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SEP 15, 2013 - Forbes

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Larry Summers' Demise: Politics and the Fed

It wasn’t supposed to be like this. Leading federal officials were supposed to be chosen on merit, not on ideological purity or whether or not they were acceptable to special interests. Perhaps the Father of All the Founding Fathers, James Madison, hated special interests. In Federalist Papers #10, which he co-authored, he warned of the power of “factions” and how they could eventually undermine the national interest. For pretty much the same reason, he also hated political parties. The United States of America was an experiment and much too fragile to be in the throes of groups that cared ... Read More

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