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  1. #1
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    LARRY SUMMERS Withdraws from FED Chair Consideration

    Today, according to the Wall Street Journal, Larry Summers withdrew his name from consideration for chair of the Federal Reserve.

    "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Summers said in the letter.
    http://www.huffingtonpost.com/2013/0...n_3931476.html

    http://online.wsj.com/home-page (breaking announcement)

    The groups arrayed against his nomination were formidable.

    I wonder if the default choice is now Janet Yellen.

    Janet Louise Yellen is an American economist and professor, who is the Vice Chairwoman of the Board of Governors of the Federal Reserve System. Wikipedia

  2. #2
    I can't breathe. chrisrobin's Avatar
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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    ...........



    God bless us, every one! - Tiny Tim

  3. #3

    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    I have to say I could never understand why he was considered a front-runner in the first place.

    http://www.cepr.net/index.php/op-eds...t-be-fed-chair

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Is he a Republican or Democrat?

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Looks Like Yellen is the favoured candidate to run the central bank...dovish and a smooth successor to Bernanke.

    http://money.msn.com/business-news/a...15&id=16901176

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Does this represent one of the final nails in Obama's effectiveness coffin? Is he no longer relevant?

    I am beginning to think so. And I don't see the 2014 midterms offering any relief.

    The embarrassing setback reveals an administration increasingly hamstrung by occasional opposition of liberal Democrats, not just its familiar Republican opponents. It adds to the rocky nature of Mr. Obama’s fifth year, following the failure of a gun-rights bill, the stalling of an immigration overhaul and the lack of progress on a budget deal, on top of the back-and-forth over whether to conduct airstrikes in Syria to punish the Assad regime for a poison gas attack that killed hundreds of civilians.
    http://www.nytimes.com/2013/09/16/bu...f.html?hp&_r=0

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Adding to this thread…



    How a Small Team of Democrats
    Defeated Larry Summers—and Obama

    The president's presumptive choice for Federal Reserve chair
    withdrew his name from consideration on Sunday.


    By David A. Graham
    September 15 2013 | http://www.theatlantic.com/politics/...-obama/279688/

    … In July, almost a third of the Democrats in the Senate sent a letter to Obama imploring him to appoint Janet Yellen to the job instead. While the letter didn't mention Summers, it was clearly a rebuke to the White House's reported preference. Progressives worried that Summers was too much a part of the Clinton-era economic team that they charged with helping to make the Great Recession possible, and they argued that Yellen had been right more frequently on crucial recent economic issues.

    But Obama was reportedly angry at the letter, and dispatched aides to Capitol Hill to vent and get the troops in line. While Majority Leader Harry Reid promised to support whomever the president picked, he apparently wasn't able to keep his caucus completely in line, leading to today's withdrawal.…

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    JUB Addict maxpowr9's Avatar
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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    ^Actually, many pundits point solely to Elizabeth Warren on the D-side in defeating his nomination: she is on the financial/banking committee after all. If both the far-left and the far-right hate him, you know you have zero chance of getting nominated.

    If Summers was by serendipity elected to be chair, the markets would have tanked. Good riddance.

  9. #9

    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    I don't blame him for withdrawing. Since the republican held congress has made such a huge mess of government and refuse to do any word, who would want to work with a group like that?

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Quote Originally Posted by maxpowr9 View Post
    ^Actually, many pundits point solely to Elizabeth Warren on the D-side in defeating his nomination: she is on the financial/banking committee after all. If both the far-left and the far-right hate him, you know you have zero chance of getting nominated.

    If Summers was by serendipity elected to be chair, the markets would have tanked. Good riddance.
    Read the same re Warren. The NYTimes reported that Summers went to Warren last Friday to salvage the expected nomination and was told ain't happening.

  11. #11
    JUB Addict maxpowr9's Avatar
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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Quote Originally Posted by palbert View Post
    Read the same re Warren. The NYTimes reported that Summers went to Warren last Friday to salvage the expected nomination and was told ain't happening.
    I know karma is a bitch but I did a little research which turned up hilarious information. Summers was President of Harvard when Warren was a professor there and he made and outrageous statement that basically said: "women are inferior to men in STEM fields". He even went so far as to block her from the Consumer Protection Agency Bureau or w/e it is called. Turnabout is fair play and Warren said FU to Summers and Warren despite her "junior" status as a senator, carries a fair amount of brevity on the Democratic side of the Senate.

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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Glad to hear the political pressure from the Democrats and Warren defeated Obama's crony consideration of appointing Summers. That was clearly a Wall Street favor Obama was forced to pay back from their campaign donations.
    #439th oldest member on JUB.

  13. #13

    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Quote Originally Posted by maxpowr9 View Post
    I know karma is a bitch but I did a little research which turned up hilarious information. Summers was President of Harvard when Warren was a professor there and he made and outrageous statement that basically said: "women are inferior to men in STEM fields". He even went so far as to block her from the Consumer Protection Agency Bureau or w/e it is called. Turnabout is fair play and Warren said FU to Summers and Warren despite her "junior" status as a senator, carries a fair amount of brevity on the Democratic side of the Senate.
    Just what we need another Senator who carries grudges ...

  14. #14
    JUB Addict maxpowr9's Avatar
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    Re: LARRY SUMMERS Withdraws from FED Chair Consideration

    Quote Originally Posted by Jack Springer View Post
    Just what we need another Senator who carries grudges ...
    Warren wasn't the one that said women were inferior in STEM fields or do I have explain what "STEM" is? It's Science Technology Engineering Mathematics. Summers did and it is why Harvard ousted him as President. Do we really need another chauvinist pig in a prominent position? I think not.

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