The Widdershins

Remain Calm, Etc: Say It Ain’t So

Posted on: August 1, 2013

Good Thursday, Widdershins.

Ben Bernanke will soon finish his term as Fed chair.  Depending upon your perspective, he was either a wizard or a failure.  He has presided over a low-interest, jobless recovery that has left the captains of industry flush and everyone else – well, pretty well flushed,

The Prez has not yet named his candidate to the chair, and really does not have to do so for a little while yet, but some of the things coming to light are more than a little disturbing.  First, Let’s start with the incumbent.  Mr. Bernanke is a fellow Georgian by birth who was reared in South Carolina and received the requisite Ivy League education that all good Fed Chairs seem to have.  He was both a tenured professor and chair of the Department if Economics at Princeton when Dubya appointed him to the Fed’s Board of Governors  He served on the Tarp board and eased Wall Street and the upper 1% through a low-interest, high dollar economic recovery valiantly. He has occupied the Fed Chair since 2006, and has proselytized “The Bernanke Doctrine” all the way. Mr. Bernanke will be remembered both for the sadly uneven recovery and his painful difficulties with communication, baffling even Maria Bartolomo at one point,

When his term expires in 2014, Mr. Bernanke will step down.  Two names have been advanced as the top candidates to replace him.  The first is that of Dr. Janet Yellen, the Ivy League-educated Vice-Chair of the Federal Reserve.  Dr. Yellen served as chair of President Clinton’s Council of Economic Advisors, and is Professor emeritus from UC Berkley.  She is considered to be an economic “dove”, or one who is more concerned with unemployment than with inflation.  Dr. Yellen was one of the few economists who saw what was happening with the sub-prime mortgage mess as well.  In other words, a fully qualified woman who appears to be insightful and farseeing,

The other candidate is none other than dear ol’ Larry Summers.  Yes, the same guy who sold Bill Clinton on the theory of deregulation, trashed Glass-Steagall and fought efforts to curb derivatives trading,   Yes, the same guy whose stint as President of Harvard was foreshortened by his unfortunate observation that women’s brains just aren’t quite set up for math and science courses.  THAT Larry Summers.  The really sad part is that he is strongly rumored to be the frontrunner,

The Prez wandered over to the House of Representatives, and Rep. Ed Purlmutter said simply “Larry Summers.  Bad choice”.  Obama was reportedly rather agitated by this, and mumbled something to the effects that poor Larry seems to be “a convenient whipping boy for progressives”,  Undaunted, Rep. Maxine Waters presented him with a petition from roughly half of the Democratic Woman’s Caucus that urged him to select Dr. Yellen.  NOW followed up with a petition of their own, and several Democratic women Senators have chimed in as well.

Say it ain’t so, President Obama.  You begged for women;s votes, and insisted that you are attuned to women’s issues.  Hell, aside from her gender, Dr. Yellen is a much better qualified candidate on merits alone.  The fact that she may be harder to confirm in the Senate is actually a sign of her merits.

This is an open thread.

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18 Responses to "Remain Calm, Etc: Say It Ain’t So"

Big Dawg and Ms Big Dawg flexing their Political Mussels add one more possible Clintonista to the Senate to Help President Hillary Out (should she decide to Run.)

http://www.huffingtonpost.com/2013/08/01/kentucky-senate-poll-alison-lundergan-grimes-mitch-mcconnell-_n_3688273.html

@1: Go, Allison, go!

Larry Summers? 😯

I know they want to recycle, but geez, uh-uh.

Although PPP is considered the left-leaning polling company I would love it if she was able to send McTurtle packing.

Isn’t it amazing that gender has never been, never, ever, been an issue until a woman is considered?

Larry Summers didn’t see the derivative crisis/housing bubble bursting even when anyone with walking around sense could see the hedge funds were rooting their noses off to cover themselves. Summers should be turned out to pasture on banking deregulation alone. Of course, the big banks are going to carry water for him. That should be a major disqualifier right there. I have to admit though, I would love, love, love to see Elizabeth Warren eat his face off during confirmation hearings.

Dr. Yellen should be appointed without hesitation and no looking back.

Alison’s speech yesterday was a good one. Her emphasis on McTurtle’s gridlock being out of “spite” is a winning line — more Dems ought to pick it up.

Prolix said: I have to admit though, I would love, love, love to see Elizabeth Warren eat his face off during confirmation hearings.

A prospect sure to delight one and all.

If O selects Summers, the left will kvetch and complain and then probably go right along with him. Grrr…

Courtesy of a commenter at HuffPo here’s the poll from PPP.

http://www.publicpolicypolling.com/main/mitch-mcconnell/

I know it’s old…it’s stale…but it’s the joke that won’t go away. (NSFW)

Carlos Danger is the gift that keeps on giving,

Frontpagers: There are a couple of formats that we can embed both in a post or in a comment. You can find the info here:

http://en.support.wordpress.com/videos/

(sigh) What was that we discussed about leadership Prolix?

@11, Fredster, sadly leadership is like pornography — we know it when you see it. We don’t see it much from the big O.

Good post & Stein link also. Thanks chat! I am praying that Summers doesn’t get it.

The democratic woman in KY (Alison?) is pulling ahead of the turtle in the polls. Only by one point so far, but we can hope!

Good quotes from the HuffPo piece by Byron Dorgan:

“Anyone who is being considered on Fed chairmanship should have to talk about Glass-Steagall, about the repeal and about their position on a modern-day version of it,” former Sen. Byron Dorgan (D-N.D.) told HuffPost. Dorgan, now a lobbyist with Arent Fox, was one of only a handful of senators to vote against repealing the regulations.

“My hope is that [Obama will] look outside the very small talent pool that they usually look to,” he said. “You know what I’m talking about? A talent pool that comes from Wall Street. There are a lot of really talented well qualified people outside that talent pool.”

and

“Summers protected the big banks from being taken over when they were insolvent, and he has been a consistent foe of any serious effort to rework the financial industry,” said economist Dean Baker, co-director of the Center on Economic and Policy Research. For good measure, Baker noted that Summers earned millions from financial sector interests, including bailed-out Citigroup, around his stints in the public sector.

Good article. Frankly, I think he’s another WS crook who sold out the middle class. I’d like to see him behind bars myself.

Fredster, did you see this? Heartbreaking. If I had a daughter in that school I would be thrilled for her to have a married gay man for a teacher. What a shame.

http://www.huffingtonpost.com/2013/08/01/gay-teacher-fired-catholic-school_n_3690516.html

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