Former treasury secretary Lawrence Summers, who was under former President Bill Clinton, may be the next chairman of the Federal Reserve. Summers was also President Barack Obama’s top economic advisor during the 2008 campaign and helped Obama get elected.
So, it’s understandable why Obama is in deep denial over the pain and damage Summers brought to tens of millions of Americans. Summers was one of the key players during the Clinton years, creating the mortgage derivative bubble that cost millions to lose their home and life savings.
Summers, as Clinton’s treasury secretary, supported the banking lobby’s efforts to make the sale of unregulated bundles of mortgage securities and phony insurance swaps legal. And Summers, under Clinton, was one of those responsible for repealing the Glass-Steagall Act that protected insured deposits of little people.
If President Obama lacks the common sense and approves of this greed enabler to be the next Federal Reserve chairman, there will be a lot more economic problems for America.
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