Archive for Janet Yellen

Elizabeth Warren Does What Hillary Clinton Could Never Do

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YellenWarrenw212h202Do you want to know why there's a draft Elizabeth Warren movement growing by leaps and bounds? The answer is found by simply watching the Massachusetts senator calmly, quietly, and succinctly destroy Fed Chairman Janet Yellen.

You don't have to know anything about banking and finance to understand Senator Warren spelling out precisely that the Federal Reserve Board is still not doing its job. They're kowtowing to the huge money institutions and allowing "too big to fail" to continue.

What's below is priceless. Smart as Hillary Clinton is,  she could never do this:

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Larry Summers Made Out Like a Bandit on Wall Street: That May Be His Key Credential to Head the Fed

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Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

It would have been hard for Summers to do anything else but urge the use of taxpayer money to salvage banks too big to fail for a variety of reasons.  First, he was a key advocate of allowing large banks to trade in derivatives without regulation. (Summers took a position as early as the Clinton administration, in which he served as deputy secretary of the treasury, that big banks should self-regulate themselves on derivatives.) Secondly, he was responsible for Harvard University, where he served a controversial term as president, losing an estimated one billion dollars in derivative tradings. Thirdly, he supported repealing vitally important protective provisions of the Glass–Steagall Act, the repeal of these regulations that many analysts consider the beginning of the rash recklessness and unethical if not illegal behavior on Wall Street that led to the 2008 economic crash. Fourthly, Summers is of the same economic elite as those who control Wall Street and Silicon Valley (in fact, he is currently paid for his work with a "red flag" online financing service).  This is a guy who served as a chief economist at the World Bank!

Fifthly (although we could go on to create quite a longer list), Lawrence Summers has enriched himself through his Wall Street and Silicon Valley ties to become another revolving door overseer of the institutions who have made him very rich.

As a lengthy New York Times (NYT) front page (print edition) above-the-fold article on Summers records:

But in 2006, Mr. Summers was forced out of the [Harvard] university presidency for a variety of reasons, including remarks he made questioning why few women engage in advanced scientific and mathematical work. Soon after, a young Harvard alum brought him into the hedge fund world with a part-time posting at D. E. Shaw. That firm, one of the largest in the industry, paid Mr. Summers more than $5 million.

[...]

This is a "the guy has too much baggage" piece of reporting from a paper in a city that in large part depends upon the financial industry for much of the city's expendable income and tax base.

One possible way of interpreting the NYT's choice to pursue and publish this story is that Summers may just draw too much heat if appointed Fed Chair -- and in that respect could be bad for Wall Street since Obama might need to potentially replace him with an actual reformer.  The ongoing vulnerability of Summers -- for being a protector of the banks too big to fail and questionable Silicon Valley start-ups and schemes -- might, in the end, bring more light to shed on the shady underside of Wall Street than would be the case with a more low key and uncontroversial pick such as Janet Yellen, the current vice chairwoman of the Fed. ...

Please read the entire post here.

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Sen. Elizabeth Warren Mocked Larry Summers as Eva Peron in 2009, Backs Janet Yellen to Head Federal Reserve

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Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

Sen. Elizabeth Warren (D - Massachusetts) is publicly supporting Janet Yellen, current vice chairwoman of the Federal Reserve, to head the agency.  This puts her at odds with those within the White House, including allegedly President Obama, who back Larry Summers to chair the Fed, although she has not officially opposed Summers.

Thus far, there has been no nomination, just mainstream media rumors of the White House tilting in favor of Summers.

According to an article in the Boston Globe on August 8, Warren openly mocked Summers in 2009 at Reagan National Airport:

Warren criticized the Obama administration for not cracking down on big banks, and she compared his advisers — including Summers specifically — unfavorably to a country in South America that decades ago used government funds to try to prevent banks from going under.

“Tim [Geithner] and Larry’s whole plan is just like Argentina in the 1980s,” Warren told author Ron Suskind in September 2009, while he was working on “Confidence Men,” a book on the aftermath of the financial collapse. “There was this giant hole marked ‘Banks’ and the government just dumped money in that hole, as much as they had, while they lied about it. That’s what Larry thinks: that the US is Argentina!”

While Warren and Suskind were waiting at a terminal in Washington’s Reagan National Airport, Warren began to sing, “Don’t Cry for Me, Argentina.” Several started to applaud, and she modified the verse, with Summers in the role of Eva Peron.

“Why not?” Warren said with a laugh. “He might understand things better as a woman.”

Summers, according to the Globe, in turn privately (but not publicly) opposed Warren to head the Consumer Financial Protection Bureau...

Please read the entire post here.

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