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Larry Summers for Fed Chairman? Only in Washington could you continue to "fuck up and move up," as they said during the Vietnam War about incompetent generals like Paul Harkins. Yes, I consider Summers a fuck up for obvious reasons: the economy still sucks and Democrats lost the House in 2010. I see no need to try and debate how bad Summers advice was about the stimulus -see Kevin Drum and Dean Baker. The bottom line is the economy has unacceptable levels of unemployment and underemployment because there was not enough money for job creation in the original stimulus package. The lousy economy turned off the Democratic base in 2010, but it sure got the Tea Party nuts off their asses. Who advocated for a smaller stimulus that turned out a political disaster for Democrats: Larry Summers. Who will be the most likely nominee for Fed Chairman: Larry Summers. Why?? Simple,according to USAToday - Summers loyalty to Obama.
Most of us in the progressive community like to think that the best person should get the job, whatever that job may be. Unfortunately,in Washington, political loyalty will always trump competency.
But isn't that sooooo Bushian? Wasn't there a host of disasters under George W. Bush that got your average citizen and soldier killed? We could see the arrogance and lack of remorse from Bush with his "Heck of a job Brownie!" during the destruction of NOLA. Democrats would never stoop to such a level and praise incompetent bureaucrats!
Oh, yes they would. Because appointing Larry Summers to an organization whose primary customers are Wall Street bankers, not voters, will be a further disaster for the rest of the country. And when that day happens, Obama will be singing the praises of Summers as a guiding hand through these difficult times. Times that he did not help to fix.