Larry Summers officially fell on his sword over the weekend by removing his name for consideration to be the next Federal Reserve chairman. I'm sure this came as a relief to the White House (they probably orchestrated the move), who has more than enough on their plate right now with Syria and finding more money to fund the government at the end of September. It also sparked a huge overnight fall in the stock market.
So the question is, are we going to see a female dollar? I hope so, I think it could be a nice change to see what a female could do as chairperson of the Fed. I am of course referring to Janet Yellen, who is number two at the Fed. One thing I think about government and politics is that you can be completely incompetent and if you just stay around long enough, you get pushed up the food chain to the top job. The official name for this phenomenon is the Peter Principal. The Peter Principle is a proposition that states that the members of an organization where promotion is based on achievement, success, and merit will eventually be promoted beyond their level of ability. The principle is commonly phrased, "Employees tend to rise to their level of incompetence." Continue reading "Summer Is Over and Larry Summers Is Out Of The Running"