Scariest of all is Obama’s apparent backing of Larry Summers for the chairmanship of the Federal Reserve. Secretary of the Treasury under Clinton, Summers was among the loudest voices clamoring for deregulation in the ’90s, and he was instrumental in Glass-Steagall’s repeal. The last thing we need at the wheel of US fiscal policy is a man known for his anything-goes attitude towards Wall Street.
If we want the hard lessons of 2008 put into practice, we need more regulation, not less — and Glass-Steagall is a good start.
: The Editorial Page
, Elizabeth Warren, London Whale