Bernie Sanders, the Independent U.S. Senator from Vermont who takes pretty much every opportunity he can to excoriate Wall Street for profiting at Main Street expense, posted a statement at his website Sunday in response to the announcement that finance-industry friend and deregulation champ Larry Summers was withdrawing his bid to become Federal Reserve chairman.
The statement is being passed around the Web as a perfect articulation of one (large) school of thought on the Summers nomination.
“I applaud Larry Summers for withdrawing his name from consideration,” Sanders wrote. “The truth is that it was unlikely he would have been confirmed by the Senate. What the American people want now is a Fed chairman prepared to stand up to the greed, recklessness and illegal behavior on Wall Street, not a Wall Street insider whose deregulation efforts helped pave the way for a horrendous financial crisis and the worst economic downturn in the country since the Great Depression. The Fed now must help develop policies which create millions of decent-paying jobs and rebuild the middle class.”
[ Image: Larry Summers ]