The decision on who will be Fed Chairman goes deeper than simply Yellen vs. Summers and their personal qualifications.
The debate in public sentiment continues, and you can hear there is some anger at the possibility of Summers. This is my fourth post on the topic. Why is this so important to so many people?
First, the Fed Chairman is an important job that effects a lot of lives.
But to me, and I think to a lot of people, there is a much deeper and more meaningful aspect to what this decision represents.
Larry Summers isn’t an awful person, but he is very tied to the investment banks. This revolving door between the federal government and investment banks has a lot to do with how we got into the crisis in 2008.
Has the country finally said, “enough is enough” and “never again” to the investment banks stocking our government’s positions? Or, now that we are 5 years past the crisis and the economy is just finding its footing, will we forget the lessons of 2008 and regress back into our old patterns? Obama’s choice for Fed Chairman represents an answer to these questions.