The Internet was all a-Twitter Wednesday when news broke
that Larry Summers, director of the National Economic Council, will step down
by the end of the year.
Summers -- ring a bell? Maybe you remember his comments as
president of Harvard that gender skewed admissions numbers might be explained
by female frailty in the area of math and science. Or perhaps you remember his
role, chasing away Brooksley Born, chair of the Commodities Futures Trading
Commission (CTFC) in order to push through Clinton�s deregulations -- you know,
the ones that helped lead to the current crash.
Mary Bottari over at Banksters already found an upside for
Summers: �Just think of the reception he will receive when he returns to Wall
Street! Never have so many financiers been made so rich because of the actions
of one man.�
Sure enough, in addition to returning to his well-paid
position at Harvard, Summers will no doubt return to his lucrative career as a
public speaker -- he took in $2.7 million in speaking fees the year before
joining the administration. Or to his hedge fund where he earned $5.2 million a
year for a one day a week job before heading to Washington.
Two other top Obama economic advisers already left -- Peter
Orzsag and Christina Romer -- and Time is now reporting that Rahm Emanuel may
be on his way out as well. Are they -- pardon the expression�rats leaving a
sinking ship? Or is their dread work simply done?
Some hope that the administration is turning in a new
direction, toward a second tier of advisers who might be more progressive . . .
Don�t bet on it. The Washington Post reports that the
White House is considering trying to �blunt criticism� that they have been
The Devil we know certainly has friends. Time for other
voices to be raised, loud, fast.
The F Word is a regular
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