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Larry Summers' biggest blunder   Dean Baker  RWER Blog

The prospect of seeing Larry Summers as chair of the Fed has angered many policy types in Washington and across the country. There is a multi-count indictment that includes his support for the repeal of Glass-Steagall, his opposition to regulating derivatives, his notorious comment about women possibly lacking the ability for sophisticated mathematical reasoning, and his protection of the big banks in his years as President Obama's National Economic Adviser.

These are reasonable issues to raise as Summers is being considered for the country's most powerful economic position. But the most important charge has generally been left off the list. Summers played a major role in creating the economic imbalances that fostered the housing bubble and explain the weakness of the economy right up to the present. This is the problem of the huge U.S. trade deficit, which was in turn caused by the over-valued dollar.

The Minotaur, like The Creature from the Black Lagoon, doesn't poop, so there is no recycling.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 3rd, 2013 at 09:48:48 AM EST

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