Thankful Yellen, not Summers, heads Fed

Albert Hunt's op-ed, "Four ways President Obama can get his groove back in 2014," Jan. 7, points out that President Obama's insularity, by surrounding himself with unqualified people, has hindered his success as president. This is exemplified by selecting Larry Summers as his first choice to replace Ben Bernanke at the Fed. Remember that Summers was one of the architects of the recent financial crisis by recommending, together with Robert Rubin, Alan Greenspan, and Arthur Leavitt, that over-the-counter derivatives (like credit default swaps) should not be regulated.

The Congress then passed Commodity Futures Modernization Act of 2000 as a rider to an Omnibus Appropriations Bill by the by sense of the Senate (no recorded votes) Dec.15, 1999. This led to the global financial crisis from which we are still recovering. So, bottom line, I'm glad Janice Yellin is our new Fed chairman. Maybe she can help get us out of this mess.

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