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Larry Summers withdraws name for Fed chair job

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Neomalthusian

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Summers tells Obama that he "reluctantly concluded" that the confirmation process would be "acrimonious and not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation's ongoing economic recovery."

FULL STORY - CNNMoney
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Thoughts?
 
More signs that Obama's prior unfettered support from demorats in congress is fading as concern over the 2014 election looms.
 
Neomalthusian said:
Thoughts?
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more then likely he sees the storm coming over the horizon of run away inflation cause by the billions the feds have been printing that will soon cause runaway inflation in the lose of the dollar being dropped as the worlds currency and he doesn't want any part of it
 
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Janet Yellen looks to be more of a watchdog with teeth - this may be a good idea.
 
Neomalthusian said:
Thoughts?
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Relief! Nevertheless, my money says it will be another Goldman Sachs appointee. The secrets of the kingdom lie in the workings of the currency and you have to keep the secrets close. More of the same.
 
Neomalthusian said:
To both of you: what would have been your reaction had Summers become Chairman of the Federal Reserve?
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I would have thought of it as another example of how Obama is not a liberal, but a pragmatist. There's a lot of pressure to continue a Fed that is chummy with the banks out of fear that they will have a tantrum and cause another panic. So it would have seemed like Obama just wanted to not cause a freak out instead of choosing a more fed chief with more populist support.
 
Tis a shame. The smartest guy in the room pulled out of the running. Yellen is a shoe-in.
 
Summers is a very smart guy and is probably qualified. But he's also a bit too much of a prima donna.
 
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