To: President Donald Trump
President Obama: Whip It, Whip It Good
Please give legitimate questions about Larry Summers' suitability for the position of Federal Reserve chair more consideration than offhanded quips about a "progressive whipping boy."
Why is this important?
President Obama has dismissed legitimate concerns about Larry Summers' suitability to be Federal Reserve Chairman, saying that progressives are just making Summers their "whipping boy."
But consider:
1. As Treasury Secretary under President Clinton, Larry Summers was one of the men most responsible for the misguided policies that led directly to the financial crash of 2008.
2. As chief economist at the World Bank, Larry Summers argued that "under-populated countries in Africa are vastly under-polluted.” He later claimed that his remark was meant to be ironic.
3. As president of Harvard University, Larry Summers claimed that “issues of intrinsic aptitude” may be why relatively few women have tenured positions in science and engineering.
4. As director of the White House National Economic Council under President Obama, Larry Summers drafted the plans that resulted in the inadequate stimulus and premature deficit reduction that have made the Great Recession worse and longer.
You almost have to wonder if Larry Summers has ever had a job he's done well!