It was announced yesterday that Larry Summers, the head of the Obama administration's National Economic Council, is leaving at the end of the year. I say good riddance. Obama's economic team is the main reason the the Democrats are going to get hammered in the midterms. Summers was a main reason that unemployment was not adequately addressed and hence the electoral hammering that is about to happen. They had, and still have, way too much faith in the financial sector to do what is right for this country. The financial sector only care about themselves, and their collective bottom lines, not the general welfare of our country. But already the political right, and the financial sector, are clamoring for a replacement who is more business friendly. More business friendly than Bob Rubin acolyte Larry Summers? What do they want? To have Obama dig up Milton Friedman from the grave and reanimate him like Dr. Frankenstein? We need someone far more keynesian in their philosophy, like Paul Krugman or Robert Reich, for the job, though I am pretty sure Krugman has no interest, with deflation being the next big worry on the path we're on. Instead I am expecting some neo-liberal replacement who is closer to Milton Friedman than he/she is to Larry Summers never mind to either Krugman or Reich.
But meanwhile Summers is gone and that makes me very happy...time for a bit of gloating!!!
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