Activism Works

It was thrilling to read a couple of days ago that Lawrence Summers has withdrawn his name from consideration as the next Chairman of the Federal Reserve. It meant that all of those petitions that kept showing up in my Inbox (and later my Sent folder) had actually had some effect. Technically Summers' withdrawl was the result of four Democratic Senators on the Banking Committee announcing their opposition to his appointment. But the Senators' announcement just reflected the messages they had been receiving for weeks from us unwashed masses. Even the Wall Street Journal acknowledges, regretfully it seems, that it was the opposition of progressives that carried the day.

Summers was well known to be Obama's choice even if the nomination had not yet been made, and Obama is reportedly pissed at the organized opposition to Summers.

Obama's embrace of Summers should be all the argument needed against anyone who still wants to pretend that the President is a leftist/progressive (let alone a socialist). The left was dismayed that Obama had installed Summers as head of the National Economic Council and as one of his principle economic advisers at the beginning of his administration. Summers was, after all, one of the poster boys for the deregulation measures which led to the mess Obama inherited. For Obama to focus on the role Summers has played in the recovery is something like giving a medal to someone who helps extinguish a fire that he, himself, lit. And, unfortunately, Summers seems to think the recovery is moving along quite satisfactorily because Wall Street is doing well.

A lot of the opposition to Summers focused on his abrasive personality and his misogynistic statements before he was forced to resign as President of Harvard. I never much cared about that, because I am not convinced those are legitimate reasons for his disqualification, and I thought there were plenty of other good arguments against making him chairman of the Fed. 

I also know that Summers cannot be held responsible for the below-the-radar sexist campaign against JanetYellin, the other principle, and most logical, contender for the chairmanship. Still, Summers is part of the very old-boys club group that seems to be leading the charge against Yellin. The argument heard the most against Yellin is that she lacks "gravitas," which at least one commentator considers code for lacking a Y chromosome.