Tell President Obama that Larry Summers Is Unfit to be Head of the Federal Reserve
Rumors are circulating that President Obama is planning to appoint Larry Summers to replace Ben Bernanke as head of the Federal Reserve. This would be a terrible mistake. As William Greider writes, by appointing Summers, the President would be "rewarding the same guys who got things disastrously wrong for the country—the Clinton-Rubin policy makers who danced to Wall Street’s tune of financial deregulation and collaborated with the Greenspan Fed and Wall Street to gut prudential regulation like the Glass-Steagall Act." In other words, the President would be rewarding the same guys who wrecked our economy.
Janet Yellen, the vice chair of the Federal Reserve Board in Washington and the other rumored frontrunner, would be a much better choice. She's a strong voice for job creation and assertions that she lacks the "toughness" or "gravitas" for the job reveal more about the sexism of her critics than they do about the deeply experienced economist.
If our economy is ever going to truly recover, we must move forward, not back. Join The Nation in imploring President Obama not to appoint Larry Summers head of the Federal Reserve.
Larry Summers watches as President Barack Obama and Vice President Joe Biden speak in the East Room of the White House on January 30, 2009. (REUTERS/Jason Reed)
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