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Political Factoid
Larry Summer's* record was not so good:
- He blocked the regulation of
"creative" financial derivatives
(under President Clinton).
- He advocated repeal** of the
Glass-Steagall Act of 1933
(which had been preventing commercial
banks from participating in the more risky
investment banking).
- He advocated a smaller financial
stimulus in 2009.
- He resigned as president of
Harvard University over sexist.
comments
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The United States Secretary of the Treasury
under President Clinton and the person said
to have been favored initially by President
Obama in 2013 to replace Ben Bernanke as
Federal Reserve Chairman
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| ** |
Indeed, it was that very repeal (of the Glass-
Steagall Act) that enabled (i.e., led to)
what caused the financial collapse of the
nation's economy in 2008. |
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