Courtesy of Pam Martens.
President Obama Lunches With Hillary Clinton, July 29, 2013. (Official White House Photo by Chuck Kennedy)
Yesterday, the popular New York Times columnist, Maureen Dowd, weighed in on the potential nod by President Obama to Larry Summers for Chairman of the Federal Reserve.
Dowd writes with the political intuition and confidence of someone who has a Pulitzer on her shelf and three decades under her belt at the New York Times.
Dowd thinks the idea for Summers for Fed chief is being pushed by “a bunch of alpha males who prefer each others’ company and who all flatter themselves that they’re smart enough to know how smart Summers is.” Among that group, Dowd lists former Treasury Secretary Robert Rubin, who teamed up with Summers in the Clinton administration to push for bank deregulation and “paved the way for the country’s ruin.”
Driving this untenable push to place Summers atop the most critical monetary seat in America is, according to Dowd, “the idea that it is somehow historically inevitable that the chairmanship of the Federal Reserve should go to Summers, that it belongs to him…”
The only basis for an attitude that the Fed Chairmanship belongs to Summers is the companion position on Wall Street that they can keep their continuity government going for another eight years and install Hillary Clinton in the White House in 2016.
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