by Graham Summers, Gains Pains & Capital:
The markets roared higher over the weekend when Larry Summers withdrew his candidacy for Fed Chairman. This makes Janet Yellen of the San Francisco Fed the current favorite for next Fed Chair.
Truth of the matter is that neither candidate should be considered for Fed Chairman.
Summers was one of the chief architects for the 2008 meltdown, repeatedly pushing back on anyone who wanted to regulate the derivatives markets. This in of itself should bar him from ever being considered for a position of influence in the financial markets.
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