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Wellington Daily News - Wellington, KS
A blog 'for independent minds'
Exit Larry Summers
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Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion ...
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Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion section of the MetroWest Daily News in Framingham, Mass. As such, our focus starts there and spreads to include Massachusetts, the nation and the world. Since successful blogs create communities of readers and writers, we hope the \x34& Co.\x34 will also come to include you.
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By Rick Holmes
Sept. 16, 2013 5:06 p.m.



What a great way to celebrate the five-year anniversary of the great financial crisis than by seeing one of its authors, Larry Summers, withdraw from consideration as chair of the Federal Reserve.

I’m tempted to trumpet this as another sign of the powerful influence of Elizabeth Warren, but there’s no need to diminish the efforts of others – especially the other three Democrats on the Banking Committee who, along with Warren, promised to oppose Summers’ nomination – who have had the guts to dissent from their party’s leadership.

Everyone describes Summers as the smartest guy in the room – and that’s certainly how Summers sees himself.  But he’s also a Wall Street insider, a revolving door traveler, a what’s good for big corporations is good for America guy who doesn’t play well with others.  The Fed is better off without him as chair.

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