Garfield: Hold the line, please http://lightmongers.co.uk/charity.html cash advance on car I had to laugh when I heard that the Fed might be called in to act if we had another financial crisis. Normally the response is lower interest rates and more liquidity, but the Fed right now has all it’s fire engines outside and all the hoses running full blast dousing us with money and interest rates are still close to zero. Actually the worry should be about how Fed activity now is contributing to tomorrow’s problems. I don’t see Yellen or Summers being particularly vigilant to that concern or sensitive to it. We really need someone who understands markets and regulation and the real economy. Two people who fit that bill are Sheila Bair and Thomas Hoenig. As far as arguments floated to support Summers, they are fake discussions. The real reason Obama wants Summers is that Bob Rubin and his acolytes are orchestrating a campaign to give Summers his dream job. The Obama economic team are all Rubin allies having kicked out anyone not so aligned, and as a result out of touch and insular. Larry Summers is just not that popular or appreciated by the country at large, and for good reason, he helped create today’s problems while in the Clinton administration.