NOT wanting to be raked over the coals for his part in the fubar (NOT regulating derivatives AND
his intimate relationship with banks) Summers opts OUT.....Yellen (who called the housing
bubble and has MORE economists backing) is FINALLY being given a break.....pending announce
ment sometime this month.......(Funny how this is playing out because overseas the news was
breaking that Summers HAD THE JOB.....(with annoucement forthcoming)???? WTH???
The Fed chairman is quite possibly the second most powerful man on Earth. I didn't want Summers in that post. And as much as I dislike Bernanke's War on Savers, the markets would prefer one of his minions to take over.
Thomas Sowell: There are no solutions, just trade-offs.
..."Even if Yellen does win the Fed job, that doesn't solve Obama's larger problem of having steered the economic conversation in the wrong direction for months. He has locked himself in a bubble in which he bases his relationship with his economic advisers on "trust" (code for familiarity) even when their advice is at odds with the ample evidence from the real world.
To shut out the opposition to Summers, the president had to have been wearing earplugs. How closed is his economic circle? How well do they fit the profile of honest brokers about our economic situation? Loyalty is a great thing. But that kind of trust is clearly not working for Obama. Maybe he should stop relying on those he knows, and rely instead on those who know what they're doing."
And new numbers per Yahoo. The poor are unemployed in much greater numbers versus the rich. New record. With an ally like Obama, the poor are worse off.
Thomas Sowell: There are no solutions, just trade-offs.
