Edward, you had me ready to celebrate Bernanke’s dismissal over the BofA/ML deal until you floated the idea of Larry Summers replacing Bernanke. I’d rather have the Finance Minister of Zimbabwe at the head of the Fed than an uber-rentier like Summers.

I pray that Obama will wake up and fire Geithner and Summers some fine day in the very near future. He needs to have a nice leisurely lunch with people like Marshall Auerback, Michael Hudson, Paul Volker, and Edward Harrison on a day when Summers takes a day off from raping the middle class and is out of the office. Judging by his work for D.E. Shaw, Fat Larry doesn’t work too hard, so that shouldn’t be hard to arrange. Then the hard work of re-drawing the social contract in this country might begin in earnest. Until then, it’s status quo as far as the eye can see, with a long, slow decline in our standard of living.