SalemNews.com, Salem, MA

Opinion

August 9, 2013

Column: Smoke and mirrors

(Continued)

After it was obvious that Obama wasn’t going to bring any criminal prosecutions against the perps of the Great Recession, while still in Obama’s employ, Summers aggregated a total of $3.7 million from speaking engagements with Citigroup, Goldman Sachs, et al. (He is currently a consultant for Citigroup and plays golf with Obama.)

Obama has identified Yellen and Summers as the front-runners for his selection of the new Federal Reserve Chairman. Janet Yellen is eminently qualified and would be the first woman to lead the Federal Reserve. She also sends shivers down the spines of the financial elite. Summers, on the other hand, is a flunky for big-money interests, whose style has been described as “bluff precision.” We can’t afford a financial leader who has only a 20 percent success rate, whose main qualifications are his ego and his access to the financial power elite. On top of all that, he’s a sexist!

We need a 21st century solution, not a 19th century snake-oil salesman. We need somebody to work for the greater good, not just for their own good.

Janet Yellen may be only boring but effective, but based on her performance, she is the clear choice.

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Joseph F. Doyle is a freelance writer based in Salem.

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