Larry Summers Unveils What Will Happen When He Becomes Hillary's "Vice-President of Money"

Larry Summers readying his ‘Draft Larry Summers ‘16’ campaign.
Author:
Updated:
Original:

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.

Larry Summers: Here’s what Bernie Sanders gets wrong – and right – about the Fed [WaPo Wonkblog]

Related

Larry Summers Supposedly Too Rough Around The Edges To Be Named Fed Chairman

Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we'd say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told "close friends" that regardless of whether or not Obama wins a second term, he's ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be "at the top of the list," the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. ...[Summers is] a serious economist who knows his numbers and has a worldview that is similar to the president’s. He would be expected to continue the loose money policy of Mr. Bernanke. But one of the knocks against Mr. Summers is that he has a reputation for not playing well with others. He has had his own run-ins with the president. And if you consider the Treasury secretary and Federal Reserve chairman as a tag team, you would have to be confident that whomever you pick for Treasury secretary would get along well with Mr. Summers. So he called some former students assholes. So he'll cut a bitch for getting between him and his steady stream of Diet Coke. So he chooses to sleep through co-workers' particularly boring presentations. So he makes female colleagues feel like "pieces of meat." So he shoots people unequivocal death stares that say, "I could have you killed and no one would find out" for the mere suggestion he might want to consider wearing socks. Is all that to say he's not an otherwise affable guy who'd make a fine workmate and prized addition to an office softball team? Casting Dual Roles At Treasury And The Fed [Dealbook]