Sunday, September 15, 2013

Bernie Sanders Manages a Graceful Parting Jab at Larry Summers

As you have probably already seen, Larry Summers has taken himself out of consideration for the nomination for chairman of the Federal Reserve. Meteor Blades and jj32 both have diaries up right now on that.

I wanted to highlight the statement that Senator Bernie Sanders (I-VT) made about Summers's withdrawal from consideration:

“I applaud Larry Summers for withdrawing his name from consideration. The truth is that it was unlikely he would have been confirmed by the Senate. What the American people want now is a Fed chairman prepared to stand up to the greed, recklessness and illegal behavior on Wall Street, not a Wall Street insider whose deregulation efforts helped pave the way for a horrendous financial crisis and the worst economic downturn in the country since the Great Depression. The Fed now must help develop policies which create millions of decent-paying jobs and rebuild the middle class.”

(Emphasis added)

Sanders has been vocally critical of the prospect of nominating Larry Summers--or any Robert Rubin acolyte for that matter--for chairman of the Fed. I enjoyed the parting jab he managed to get in before the conversation changes.

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