Some Democrats oppose Summers pick for Fed: report

[progressoid]

Some Democrats oppose Summers pick for Fed: report

LOS ANGELES (MarketWatch) -- President Obama appears to be leaning toward his former economic adviser Larry Summers as his pick for the next chairman of the Federal Reserve, but he's facing opposition from fellow Democrats worried about Summers's track record, according to the Washington Post. The White House is currently gauging the level of pushback over Summers, who some Democrats oppose for his role in undoing Wall Street regulation when he served as Treasury secretary late in the Clinton administration, the Washington Post's Wonkblog reported. Specifically, Summers was involved in the repeal of the Glass-Steagall Act, which had forced the separation of retail and investment banks following the mass bank failures of the 1930s. A separate Wall Street Journal report said a number of Democratic senators were circulating a letter petitioning Obama to instead choose Fed Vice Chair Janet Yellen to replace incumbent Ben Bernanke, who is widely expected to step down when his term expires at the end of January. The report said roughly a third of all Senate Democrats had signed the letter. However, the Washington Post said the White House sees Summers as having changed his views on deregulation since the 1990s and that current opposition to him as a possible Fed chief is based on old information.

http://www.marketwatch.com/story/some-democrats-oppose-summers-pick-for-fed-report-2013-07-25

[Fire Walk With Me]

1. Fuck Wall Street, Fuck Summers! ALL democrats should be screaming against him!

The death of Glass-Steagall is what is said to have provided for banks using the housing market as a gambling chip, forcing homeowners into foreclosure through such tactics as double-tracking (instantly foreclosing upon those taking the purposefully bad advice to miss a home payment in order to qualify for a loan modification).


It’s Not a Housing Boom. It’s a Land Grab
http://colorlines.com/archives/2013/05/the_dangerous_new_housing_boom.html

Many in the political and financial class are holding up this relatively positive new housing data as proof that the country has reached an economic oasis. And at first blush, the situation can be construed to be positive. The value of the U.S. housing market has climbed back to $16 trillion, exactly where it was before the economic crisis. Home prices and permits for new construction are up by double digits nationwide.

But rather than an oasis, these new gains might be an economic mirage. The reality of the current real estate renaissance is that the rich and those on Wall Street are raking in the cash while large segments of the population—especially historically marginalized communities—remain stuck in a downward, alternate housing reality.

Generally, housing recoveries are fueled by millions of Americans with new jobs, higher wages, available credit from banks and overall confidence that things will get better. But the real economy that most people live in day-to-day is too weak for all of that. Jobs are in short supply, wages are at historic lows and credit for middle and working class Americans is tight. With their economic ladder into homeownership taken away, many Americans can no longer participate in the housing market.

snip

Just in the last 12 months, Wall Street’s Blackstone Group has raised $8 billlion to buy up homes on Main Street. Following suit, according to The New Republic, JP Morgan Chase—the nation’s largest bank—has organized a fund to purchase 5,000 single-family homes in states with some of the most depressed real estate prices. As I wrote last year, a former Morgan Stanley housing strategist left that bank, organized a billion dollars, and is purchasing up to 10,000 homes with these new resources.

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Also, the "Fed" or federal reserve is the culprit which printed trillions of dollars to bail out banks and wall street, none of which we shall ever again see. Putting another bailout boy in that position will DUH result in more malfeasance at the expense of the US taxpayer.

It's theft, not a bailout!

Edit: A Politics 2013 forum post reveals Summers IS a flat-out Plutonomist shill:

Citigroup Says Summers Working as Consultant Since at Least 2012
http://www.bloomberg.com/news/2013-07-26/citigroup-says-summers-working-as-consultant-since-at-least-2012.html

What's a Plutonomy, you ask?

FIRST REPORT: “Plutonomy: Buying Luxury, Explaining Global Imbalances”
SECOND REPORT: “Revisiting Plutonomy: The Rich Getting Richer”
THIRD REPORT: "The Plutonomy Symposium: Rising Tides Lifting Yachts"

http://our99angrypercent.wordpress.com/2011/11/27/download-citigroup-plutonomy-memos/

[progressoid]

3. Yup.

[Divernan]

2. "(T)he White House is currently gauging the level of pushback..."

Of course there are still hosiery marionettes posting on DU, trying to convince others that Obama is NOT seriously considering Summers and/or trashing Yellen as being "worse" than Summers. I'll rely on the Washington Post and the Wall Street Journal to pass along White House leaks, as well as the fact that nearly a third of U.S. Senators are petitioning Obama to instead choose Janet Yellen. Leopards do not change their spots and the same holds true for Summers and his views on deregulation and women.