Obama May Need Republican Help If Picks Summers For Fed

[Purveyor]

WASHINGTON | Tue Aug 27, 2013 12:53pm EDT

(Reuters) - President Barack Obama will likely have to contend with Democratic defections and bring some Republicans on board to support Lawrence Summers if he chooses the controversial former Treasury secretary as the next chairman of the Federal Reserve.

Summers, one of Obama's chief economic advisers during the financial crisis, and Fed Vice Chair Janet Yellen are considered the leading candidates to replace Ben Bernanke as the United States' top central banker.

Any nominee for Fed chairman is likely to face a contentious bid for approval by the Senate, where Obama's Democrats hold a majority.

Many lawmakers were unhappy with the unprecedented measures the Fed took to prop up the financial system during the 2007-2009 credit crisis, and some think the U.S. central bank overstepped its bounds by buying government debt to drive down borrowing costs. That sentiment could work against either candidate.

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http://www.reuters.com/article/2013/08/27/us-usa-fed-congress-idUSBRE97Q0RH20130827

[msongs]

1. and possibly, psychological help as well nt

[Autumn]

2. We are all gonna need help if Obama picks Summers for the Fed.

[elfin]

3. Wall Street wants Summers

So Summers it will be no matter who is Pres. ( except if Warren magically ascends shortly.)

IMO the barons of the Street behind the scenes are threatening a huge crash to bookend Obama's presidency unless they get their ever more greedy wishes.

[Wilms]

4. ^