who is President Obama going to nominate for that
had oh the Federal Reserve the leading contender apparently
is Larry Summers you
got to be kidding me now whose Larry Summers if you don't remember
a first or who worked under the clinton administration of course
and a when he ascended to the top spot in Treasury
I he pushed for a bill that would deregulate the backs
genius move I he took away glass steagle
he pushed through Congress now glass steagle remember
a separated the investment bank's from the banks that kept are
the depositors money our money right and he said have added Haas
go ahead a gamble with the depositors money fantastic
luckily they didn't cause any problems wat I'm I'm hearing from
a our producers it did cause problems was called the gigantic crash
in 2008 and in fact we had the Great Recession
now it's okay I'm sure Larry Summers was chastened by his
horrible mistakes at then to the clinton administration the fact that he got paid
millions of dollars
a ins speaking fees alone from banks after he left the clinton administration
I'm sure did not cloud his judgment at all
it turns out don't know he went back into the Obama administration
and continue to support the bank's every step of the way
although no no no don't do too much regulation that would hurt competition
and now when President Obama pick Larry Summers and the beginning
when he's coming in people said well look he's a very respected figure
in the economic world on the democratic side
now he's very well-known figures well known because use for the people
who cause a mess in the first place but you might dissipate rookie mistake you
know he got in there
any pic the guy that is a big name hand while Larry Summers was with the
administration
he seemed to support the banks in every single instance
I'm sure that was also while coincidence and his protege of course is bob rubin
who used to work at Goldman Sachs a made millions there then turn around
after the deregulation and made over a hundred million dollars a Citigroup
because in the deregulation all these are all while coincidences
but that's okay Larry Summers finally left administration and every
progressive
though are that new anything about the economy in what had happened in the
banks in regulation
criticize Larry Summers for his actions in both successive administrations so
there was no way the progressive Democratic president
Obama would bring larry summers back right I
the head up dead pro
perhaps the most powerful person pro
may be on the planet could be more powerful than the present
sets economic fiscal policy and you're going to give that pot
power to the guy who helped a Republican Scott economy in the first place
now listen if he appoints Larry Summers its
over there is no one that could make the case
that President Obama is actually a progressive at heart all wait till the
second term
oh and in the second term you'll be really progressive
then why would he take the guy most responsible
for deregulation for agreeing with the republicans
for giving the bank's everything they wanted and given the most powerful
position cuz he's not a progressive
its when Larry Summers if Larry Summers is appointed
male final nail in that coffin no one in their right mind could call President
Obama progressive thank you sir one and we come on
it may be after you left Obama administration Larry Summers my learned
his lesson nope
when asked about the regulation of the banks and the wild financial instruments
that they had created
the juror is a collapsing economy in 2008 he said this
I'm unless a hurry to condemn the financial
innovation as the cause of the crisis then many
because plus financial crises in the past does seem to have their roots
in New tangled financial institutions is that it's probably better to blame the
housing bubble
I lol get the housing bubble have something to do with no course
but that was the trigger the derivatives where the gun
they're the ones that collapsed on a massive scale
that's the financial innovation he's talking about the there's no way you
could be an
honest economist and not realize that
and Larry Summers realize the body profits of a bit
so he learned any lessons is gonna go back in they represent the bank's
but that's not enough for more quote from Larry Summers he said
at the time in about twenty eleven later according to a former top official the
US Commodities Futures Trading Commission Summers said
derivative regulation could potentially cause the worst financial crisis
since the end of World War two not controlling
the rivers like if we don't control the derivatives I think
and I think a great number of people believe in economists are worried
and financial analysts are worried it's a 600 trillion dollar market
that's insanity insanity
that he could cause an economic collapse like we've never seen
if they continue to take while rest with the Larry Summers says the exact
opposite
if we try to regulate them
or prevent them from taking those walrus that's a little cause economic disaster
if he believes that you literally could not pick a worse person
to be the head over for well
the decision is not up to me so if President Obama picks Larry Summers
don't be mad at me for tell you the fax you go ahead be matter President Obama
but just please take your rose-colored glasses of even considering Larry
Summers
for that position is
something no progressive would ever do