Obama: Next Fed chair should take ordinary people into account when setting monetary policy

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  • Updated: July 27, 2013 - 9:20 PM

WASHINGTON — President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy.

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mylittleidJul. 27, 13 4:36 PM

Larry Summers would be a terrible choice for chairman of the Fed. Summers supported the Gramm-Leach-Bliley Act, which repealed key provisions of the Glass-Steagall act. This deregulation contributed to the financial crisis leading to the recent great recession. Summers went on to block efforts to regulate the derivatives markets. It was those markets that turned a relatively benign subprime mortgage problem into an economic catastrophe. When he was President of Harvard, Summers made a risky $3.5 billion bet on the derivatives market that ultimately lost $1 billion in value and forced Harvard to borrow huge sums to meet the margin calls. This man should be kept as far away as possible from a position like chairman of the Federal Reserve. He clearly lacks the judgement required by such a position.

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petepelosiJul. 27, 13 4:38 PM

So now YOUR policies failed results are your own Fed Chiefs fault? Is Ben the president? When did that happen? Is Obama serious? Of all the really idiotic things this unqualified loser has said, this is top ten for sure. Man, you voters really picked a winner....TWICE. God help America.

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theagonybhoJul. 27, 13 4:38 PM

No the next FED chief should take the country into account when setting monetary policy. Can we stop with the stimulous, we will never correct as long as the feds keep propping the economy up.

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larbo1Jul. 27, 13 4:41 PM

Reading Obama's comments makes me wonder if he understands the role of the Federal Reserve. Either way, the USA is full of average Joes and Jills who have benefitted in several ways from low inflation and low interest rates.

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furguson11Jul. 27, 13 4:46 PM

You mean they don't now? Wow. To bad all the average Joe's each have a vote.

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petepelosiJul. 27, 13 4:48 PM

So now YOUR policies failed results are your own Fed Chiefs fault? Is Ben the president? When did that happen? Is Obama serious? Of all the really idiotic things this unqualified loser has said, this is top ten for sure. Man, you voters really picked a winner....TWICE. God help America.

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beaglemomJul. 27, 13 5:07 PM

Wow. Only took him five years to figure this out? I am sure there is some award he will garner for being "so in touch".

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supervon2Jul. 27, 13 5:13 PM

And the reason he wants is because it will continue to hold high unemployment levels. High unemployment keeps Liberals elected because they promise what the can't deliver to buy votes. BTW, the "common Joes" are his union providers of campaign funds.

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vlombardyJul. 27, 13 6:18 PM

mylittleid is correct concerning Larry Summers. He would add to the financial problems of the country, not solve them. Yellen seems to be a better candidate, but is favored by Wall Street which certainly says nothing good about her. We need someone who is willing to tax Wall Street and the reckless derivatives markets. There is absolutely no chance of that happening with Obama or any other politician in Washington--except Elizabeth Warren, who should be the next President.

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pitythefoolsJul. 27, 13 6:23 PM

"President Barack Obama says his next Fed chairman should take ordinary people into account when setting monetary policy."

Like that's ever going to happen in our Plutocracy.

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