Fed Up: Now is the Summers of Our Discontent

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Larry Summers

This man thinks that you will NOT implore President Obama not to appoint him to be the next Fed Chair, even though you know very well that you should.

From Bill Moyers:

“We should not oppose offshoring or outsourcing,”proclaimed a well-known economist at the 2011 World Business Process Outsourcing/Information Technology Outsourcing (BPO/ITO) Forum. Hundreds of corporate executives sat in on this economist’s lecture, including representatives from Morgan Stanley, JPMorgan, Deustche Bank, Pfizer, Coca Cola and other major businesses. The economist went on to proclaim that critics of outsourcing were like “Luddites who took axes to machinery early in England’s industrial revolution.”

This economist was not a Heritage Foundation scholar or Ayn Rand Institute fellow. The speaker that June was none other than Lawrence Summers, who had just finished up his role as director of the White House National Economic Council, where he was President Obama’s top economic adviser.

This practice of giving private paid speeches to big corporations was nothing new for Summers. Before joining the Obama administration, he received hundreds of thousands of dollars in speaking fees from financial institutions that the White House was involved in bailing out and then shielding from more intense regulation. For Summers, the speech at the outsourcing conference was simply a relapse.

All of this is particularly relevant now that Summers is being vetted as a possible chairman of the Federal Reserve, the most important economic post in the world. If Summers is still taking big payments to speak favorably towards the world’s biggest corporations, Americans and their representatives in Congress should know about it. But Summers is under no legal requirement to disclose his most recent payments from corporations until he is officially nominated, and if he’s nominated, he’ll most likely be confirmed. No Federal Reserve nominee has ever been defeated, wit Ben Bernanke coming the closest when 30 senators voted against confirming him for a second term.

I can only quote four paragraphs within Fair Use guidelines.  Luckily, you can read the rest of what Moyers has to say about Summers here.  (And here’s a bonus for you.  Plenty more where that came from on via Google.)

Janet Yellen for Fed Chair!  Talk amongst yourselves.  (Note: “End the Fed” is not on the menu at this time.)

About Greg Diamond

Somewhat verbose worker's rights and government accountability attorney, residing in northwest Brea. General Counsel of CATER, the Coalition of Anaheim Taxpayers for Economic Responsibility, a non-partisan group of people sick of local corruption. Deposed as Northern Vice Chair of DPOC in April 2014 when his anti-corruption and pro-consumer work in Anaheim infuriated the Building Trades and Teamsters in spring 2014, who then worked with the lawless and power-mad DPOC Chair to eliminate his internal oversight. Occasionally runs for office to challenge some nasty incumbent who would otherwise run unopposed. (Someday he might pick a fight with the intent to win rather than just dent someone. You'll know it when you see it.) He got 45% of the vote against Bob Huff for State Senate in 2012 and in 2014 became the first attorney to challenge OCDA Tony Rackauckas since 2002. None of his pre-putsch writings ever spoke for the Democratic Party at the local, county, state, national, or galactic level, nor do they now. A family member co-owns a business offering campaign treasurer services to Democratic candidates and the odd independent. He is very proud of her. He doesn't directly profit from her work and it doesn't affect his coverage. (He does not always favor her clients, though she might hesitate to take one that he truly hated.) He does advise some local campaigns informally and (so far) without compensation. (If that last bit changes, he will declare the interest.)