Just paint me like this, the portrait will hang forever.
It would be not quite correct to say that Larry Summers, Clinton loyalist that he is, is feeling the Bern.
It does seem that Larry has, however, been warmed slightly by all of the Berning, most especially by the future historical footnote’s angry diatribe prior to his pre-Christmas nap. Larry doesn’t exactly like a lot of what Bernie has to say, but he does like some of it, and he especially likes the opportunity it gives him to speak his mind, which few enjoy quite as much as does the perennial smartest guy in the room.
Specifically, he’d like to ask Bernie to stop being the Paul family’s unwitting tool in creating their reactionary wonderland before time and to stop banging on about Glass-Stegall, whose murder Larry abetted and which he has conclusively proven didn’t play the slightest role in the financial crisis. With that out of the way, allow Larry to explain how he will fix everything when President Hillary makes him Treasury Secretary, SEC chairman and Fed chairman simultaneously.
First, the financial regulatory agencies would be adequately resourced and would not be under pressure to kowtow to legislators pushing their contributors interest.…
Second, the Balkanized character of U.S. banking regulation is indefensible and would be ended. The worst regulatory idea of the 20th century—the dual banking system—persists into the 21st….
Third, the current SEC and CFTC would be combined and charged with regulating in a coherent way all financial markets with respect to market integrity, manipulation issues, insider trading, transparency, fairness of execution, and systemic risk….
Fourth, either the new agency formed out of the SEC and CFTC or the existing FSOC would take on systemic risks associated with asset management in a serious way….
Fifth, there would be appropriate taxation of financial activities and the financial sector.
Ah, the hell with it: Let’s just make Larry Summers president. He promises it will go better than his first presidency.