Team Summers Woos the Left
Zachary Goldfarb draws on interviews with close colleagues of Larry Summers to divine the kind of policies he might pursue as Fed chair. The gist is that Summers wouldn’t depart from Bernanke’s basic approach, but he favors more stringent capital requirements for major financial institutions and he is interested in using the Fed’s power to reform the financial system to help lower- and middle-income Americans. Goldfarb’s sources seem keen to tamp down left-liberal objections to Summers’ nomination. Mike Konczal of the Roosevelt Institute offers a somewhat skeptical reply.