Janet Yellin for FED chair
ecthompsonmd
September 10, 2013
Personally, I think that if you have proven that you have fumbled the ball in critical situations, you probably shouldn’t get the ball in critical situations. This concept works in football and it should work in government. Larry Summers was a big cheerleader for deregulation. He squashed the regulation of derivatives, which would’ve prevented the meltdown of Long-Term Capital Management in the ’90s and would’ve prevented the great recession. All we needed to do was regulate derivatives. (Let us not forget that this month marks the 10th anniversary of the meltdown of Lehman Brothers.) Economist Joseph Stiglitz has more: The controversy
