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View Diary: Trumka: Yellen has a 'more balanced' and 'better' approach than Summers (31 comments)

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  •  Will Obama tilt towards Labor or Wall Street? (0+ / 0-)

    My guess is Summers.
    When the big boys want something, they usually get their war.  

    If cats could blog, they wouldn't

    by crystal eyes on Thu Aug 29, 2013 at 01:17:23 PM PDT

    •  Wall Street wants Yellen, not Summers. (2+ / 0-)
      Recommended by:
      delver rootnose, johnny wurster

      Oddly enough.

      I don't know exactly what to make of that.

      Art is the handmaid of human good.

      by joe from Lowell on Fri Aug 30, 2013 at 02:51:36 PM PDT

      [ Parent ]

    •  Summers is the (0+ / 0-)

      bankers’ best friend in politics. From the bankers’ point of view, his record is perfect. Summers late 1990s' advocacy of financial deregulation is well known. In 2008-2009, he championed the bank bailouts while also fighting attempts to cap the bankers’ bonuses and to set limits on risky bank behavior, including Summers’ opposition to the Volcker rule.

      Summers not only shot down proposals by Senator Dodd and others to limit Wall Street bonuses, but took an even more audacious stand: that the AIG unit that helped trigger the entire calamity by writing reckless credit default swaps should also get their mega-bonuses after the fact. Summers explained to a shocked nation that he did not want to “violate the contracts” of these employees, even as the world economy lay in ruins at their handiwork.

      When Summers left DC, he made a beeline back to Wall Street (DE Shaw, Citigroup, NASDAQ, etc.).

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