Today it was leaked that Larry Summers, President Obama's chief economic advisor and former President of Harvard, will be leaving the White House, probably after the mid-term election. The Daily Beast sought commentary on the shake up, and Nomi Prins, former Goldman Sachs Managing Director gave a quote that brought joy to my heart, namely because it is so caddy.
Journalist, former managing director at Goldman Sachs
“The departure of Larry Summers from President Obama’s economic advisory free-market squad is similar to that of the high school degenerate who left the keg party after the last barrel was emptied and the place was demolished. Only it was the reckless financial deregulation he promoted through the Glass-Steagall repeal as treasury secretary in 1999 that led to the Great Bailout Party of 2008, where Wall Street drank the federal subsidy barrel dry and left the general economy trashed. It’s high time he left, but it should have happened long ago. Now, if only Treasury Secretary Tim Geithner would follow suit.”