It has been reported that Larry Summers is the leading candidate to replace Ben Bernanke as Chairman of the Federal Reserve. Summers would be a disastrous choice. He lacks all credibility at this point. Along with cronies Robert Rubin and Alan Greenspan, Summers actively blocked efforts to regulate the kinds of financial derivatives which contributed to the financial crisis of 2008. As part of the Clinton administration, Summers supported the deregulation of the financial sector, further contributing to the eventual financial calamity which we are still dealing with as a nation. In the aftermath of the Great Recession, Summers has never admitted or apologized for his role in the crisis. He is reckless and irresponsible. He has no business running such an important institution.
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