This shows incredibly poor judgment and out-of-control greed from someone who will be regulating businesses to see that precisely these sorts of things don't occur. Oh, and by the way, hey, and how is Summers with women? Ugh!
"It does appear that on many, many different human attributes--height, weight, propensity for criminality, overall IQ, mathematical ability, scientific ability--there is relatively clear evidence that whatever the difference in means--which can be debated--there is a difference in the standard deviation, and variability of a male and a female population."
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The Boston Globe reported on the speech on January 17. According to The Globe, an MIT biologist who was in attendance walked out, explaining that if she hadn't, she "would've either blacked out or thrown up." And as The Globe made clear, the anger at the speech was about more than just what Summers said. Up to that point during his tenure, the percentage of tenured offers made to women by Harvard's faculty of Arts and Sciences had severely dropped. In 2004, only four of a total of 32 offers went to women, a result Summers called unacceptable. Following the speech, Summers faced a 218-185 no-confidence vote, and the lingering anger eventually led to his resignation in 2006.
Is the opposition to Summers' appointment a hopeful sign of better things to come? We sure hope so!
Next to former Clinton Treasury Secretary Robert Rubin, there is perhaps no more notable public official most identified with Third-Way economics than Summers.
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Occupy Wall Street seems like an minor event today, but if current trends continue in hindsight it is going to look like a turning point in American history. All across the country, opposition to the economic and political establishment and their order is growing. The same people who told us nothing could go wrong with bank deregulation and turning our economy from one of production and innovation to one of flim-flammery and an ever-growing list of financier's card tricks, are now under growing pressure from the discontent in the country.
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Ten years ago ... even five years ago ... Summers would have been hailed and feted for his "keen insight" or whatever. Pundits would sing his praises. Everyone would vigorously defend him, from the president on down. CNBC would give us a glowing 1-hour documentary of his life and times. But now he's under fire.
There's also a good piece from Daily Kos imagining a contest between Hillary Clinton and Senator Elizabeth Warren (D-MA) for the presidency. Such a contest between two highly qualified candidates of the same color and gender would enable Americans to focus on the economic principles that Clinton and Warren represent. Third-Way corporatism versus true populist progressivism. We need to see to it that Summers does not get to be Chairman of the Federal Reserve, but even more, we need to hold the Obama Administration's current economic philosophy up to the spotlight and to discredit it
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