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Summers's View on Monetary Policy Not So Hidden Jeff Madrick, NND, Jul 31, 2013 Jeff Madrick

Though some have claimed Larry Summers's views on monetary policy are unclear, his time in public service reveals a history of accomodating Wall Street over Main Street.

The reason Larry Summers has become a leading candidate for Federal Reserve chairman is because President Obama is now leaning his way. No, I don’t have direct proof of that, but some journalists claim they have heard this from insiders. And the reason this is credible is that Obama is a centrist on economic issues.

America’s Main street economy versus the Wall Street By Duane Catlett July 29, 2013 Independent Record

There is no connection today between Wall Street (the financial industry) and the Main Street economy (jobs and disposable family income) as evidenced by the fact that the stock markets are at an all-time high but job growth remains stagnant. In this economy, those jobs that are being created tend to be lower paying with fewer benefits than the jobs that are being lost through Congressional budget cuts, and most destructive of all the wealth gap continues to accelerate.

SAC Capital indicted, accused of 'systematic insider trading' By Andrew Tangel July 25, 2013 L.A. Times

U.S. Atty. Preet Bharara, the top federal prosecutor in Manhattan, announced the grand jury's indictment of SAC Capital on Thursday. The indictment, which names SAC Capital and related entities, alleges one count of wire fraud and four counts of securities fraud. A news conference is scheduled later Thursday.

The indictment alleges "systematic insider trading" from 1999 through 2010, "resulting in hundreds of millions of dollars of illegal profits and avoided losses at the expense of members of the investing public."

Lucky's Business Plan by Tadit Anderson

This is most likely of no interest to any reader outside of Columbus, Ohio. The principle of as above, so below holds. The crony capitalism and financial fraud on Wall Street and in "the City" on High Street is reflected also on Main Street.

I have not seen a copy of Lucky's Columbus's business plan, even so there are several points that are very obvious.

The Next Chair of the Federal Reserve Must be a Regulator By Robert E. Prasch, NEP blog, Posted on July 25, 2013

If we go by the rumors circulating in the financial press, the Obama Administration is on the verge of selecting a proven failure – Lawrence Summers – to be the next Chair of the Federal Reserve System. This is the man, let us recall, whose greatest success in office was to work for the repeal of Glass-Steagall in 1999 and the nudge along the passage of the Commodity Futures Modernization Act of 2000 (which forbade any agency from regulating Credit Default Swaps).

Michael Hudson Shreds Obama’s Orwellian Speech on Middle Class Prosperity From Yves Smith of Naked Capitalism

Michael Hudson was so incensed by what he called a “Blairesque” speech by Obama on Wednesday that he took it upon himself to comment on its all-too-frequent sleights of hand and outright fabrications. However, you’ll also notice that the speech contained so much bullshit (in the Harry Frankfurter sense of indifference to the truth ) that eventually Hudson’s comments thin out a bit.

Stop Larry Summers Before He Messes Up Again by William Greider on July 20, 2013 The Nation

Washington insiders are spreading an alarming news alert. Barack Obama, I am told, is on the brink of making a terrible mistake by appointing Lawrence Summers as the new chairman of the Federal Reserve. That sounds improbable, since Summers is a toxic retread from the old boys’ network and a nettlesome egotist who offended just about everyone during his previous tours in government. More to the point, Summers was a central player in the grave governing errors that led to the financial collapse and a ruined economy.

Quantitative Easing is not Automatically A Keynesian Measure By Henry C.K. Liu This article appeared in AToL on J

In early April, 2013, the Bank of Japan, a central bank, under its new Chairman Haruhiko Kuroda, announced that it will implement both quantitative and qualitative easing (QE and QualE) to stimulate the stalled Japanese economy. (Please see my April 17, 2013 Article: Bank of Japan Bashing)

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