Larry Summers

Following parts one, two and three of the Global Power Project’s Group of Thirty series, this fourth and final installment focuses on a few of the G30 members who have played outsized roles both in creating and managing various financial crises, providing a win

By Dr Sarah Marusek | MEMO | December 16, 2013

December 23 marks the 100th anniversary of the Federal Reserve. Dissatisfaction with its track record has prompted calls to audit the Fed and end the Fed. At the least, Congress needs to amend the Fed, modifying the Federal Reserve Act to give the central bank the tools necessary to carry out its mandates.

Barney Frank is no longer a Member of Congress and his influence on the House Democrats' fiscal agenda has been largely supplanted by that of former Wall Street executive Jim Himes (New Dem-CT). As we saw last week, the New Dems have been boasting that a quarter of all House Democrats are now Members of their caucus.

In his searing and incisive book analyzing the Cheney presidency, Angler, Barton Gellman goes into how Cheney was able to neutralize his old crony, Fed Chair Alan Greenspan when he decided to cripple the American economy with a catastrophic tax cut for the wealthy, specifically designed to foster and accelerate economic inequality. They violated a principle that keeps a country's central banker independent of partisan politics.