Irony and the New Fed Chairman -- Progressives Support Continued Excess Financial Profits for the 1%

I have a column up at Forbes on Monday discussing the irony of how progressives, in opposing Larry Summers as Fed Chairman, have essentially made common cause with the 1%, who opposed Summers because they feared that he might end the quantitative easing gravy train for the financial markets.


  1. ErikTheRed:

    Progressives screaming for corporate welfare and trickle-down economics? New word for this: ironyception.

  2. mesaeconoguy:

    Summers served a useful purpose in that he symbolized a potentially abrupt, rude end to QE.

    The irony was that he was pushed internally by Obama repeatedly and continuously, until it became apparent that much of his leftist base would not confirm him. The cost of Republican votes to compensate was too high as well.

    Markets are now asking “Now what?” as Yellen appears to be a shoe-in (though not a done deal). Even if this absurd QE – which is most definitely driving accumulation of wealth for the 1% - continues, the market is finally starting to ask “How long can this continue?”

    The answer seems to be until it stops. That could be next week, could be 5 years, or longer. And we can’t stop voluntarily now.

    The patient has been stabilized, but now he’s addicted to morphine.