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Thread: Larry Summers withdraws name for Fed chair job

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    Larry Summers withdraws name for Fed chair job

    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
    Thoughts?

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    Re: Larry Summers withdraws name for Fed chair job

    More signs that Obama's prior unfettered support from demorats in congress is fading as concern over the 2014 election looms.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Neomalthusian View Post
    Thoughts?
    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
    Last edited by trfjr; 09-15-13 at 09:16 PM.

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    Re: Larry Summers withdraws name for Fed chair job

    Janet Yellen looks to be more of a watchdog with teeth - this may be a good idea.
    "The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." `Thomas Jefferson

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Neomalthusian View Post
    Thoughts?
    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.

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Neomalthusian View Post
    Thoughts?
    Fine by me.

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Bob N View Post
    Janet Yellen looks to be more of a watchdog with teeth - this may be a good idea.
    Quote Originally Posted by aberrant85 View Post
    Fine by me.
    To both of you: what would have been your reaction had Summers become Chairman of the Federal Reserve?

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Neomalthusian View Post
    To both of you: what would have been your reaction had Summers become Chairman of the Federal Reserve?
    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.

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    Re: Larry Summers withdraws name for Fed chair job

    Quote Originally Posted by Neomalthusian View Post
    Thoughts?
    I am surprised he is self aware of his complete incompetence.

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    Re: Larry Summers withdraws name for Fed chair job

    This is a good article on his downfall.

    First Take: Summers done in by two sets of critics
    As a dreamer of dreams and a travellin' man, I have chalked up many a mile.
    Read dozens of books about heroes and crooks and I've learned much from both of their styles!

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