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(CNN)   The guy that indirectly/directly caused the 2008 financial crisis has withdrawn his bid to be the next Federal Reserve Chairman   (money.cnn.com) divider line 57
    More: Spiffy, Larry Summers, Federal Reserve, Chairman of the Federal Reserve, Janet Yellen, National Economic, advice and consents  
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1041 clicks; posted to Politics » on 16 Sep 2013 at 9:02 AM (42 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-16 08:19:34 PM

Smoking GNU: Arkanaut: GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

*reiningraining*

Sorry, pet peeve


Because you goddamn deserve it!
 
2013-09-16 09:31:44 PM
Elizabeth Warren for President!

Please don't shoot her!
 
2013-09-16 10:51:39 PM
Dwight_Yeast:

JP Morgan supported and pushed for the Federal Reserve (he actually wanted to see us take the next step and set up a completely independent central bank) because he was tired of bailing the US economy out all by himself.

Assuming this is true, I'd like to know more. Do you have a source?
 
2013-09-16 11:02:32 PM

The Rev. Numbers: Dwight_Yeast:

JP Morgan supported and pushed for the Federal Reserve (he actually wanted to see us take the next step and set up a completely independent central bank) because he was tired of bailing the US economy out all by himself.

Assuming this is true, I'd like to know more. Do you have a source?


http://www.jekyllislandhistory.com/federalreserve.shtml

This doesn't really get at JP Morgan's motivations directly, but you can kinda infer it from the text.  He really did pretty much resolve the Panic of 1907 pretty much by himself.
 
2013-09-17 03:00:13 AM

Autistic Hiker: The Rev. Numbers: Dwight_Yeast:

JP Morgan supported and pushed for the Federal Reserve (he actually wanted to see us take the next step and set up a completely independent central bank) because he was tired of bailing the US economy out all by himself.

Assuming this is true, I'd like to know more. Do you have a source?

http://www.jekyllislandhistory.com/federalreserve.shtml

This doesn't really get at JP Morgan's motivations directly, but you can kinda infer it from the text.  He really did pretty much resolve the Panic of 1907 pretty much by himself.


There was a panic in 1907 and I wasn't informed?
 
2013-09-17 05:15:58 AM

GoldSpider: Thank you, I made the mistake of staying up to watch that travesty of a football game last night.


The trouble with Arsenal is they always try to walk it in.
 
2013-09-17 10:35:40 AM

Wendy's Chili: Arkanaut: Wendy's Chili: Arkanaut: Wendy's Chili: Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.

From your link:
In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.

About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.

Whatever.  You're making a claim based on an indirect reading of hidden intent from a vast conspiracy, which tells you that a lifelong academic and public servant is somehow in the palm of corporate America and its financial masters, as opposed to the person who has in fact been paid millions of dollars by banks and hedge funds, and who has in fact advocated for the policies that allowed them to pillage the economy at great profit.

There's nothing indirect about this:

"they also said, by a 5-1 margin, that they preferred Yellen."


Here's a concept.

What if investment managers prefer Yellen over Summers because they KNOW SHE WON'T TIGHTEN MONETARY POLICY TOO EARLY AND SUPPRESS ECONOMIC RECOVERY???

Look, I'm with you on scumbag investment managers who look out for themselves being nigh-opposite guides for what policies are good or bad for the rest of America. However, the Fed has a big lever that says "LOOSE" on one side and "TIGHT" on the other, and anyone with a brain can look at the unemployment rate and say, "maybe we shouldn't yank away the extra funds just yet".

Yes, banks make a heap of profit from low interest rates, and the Fed can't quite help that. But with fiscal policy at a standstill and locked down by the right (AND some of the left), the Fed is the only group who can push down on the gas a little and keep money circulating. And it is just full - FULL - of hawkish officials who think unemployment is low enough already, and we should take away the punch bowl to keep inflation from going the slightest hair above 0.00001%.

Summers might have pandered to them. Yellen doesn't want to. Investment managers might like loose monetary policy in general, but they also know the economy is skating on thin dang ice, and if it plunges again altogether they'll have a hard time keeping profits up.

Here's the key indicating factor, if you hadn't noticed: As much as you say investment bankers and Wall Street prefer Yellen, the anti-Keynesian RIGHT WING on the political scene HATE Yellen! Which one of those groups is less invested in an economic recovery under Obama's watch?

Wall Street's interests and ours may rarely coincide, but that doesn't make it an automatic "never". Loose monetary policy is where we should be on the same page until Congress gets the right wing lock pried off of its grid. Loose interest rates aren't the IDEAL fix, but wait until fiscal policy finally gives us some progressive investment and demand-stimulating spending before slamming on the monetary brakes, please.
 
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