Seven Perils’

By: Thursday August 22, 2013 8:24 am

Senior Chinese Communist Party leaders have been briefing party members about the dangers facing the party in the coming years. Identified in a secret memo as the “seven perils”, the concerns center around Western ideas creeping into Chinese society and the threat they pose to the party’s continued dominance of the country. Communist Party cadres [...]

Center For American Progress Says Larry Summers ‘Not A Wall Street Guy’

By: Wednesday August 14, 2013 9:31 am

The Center for American Progress (CAP), a progressive front group for corporate Democrats, has decided to go on the record in assisting Larry Summers’ quest to become Chair of the Federal Reserve. In a New York Times story titled The Fed, Lawrence Summers, and Money the president of the Center for American Progress, Neera Tanden, goes [...]

Larry Summers Wants to Extend Fiscal Stimulus

By: Friday October 12, 2012 9:15 am

It’s come to this in America: the most prominent champion of extending stimulus, including the payroll tax cut, is Larry Summers. And he also obliterated the argument for the confidence fairy succinctly. The current debate over the fiscal cliff suggests that legislators are hoping to replace the year-end contraction with a deficit-reduction package that would [...]

Sheila Bair: HAMP Sucked

By: Tuesday September 25, 2012 12:21 pm

I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.

Revealed Preferences: Evidence Points to Banks Owning the Place

By: Thursday April 19, 2012 8:15 am

Steve Randy Waldman had a much remarked-upon piece about how policymakers choose to have recessions and depressions, because they have been captured by an elite rentier class. It becomes much easier to understand the decisions made in government with this perspective. We are in a depression, but not because we don’t know how to remedy [...]

Summers Ally Goes After World Bank Nominee Jim Yong Kim

By: Friday March 30, 2012 10:14 am

Earlier this week I chronicled the backlash against Jim Yong Kim, President Obama’s nominee to run the World Bank. That has continued, including a critique from a close pal of Larry Summers: Larry Summers has been unnaturally silent on President Obama’s surprise decision to pass him over for the World Bank presidency in favor of [...]

Look-Back on Administration Economic Policy Reveals More Missteps

By: Monday January 23, 2012 8:55 am

I’m getting a little tired of these retrospectives of the Administration’s actions to deal with the economic crisis in 2009-2010, but Ryan Lizza has a new one in the New Yorker, and I wanted to pull out a few key points. First of all, let’s recognize that the narrator is sometimes unreliable. Lizza, after a [...]

Zombie Larry Summers Could Reappear as Head of the World Bank

By: Wednesday January 18, 2012 12:17 pm

You just can’t get rid of zombie Larry Summers. He can get drummed out of Harvard. He can see the deregulation policies he pushed in the Clinton Administration lead to a financial meltdown. He can preside over a sluggish economy for two years during the Obama Administration, after which Congress flips to the opposition. And [...]

US Political System Gets Downgraded, Failure to Deal With Economy the Reason

By: Wednesday August 3, 2011 6:50 am

Moody’s has joined Fitch in declining to downgrade the US credit rating after passage of the debt limit deal, though they still have the US on a negative outlook. This means Standard and Poor’s can play their little game and it won’t functionally matter, because the other two agencies still have the US at triple-A. [...]

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