I assume you head Larry Summers comment about women’s aptitude for science when he was President of Harvard. (Is that REALLY the way he thinks? Oh brother…) And then he had the less than stellar performance of Harvard while he was there (google that one!)
And then the strikes listed below in the quote from today’s New York Times that speaks to his role in the appeal of Glass Steagall which made banks very very rich at the expense of others (ie you) and then his testimony before Congress that they should not regulate derivatives (and Congress did follow his advice and did not regulate derivatives and that caused the housing crash in the mid 2000′s). What was Summers thinking when he advised Congress not to regulate derivatives? Or was he thinking? and maybe just about his pals and himself? I make the assumption that he was not being selfish but that each time he just is wrong, plain wrong.
Summer’s professional wake has been a very painful one for thousands and thousands and thousands of American families. Sure, no one is perfect, and yes, we have all made bad financial decisions and predictions but 1/ we are not being considered for what is probably the most important job to our nation’s economy and our families, and 2/ Summer’s mistakes and advice have not been little. His view (and testimony) on derivatives has turned out to be catastrophic.
So, rather than select someone for such an important job as Chair of the Federal Reserve with a lousy record who may be in the elite clique, how about instead selecting someone with a strong performance history? Isn’t that the smart thing to do? Look for the winner? Can we afford to take still another chance with him?
Am I wrong?
“….Still, some senators are speaking out against Mr. Summers. They are raising questions about potential conflicts of interest and noting his role in the repeal of the Glass-Steagall law, which limited the sorts of activities banks could undertake, and his opposition to regulating derivatives in the 1990s — decisions that many critics say contributed to the financial crisis…”