Larry Summers for Fed Chief… He's got my vote. Absolutely!
Why? You just have to get to know the guy and you'll see he's perfectly qualified to head the Federal Reserve.
Here's just part of his resume.
From 1982-1983, Larry Summers was on staff at Ronald Reagan's Council of Economic Advisers. That's where Lawrence of Enablers earned his "Deregulate Everything" T-shirt.
After his brief stint on the Gipper's Council, where he was taught how real pros corral free markets for personal profit, the Enabler headed back to Harvard to teach kids (and himself) how to squeeze personal wealth out of mere economic theory.
He got his next shot at stardom as Chief Economist of the World Bank in 1991. He was there until 1993.
While there he wasted no time shining a light on himself.
In a 1991 interview he famously said, "There are no limits to the carrying capacity of the earth that are likely to bind any time in the foreseeable future. There isn't a risk of an apocalypse due to global warming or anything else. The idea that we should put limits on growth because of some natural limit is a profound error and one that, were it ever to prove influential, would have staggering social costs."
Who knew that the science of economics, which is more like an art-and in Larry's case nihilistic art-had branches in meteorology, geophysics and earth science?
Now check out what he did next…
Editor's Note: Is Bernanke and the Fed about to suffocate the careless investor? New report reveals shocking details on what could happen to your investments when the cheap money implodes. Go here.
In December 1991, while still green at the World Bank, Larry signed a memo that was rather quickly leaked to the press. The memo had this Larry tidbit in it, "The economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that…. I've always thought that under-populated countries in Africa are vastly underpolluted."
Larry said the musing-memo was intended as sarcasm. His buddy economist Lant Pritchett, whose name was also attached to the memo, said the memo was doctored to remove context and intended irony, and was "a deliberate fraud and forgery to discredit Larry."
Still, Larry did such a good job of dumping on down-on-their-luck countries that the World Bank is famous for enslaving with their indentured servitude loans that in 1993 he was offered the same kind of job by new President Bill Clinton. He accepted and got the title Undersecretary for International Affairs at Treasury.
In 1998, Larry, along with U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt, Fed Chairman Alan Greenspan, and Secretary of the Treasury Robert Rubin, torpedoed an effort to regulate derivatives. There would be none, as in no regulation of the weapons of mass financial destruction whose fuses had already been lit and would in short order explode financial systems into a very black hole.
Apparently Larry's "Deregulate Everything" T-shirt caught the eye of Clinton's top Government Sachs employee, Treasury Secretary Robert Rubin. Legend has it that Bobby took Larry under his wing, kind of like a big-brother mentoring thing.
About the Author
Shah Gilani boasts a financial pedigree unlike any other. He ran his first hedge fund in 1982 from his seat on the floor of the Chicago Board of Options Exchange. When options on the Standard & Poor's 100 began trading on March 11, 1983, Shah worked in "the pit" as a market maker.
He helped develop what has become known as the Volatility Index (VIX) - to this day one of the most widely used indicators worldwide. After leaving Chicago to run the futures and options division of the British banking giant Lloyd's TSB, Shah moved up to Roosevelt & Cross Inc., an old-line New York boutique firm. There he originated and ran a packaged fixed-income trading desk, and established that company's "listed" and OTC trading desks.
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