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‘Ludicrous’ to suggest Yellen Fed inaction on rates is political: Larry Summers (Ha ha ha ha ha ha!)

Wednesday, October 5, 2016 8:54
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DAVOS/SWITZERLAND, 26JAN13 - Lawrence H. Summers, Charles W. Eliot University Professor, Harvard University, USA, delivers a statement during the Session 'China's Next Global Agenda' at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 26, 2013. Copyright by World Economic Forum Monika Flueckiger

This is coming from Larry Summers. Larry Summers, Treasury Secretary to Bill Clinton and likely member of any Hillary Clinton team.

We’ve been told forever that the Federal Reserve is “independent” and apolitical. That is a myth. (That’s the nice word.) Of course it’s political.

Really, in the United States, a place where we are supposed to be economically free, we shouldn’t be discussing the disposition of a financial politburo any way. There should be no Federal Reserve politburo.

(From CNBC)

Summers said GOP presidential nominee Donald Trump‘s suggestions that Fed Chair Janet Yellen is keeping rates steady to burnish the legacy of President Barack Obama by not jolting the economy are “ludicrous.”

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