Summers Withdraws Name for Fed Chairmanship

[The Straight Story]

WASHINGTON— Lawrence Summers, a former U.S. Treasury secretary, called President Barack Obama Sunday to say he is pulling out of the contest to succeed Ben Bernanke as chairman 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," Mr. Summers said in a letter to the president that followed the telephone call.

The move forces Mr. Obama to look to other potential candidates for the Fed job including Janet Yellen, the Fed's vice chairwoman; Donald Kohn, a former vice chairman; and former Treasury Secretary Timothy Geithner. Mr. Obama has said that he interviewed the first two. Mr. Geithner has said he isn't interested.

In a statement, Mr. Obama said he accepted Mr. Summers's decision. He described him as "a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today."


http://online.wsj.com/article/SB10001424127887323981304579077442028100408.html

[LittleBlue]

1. Fantastic

He described him as "a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today."

That statement is offensive on so many levels.

[Stargazer09]

12. We are seeing progress?

I don't see a lot of economic progress in my little part of America. But maybe it's improving for other people.

[LittleBlue]

21. Not only as virtually all of the economic gains gone to the wealthiest Americans

Summers was actually part of the problem. He was a key part of the deregulation drive and invested heavily in interest rate swap derivatives at Harvard, derivatives being the financial vehicle that destroyed the world economy. He went from not even being a millionaire to being worth $15-$30m on speaking fees (and other influence peddling schemes) from big banks.

No way should he even be allowed near government officials.

[Stargazer09]

29. I know

The guy is a crook, pure and simple. I'm glad he's gone, but I'm angry that he did so much damage to the rest of us.

[Lucky Luciano]

72. Interest rate swaps are pretty mild derivatives.

They are also the vast majority if notional outstanding for all derivs.

[Aerows]

123. Anything that causes the Harvard endowment

to have $1 Billion vanish isn't a "mild" derivative or a "safer risk".

[Lucky Luciano]

179. Not saying Summers is a good trader.

Could just as easily drop a yard in stocks or bonds (particularly longer dated bonds).

Summers probably traded the IRswapq with a lot of leverage. Anyone can lose a lot at anything that way.

[Aerows]

183. The bond market is going to soar knowing he's out of the running

Please don't pretend he's good for anything.

It's insulting to yourself.

But I suppose if you wish to self-flagellate and tell me how he'd be great for the Bond market, please do.

I'll listen, patiently.

[Lucky Luciano]

186. I have nothing particularly good to say about Summers.

I was speaking only about IR swaps being a milder derivative.

I don't think Summers being out of the running will have much impact on the bond market. I certainly don't expect the bond market to soar absent some economic shock. Yellen and Bernanke are on the same team more or less, so she would probably continue his policies and hints at tapering fed bond purchases.

She is my pick too.

[Aerows]

187. He's a destructive economist

He has proven it time and again. She is my pick because she has a cool head, and if you check bond prices, they've already gone up one percent since he bowed out. Everyone in the world was taking a breath praying that destructive idiot didn't take the helm.

You need a cool head for that position, and Larry Summers could quite possibly do something fantastic as a 1% chance, or it could end in catastrophe which is the 99% likelihood of him running anything.

[Lucky Luciano]

189. I see the 10 yr better by 2.5 bps. With SPX up 1%.

I admit that is a strong bond move given the SPX move, but it is not like the 10 year bond moved a whole point.

Also hard to say how much of the SPX move is Syria related. Probably most of it.

Yes - Summers is a smug douche. Yellen has a strong relationship with all the fed governors. She should be a no brainer.

[Aerows]

193. No Brainer. n/t

[Lucky Luciano]

210. I stand corrected on market impacts of summers' exit.

Was out of town from Wednesday and missed a lot of the news. Didn't realize that there were reports out there that Summers was already given the nod etc.

[dixiegrrrrl]

202. Hey Lucky..

Just wanted to pop in and say hi, haven't seen you around, and always appreciate your input into matters financial.

[Lucky Luciano]

242. Hey DG!

Usually too super busy for much participation. I do lurk a lot and occasionally have quick one liner posts that are more of a bookmark for me than any kind of conversation.

Nice to see you!

[Enthusiast]

104. Why doesn't the President recognize this?

Or, does he recognize this?

[Aerows]

185. It isn't going to help reducing the value of bonds

Increasing the value of them is a double-edged sword, but one that I think Yellen will make the right decision upon for our future generations. Summers would have just dumped the shit out of it and let everyone claim our assets as a nation because of inability to pay our bonds when he over leveraged them.

Good God. The fate we escaped with that asshole.

[Left Coast2020]

195. Maybe thats where we come in...

I think he said something pertaining to "make me do it".

Okay, then lets make him nom. Ms. Yellen.

As Ed says, "Lets get to Work".

[Phlem]

59. I know,

I was like HUH!?!?

Maybe progress means not completely going down the toilet.



-p

[Stargazer09]

205. I think we have differing definitions

I consider economic progress being made if most of the country is making enough money to be comfortable. I don't see that happening yet.

They seem to think differently.

[Phlem]

236. No, we're thinking the same thing

"I consider economic progress being made if most of the country is making enough money to be comfortable. I don't see that happening yet. "

Agreed, the only economic progress has been for the 1% and corporations.

For the rest of us nothing.

So I thought maybe his definition was, he stopped the bleeding economically and he's calling that progress.

I haven't had a full time job in 5 yrs. I'm nearing 50 so I don't know if that has anything to do with it, but I see a lot of my colleagues still looking for work. And where I live, we're surrounded by upper middle class and the 1% but in the last 5 years, all those fancy cars driving around our area have disappeared and have been replaced by used cars and beaters.

We live about 5 miles from Microsoft with another Microsoft campus on the other side of us plus Seimens, and slew of other tech companies.

I think we agree.

-p

[Spitfire of ATJ]

68. Romney got a raise.

[Aerows]

184. Romney is more of a stock man

but he's probably diversified. People that actually invest in our nation breathe a sigh of relief, I'm sure.

[Spitfire of ATJ]

191. Here's the thing. One of the ways the government pays for things is by issuing bonds....

Those bonds are traded on the Bond Market.

Wall Street considers the Bond Market to be it's RIVAL for investment capital.

This is why the Republicans are always running up the debt and claiming the government is broke. It's to discourage people from buying bonds. The way they talk it makes it sound like the government will default on those bonds and you will be left with worthless paper. It's also why Alan Greenspan made it so those bonds pay practically nothing in interest. Another boogieman Alan Greenspan has debunked is the notion that there will be a run on bonds. Since bonds are (for the most part) traded and not cashed there is never going to be a time when the government can't meet it's obligations to pay as the bulk of the bonds are in a perpetual float.

People like Romney get money from dividends on stocks and the entire focus of the economists has been on growing the Stock Market and paying shareholders. That's also why things like "jobs" aren't even considered since payroll is considered to be a liability on company ledgers.

[Stargazer09]

206. What else is new?

The guy has so much money that he's practically guaranteed a raise, even if the rest of the country is falling apart.

[Spitfire of ATJ]

211. Romney was great at one thing....

Being an example of the kind of rich bastard you WANT see have his taxes raised.

His spoiled sons were also a good example of raising the inheritance tax or "Death Tax" as Republicans like to call it.

[Stargazer09]

234. Amen to that

His sons take arrogant and spoiled to a whole new level.

[progressoid]

99. Yeah, it's improving.

For Summers and his cronies.

[Stargazer09]

207. I hope they burn in hell

Or better, considering the things they've done, I want them to lose all of their money and their credit ratings. Force them to live like an average American, living paycheck to paycheck, always worrying about how to keep a job when the corporations don't care about their employees.

Let them see how the rest of us live.

[cheapdate]

125. I was out of work for almost six months in 2009 because of the recession,

so things are definitely better off from a personal perspective. The Recovery Act benefited our company in an indirect, but significant way. I learned that I don't like deep recessions, I don't like them at all.

[socialist_n_TN]

133. Get used to them. As capitalism spirals downward.........

and the rate of profit for companies drop, these shocks, deep recessions and long depressions, will not only continue to happen, but will happen more frequently. Recovery times will become shorter between slumps and less beneficial, at least for the average worker. In other words, what happened in 2007/08 and the recovery from same will become the norm rather than a once in a lifetime event.

[Stargazer09]

208. I'm glad things are improving for you

I hope they continue to do so.

I just wish more people would see such positive results.

[Heather MC]

167. You are not looking up high enough the 1% are doing great!

[Stargazer09]

209. There you go!

I wasn't able to see the top of the food chain!

It would be nice if the money could trickle down a bit more, though.

[deutsey]

200. I know...I nearly choked on my morning tea when I read that part in the OP.

For the very wealthy, there's been a monstrous amount of economic progress since '08. For the rest of us, not so much.

[Stargazer09]

204. Oh yeah

They've gotten a lot richer, when they honestly didn't need the money. Come on, after a certain point, you can't even spend all of it in one lifetime.

[Enthusiast]

103. It exposes the true sentiments of the President.

I agree.

[CaliforniaPeggy]

2. I was SO SURE that this was the Onion...

I had to check to make sure it wasn't.

Wow. What great news!

I could not be more pleased.

[Stargazer09]

15. Me, too!

I'm very glad he withdrew.

[DURHAM D]

38. Me too.

[antigop]

40. I thought so as well. WHOOHOO! nt

[OregonBlue]

50. Me too. I also had to check to make sure. Sounded too good to be true!!!

[Katashi_itto]

94. Same here

[LiberalAndProud]

3. Good.

[brentspeak]

4. Afterwards followed by Summers immediately reestablishing his lucrative ties to Citi n/t

[xchrom]

5. good. he should have done that much sooner.

time for him to retire all together and go spend time with his family.

[KelleyD]

6. Yes!!! n/t

[arcane1]

7. He actually did something I agree with!

Plus, he spared us all a lot of in-fighting

[lyonn]

49. Haha, great reply - nt

[marmar]

8. BACKFLIPS !!!!

[Autumn]

9. Yes!!!!!!!!!!!

[morningfog]

10. Fan fucking tastic!

[liberal_at_heart]

11. Let's hope Obama doesn't just jump from Summers to Geithner.

[Stargazer09]

13. He tried

The fact that Geithner was in the running bothers me a lot.

[tiredtoo]

102. Geithner has already bowed out. eom

[Stargazer09]

108. I know

I saw that earlier. But Geithner was on the list of potential replacements, according to the article.

[roamer65]

69. Geithner is ok.

Love him or hate him, he did his job at the FRB of NY well in 2008. The reason we are not in a second Great Depression is because of Paulson, Geithner and Bernanke. They delivered the needed liquidity to stabilize the situation.

[Vanje]

81. "They delivered the needed liquidity to stabilize the situation". .....for the banks

and left everyone else struggling.

There has been no recovery for the rest of us.

[roamer65]

93. I understand...

but do understand it could have been much worse. If we had followed the Andrew Mellon 1930's way of no bailouts we would now be staring 25 pct unemployment in face like early 1933...or maybe even worse.

The present situation is a failure of our do-nothing House of Representatives to pass needed jobs and work programs. Hopefully that will change in 2014.

[Enthusiast]

107. The bailouts should have been conditional.

And those responsible for the fraud should still be in prison.

[socialist_n_TN]

136. "The bailouts should have been conditional.".........

That is an important statement and should be said again. So I did. I also agree with your second sentence too.

[rhett o rick]

178. how about the banks and their fucking derivatives? What has your team of experts done

about that? Millions have lost their homes and retirements and the banksters are wallowing in profits and you back the banksters.

[Cryptoad]

110. We need a economist with some sense at the Helm

Krugman for Chairman !

also amazed as how short some peoples memories are,,,,,, If you believe their post your would think that things are worst now than when Bush2 left us...... geeez!


Know your Enemy!

[rhett o rick]

177. Holly smokes. They saved the banks. We are still screwed. You

are one that believes that the crumbs we receive from the 1% is all we need and therefore we must protect them.

I say bullshit. It's time to nationalize the fucking big banks that are robbing us blind.

[Mass]

117. Geithner has already said NO, so no risk there.

Just the latest proof of the media being unable to report properly.

[roamer65]

150. Maybe...maybe not.

He's running the selection process.



I would have loved to have been a fly on the wall for the call between Geithner and Summers.

[PragmaticLiberal]

190. If I had to make a choice between the two give me Geithner.

[gopiscrap]

14. Excellent

[irisblue]

16. this is good news

[Vanje]

17. Yayyyy!

YAYYYY!!!!!

If there was a beer in the fridge, I'd pop that bad boy, and drink it in celebration!


Fucking YAYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!!!!!!!!!

[Melinda]

18. Public pressure DOES work. Great news! n/t

[woo me with science]

19. +1

[tomg]

26. Sometimes, and this could be one of them.

So since we never know when it will work, we need to keep the pressure on them all the time.

[woo me with science]

20. The 99 percent is finding its voice.

Let's keep it up!

[liberal_at_heart]

23. People are waking up. Isn't it great?

[BelgianMadCow]

37. It is

and the best part is, waking up is IRREVERSIBLE.

[awoke_in_2003]

112. First Syria, now this...

is it possible that DC is starting to hear us?

[heaven05]

148. I think the Democrats are finally hearing us

if it had been a rethug as POTUS, this defeated snake would have been in.

[Aerows]

22. Best news I've heard all day

That idiot should be in a prison cell for pissing away 1 billion dollars when he mismanaged Harvard's funds. The damage that jackass could have done with 3 Trillion would have likely been more than the global economy could withstand. May he fade quietly into the woodwork and never be in charge of anything financial, including the till of a children's bake sale, ever again.

[Vanje]

30. From your keyboard to God's gaze. nt

[Aerows]

36. One can only hope!!

[dkf]

44. Seriously, what was Obama thinking? Glad he knows when to back down...so far.

[Aerows]

80. I don't know

But Summers is poison.

[MADem]

124. I think Summers backed down--he didn't want to have to deal w/Warren at hearings. nt

[Aerows]

129. That would have been epic.

In any case, we as a nation and global part of the economy dodged a bullet.

[roamer65]

160. Geithner is running the selection process.

I would love to have been a fly on the wall for the convo between him and Summers.

[MADem]

192. Summers may have just backed off of his own accord--after all, Geithner wouldn't have

been holding his hand while EW excoriated him. I could be totally off, but he'd have to be pretty clueless to have believed he would do well at a hearing. And I can't see Geithner pleading for him to tough it out.

Ya never know, though...!

[Vanje]

24. Crosspost Pimpin my grrrl: Janet Yellin

http://www.democraticunderground.com/10023672683

[Aerows]

111. I hope for her, too

She seems to be highly qualified AND level-headed, things needed at the Fed. Not to mention, she also has a strong backbone instead of the childish bluster of an idiot like Summers.

[MADem]

126. Yellen is the new favorite. nt

[nadinbrzezinski]

25. I am quite pleasantly shocked

In a good way

[Egalitarian Thug]

27. Whew. n/t

[ewagner]

28. Good. No further comment required.

[Vanje]

31. Oh Thank God! I wont have to foment revolution ....this week, any way

I can clear my calender for beer drinking, and playing with my doggies.

[socialist_n_TN]

138. Well, don't put down the Marx just yet.......

Ironic that I was just on a call where we discussed Rosa Luxemburg's "Reform or Revolution". One bullet dodged from the magazine of a machine gun.

[ljm2002]

32. Great news!

Guess he saw the writing on the wall.

K&R

[KoKo]

33. Great News! Now I've gotta check out Donald Kohn!

and maybe there's another one lurking that could be picked instead of Janet Yellen.

But, this so good to hear. Hopefully he listened to the Wall Streeters who are not part of the Greed Crowd who thought Yellen was steady and not an attention seeker.

Anyway....

[Baitball Blogger]

34. Well, that worked out well for everyone.

[DJ13]

35. Thank you Larry

You asshat.

[whttevrr]

39. whewww...

[quakerboy]

41. Interesting.

Wonder who's up next in line?

[KoKo]

46. Article says Yellen or Donald Kohn. Here's Kohn's Bio:

Systemic Resolution Advisory Committee Member Biography
Donald Kohn

http://www.fdic.gov/about/srac/bios-members/kohn.html

Donald Kohn is a Senior Fellow in the Economic Studies Program at the Brookings Institution. As the former vice chairman of the Federal Reserve, Kohn is an expert on monetary policy, financial regulation and macroeconomics.

He advised Federal Reserve Chairman Ben Bernanke throughout the 2008-2009 financial crisis and also served as a key adviser to former Fed Chairman Alan Greenspan.

Kohn is a 40-year veteran of the Federal Reserve System. Prior to taking office as a member of the Board of Governors of the Federal Reserve, he was an adviser to the Board for Monetary Policy (2001-02), secretary of the Federal Open Market Committee (1987-2002), director of the Division of Monetary Affairs (1987-2001), and deputy staff director for Monetary and Financial Policy (1983-87). He also held several positions in the Board's Division of Research and Statistics: associate director (1981-83), chief of Capital Markets (1978-81), and economist (1975-78). He has also served as chairman of the Committee on the Global Financial System (CGFS), a central bank panel that monitors and examines broad issues related to financial markets and systems.

Kohn has written extensively on issues related to monetary policy and its implementation by the Federal Reserve. These works were published in volumes issued by various organizations, including the Federal Reserve System, the Bank of England, the Reserve Bank of Australia, the Bank of Japan, the Bank of Korea, the National Bureau of Economic Research, and the Brookings Institution.

He was awarded the Distinguished Achievement Award from The Money Marketeers of New York University (2002), the Distinguished Alumni Award from the College of Wooster (1998), and the Honorary Degree, Doctor of Laws, from the College of Wooster (2006).

Kohn received a B.A. in economics in 1964 from the College of Wooster and a Ph.D. in economics in 1971 from the University of Michigan. He is married and has two adult children and four grandchildren.

[Oilwellian]

82. also served as a key adviser to former Fed Chairman Alan Greenspan

Ugh.

[roamer65]

115. That should disqualify him immediately.

[Aerows]

120. First thought

that crossed my mind.

[Aerows]

121. Oh God, no

Just no.

[KoKo]

127. Yep...bothered me, too. At least he's not from Harvard...that's the plus

and that he's old enough to have seen what Greenspan's policies did to American Public.

But then...some never learn...no matter what they are faced with that confronts their ideology.

And, then I've read on some Business Sites that Yellen is no "pro-active enough" so that Obama might have someone not Kohn or Yellen in mind as a Surprise.

I'm cautious....but, thank the "WHATEVER" that Summers is OUT! He would have been such a disaster with his attention grabbing antics.

[Aerows]

132. I think Yellen is a good choice

I'm so so on anyone linked to Greenspan's policies. In any case, anybody but Summers is a freaking relief, so there is a shot of having someone the people can have confidence in. The only confidence I have in Summers is that when you shake his hand, you have to count your fingers afterwards to make sure they are all still there.

[socialist_n_TN]

142. So another neo-liberal Freidmanite?........

That would be an expected choice.

[KoKo]

145. True...lie down with dogs or cats in the wild...and one Ends up with Fleas.....

So...there's that old saying.

WATCH WHAT THEY DO.....NOT WHAT THEY SAY!

[Vanje]

47. Janet Yellin

http://www.democraticunderground.com/10023672683

[BumRushDaShow]

42. And there you have it.

Best news of the day!

Another link - http://www.cnbc.com/id/100997096

[lyonn]

43. This news made my day!!

So much doom and gloom on the news and then this...... Obama can do better finding someone to handle "our" money - hope I have that right?! Isn't that what the Fed does....

[VanillaRhapsody]

45. so another poutrage bites the dust...

[VanillaRhapsody]

54. waah somebody call the Whambulance!

they seem to be running out of stuff to Whaaaa about !

[joshcryer]

52. I think Summers deserves full credit for not allowing Obama to nominate him.

[WilliamPitt]

66. What does that even mean?

Summers was a terrible nominee. These events prove that. So what the blue fuck are you talking about?

[VanillaRhapsody]

71. You have not seen comments that suggest that since Summers is the "nominee" Obama is evil incarnate?

a Neocon puppet etc etc etc?

That poutrage has officially ended. Queue new reason to hate President Obama.....

[WilliamPitt]

78. You sound like a fortune cookie.

In that your "wisdom" comes printed on very small slips of paper.

Derp.

[VanillaRhapsody]

83. and you haven't been sounding very wise at all lately...

derp a doo right back at

[Vanje]

84. I put that poster on ignore for a bit

but I missed the comedic genius of her posts.

[Warren Stupidity]

130. More like a committee of fortune cookies. N.T.

[VanillaRhapsody]

219. I am not the one "predicting the future" with obviously invalid fortune cookies

as the "Hair on Fire Brigade" around here....predictions that inevitably are proven wrong...over and over and over again. But we should listen to all your poutrage...because it is oh so very serious!

[muriel_volestrangler]

161. No, VR sounds like someone who hates most DUers - and Elizabeth Warren

plus other people who had valid objections to Summers. So, now that the poor candidate has withdrawn, VR wants to call these valid objections "poutrage", because only VR is allowed to have valid objections. The rest of us (including Elizabeth Warren) are spoiled princesses if we think our opinion counts for anything.

[VanillaRhapsody]

217. Who is objecting to Summers?

THIS is what I hate.....you guys CONSTANTLY taking anyone who criticizes your whining and poutrages to mean that they support the opposite. Couldn't be farther from the truth....I am just making fun of all those who thought the world was going to end and Summers would DEF. be the Fed Chair nominee.....the constant predicting of the future...the "hair on fire reaction to something that hasn't even happened and constantly proven wrong! Then the expectation that you will be taken seriously over and over and over again.

[FredStembottom]

223. So no matter what happens.....

....you are the one who was right.
I have written that down and posted it on my fridge so I don't forget.

[VanillaRhapsody]

224. no.....but I have been right alot...

Much more than the "Hair on Fire Brigade"....Every time one of your "fires" get proven to be another false alarm....you expect to be taken seriously on this blog. It is getting tiresome.....Stop predicting the future...you are just not good at it.

[FredStembottom]

225. Which to me sounds like:

If what many of us here are afraid is about to happen, happens, then we were hysterical fools on the wrong side of the issue.
If the very same thing doesn't happen, then we were hysterical fools on the wrong side of a prediction.

[VanillaRhapsody]

227. "what it sounds like to you"

is probably indicative of why you are perceived as hysterical in the first place...

[FredStembottom]

232. Actually, I conduct myself pretty modestly around here.

So do many other DU'ers who get called hysterical.
That's the problem.
Which you and I will not resolve between us.
Which is too bad.

[VanillaRhapsody]

233. You might.....but was I originally talking to you?

do you count yourself as among the "hair on fire brigade" or are you just in denial that one exists around here? You did want to jump in and make accusations towards me though....

[FredStembottom]

235. True. I did jump in.

Because I find the "hair on fire" accusation gets tossed at reasonable, sound thinking people here at DU far, far too often.

I jumped in because those words are representative of a prolific DU group that behaves like bullies.
I used your comment to speak back to that group. That is probably wrong because I don't actually know you to be among them.

For that, I apologize.

[VanillaRhapsody]

237. Must be a reason for the "hair on fire" gets brought up ....

perhaps if there weren't so many who do that..

a "prolific DU group that behaves like bullies"? I think you have just described the exact action of the "hair on fire brigade" and why I started posting ...They seemed to have bullied the Obama supporters into starting the BOG just to get away from them....but do go on...even if you are a bit behind the curve.

[FredStembottom]

238. I think we have come to a resting place.

There's a lot of joy and celebration at DU today.
Join in! We won!

Woo-hoo!

[VanillaRhapsody]

241. Please remember that "we won" when Obama has yet another success....

I expect you will stand up to the ODS and celebrate then too!

[muriel_volestrangler]

228. Yes, you show it - you hate us, and spend your time insulting us

You're showing it time after time. You didn't make a comment like "good, I thought he was wrong", or "he would have been OK"; you attacked DUers with terms like 'poutrage', 'whaambulance', 'Queue new reason to hate President Obama', 'hair on fire', 'expect to be taken seriously' and more.

It's not even about supporting Obama for you - it's more about attacking the left. You are a massive troll who stinks up DU. I never actually said that you supported Summers, yet you jumped to that conclusion, when what I was criticising you for was your insulting posts about DUers in this thread.

[VanillaRhapsody]

231. hate a strong word...

I have also provided great links....you just never read them. You can try to label me how ever you want....but saying I don't really support Obama...hahahahahahahahahah Come on...seriously...you want to try and go that far to discredit me? That is a most pathetic attempt....But of course "the hair on fire brigade" cannot stand criticism so it MUST be true right?

[amb123]

203. New word: "Derp-rage"

[VanillaRhapsody]

220. for the "hair on fire rage brigade?

I have one...Total Derpitude!

[grahamhgreen]

197. Oh you poor poor baby. When this happens its called winning:)

[VanillaRhapsody]

221. so what's your next failed prediction?

[grahamhgreen]

243. Obama will re-introduce the public option!!!

[VanillaRhapsody]

244. Oh Great...now you jinxed it!

[geek tragedy]

48. cue the stories about how Yellin is the spawn of Satan and the Wal-Mart heirs. nt

[Vanje]

55. This is for you too

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3672953

[geek tragedy]

140. I thought Summers would have been a terrible pick and greatly preferred Yellin.

But, it's an ironclad rule at DU that every nomination gets at least one thread bashing the choice.

[socialist_n_TN]

144. I think that's called political opinion........

Sometimes democracy.

[geek tragedy]

147. The fickle nature of discussion boards is such that

the only woman who could save us from Larry Summers will inevitably be declared the real sellout choice.

Look for reposts of the articles noting that Wall Street wanted Yellin, not Summers.

Those were ignored while Summers was public enemy #1. Now that he's out . . .

[Vanje]

152. I think Yellin would be a GREAT Fed Chair

I hope she gets in.

Be not putting all DUers who are celebrating Summers defeat, into the same boat.
We may not have as much to celebrate as we'd like, Lord knows. But let us have this one.
Don't dis people for celebrating the same thing you are celebrating.
There should be plenty of other threads available for disagreements.

[VanillaRhapsody]

56. Have they accused Yellin of being a secret PNAC plant yet?

[Vanje]

57. Go away

You're stinking up the celebration.
I resent it

[VanillaRhapsody]

61. "tough titty said the kitty

but the milks still good" That's what my sainted Grandmother used to say!

[Phlem]

70. you had a grandmother ?

...

-p

[VanillaRhapsody]

73. one of the greatest ever...

she was also my best friend and life-long FDR Democrat.

[Vanje]

86. a tainted grandmother

oh. I misread. "sainted"

[Quantess]

119. You know the saying. If her grandmother had testicles she'd be my grandfather.

[Phlem]

141. they're getting worse than teabaggers

A huge case of this.

http://www.ted.com/talks/margaret_heffernan_the_dangers_of_willful_blindness.html

-p

[Autumn]

159. I so fucking love you

[DURHAM D]

172. Oh my god...

too funny.

[Phlem]

188. Thanks!

I'll be here all week.

make sure to tip your waiter!

-p

[sufrommich]

63. Thread police should be required to show their badge. nt

[Aerows]

128. Not from me

I think she is a very qualified, sound pick.

[polichick]

53. That's for the best.

[truebluegreen]

58. Yea!

I wonder if he was smart enough to withdraw on his own, or if President Obama asked him to, in order to avoid another potential showdown with Congress....

[fadedrose]

60. Too many people are suspicious of Summers..

and Warren's not taking to him doesn't help.

If he doesn't have the confidence of the public, how can he do any good.

I like to support the President, but in this case, I'm glad Summers opted out. I'd be even gladder if the President hinted that he should opt out because of the confidence-trust issue regardless of his faith in Summers' ability.

[WilliamPitt]

62. Just like Obama planned it.

Masterful, again.



*fleeing*

[fadedrose]

65. I think you and I just said the same thing but different......nt

[ProSense]

90. He has been "Susan Rice'd"

When she withdrew, some people claimed she was pushed.

See how that works?

[WilliamPitt]

91. Never should have been on the list to begin with.

[bigwillq]

64. WOO HOO!

[Nye Bevan]

67. Janet Yellen should be an absolute shoo-in (nt)

[Spitfire of ATJ]

74. I have a suggestion...

[roamer65]

76. We could only wish...nt

[Vanje]

87. That would work! nt

[woo me with science]

97. I don't think he's allowed near the White House. nt

[Spitfire of ATJ]

158. They might even call Obama a commie....

Oh wait,...too late.

[Aerows]

139. That would be awesome

but I doubt it will happen. He'd rock the boat too much, and you know, confidence is these rough economic times (as though there are ever times that aren't economically rough waters when Wall Street doesn't want their boat rocked, which is never).

[Spitfire of ATJ]

157. I'm sick of the "Mood Ring" school of economics.

[Aerows]

168. Me too

That's a great description for it!

[muriel_volestrangler]

163. Krugman has frequently said he's no administrator

and would nor be a good Fed Chairman, Treasury secretary, or similar job.

Yes, I’ve heard about the notion that I should be nominated as Treasury Secretary. I’m flattered, but it really is a bad idea.

Part of the reason is that I am indeed the World’s Worst Administrator — and that does matter. Someone else can do the paperwork — but an administrative job requires making hiring and firing decisions, it means keeping track of many things, and that, to say the least, is not my forte.

Oh, and there’s not a chance that I would be confirmed.

But the main point, as I see it, is that it would mean taking me out of a quasi-official job that I believe I’m good at and putting me into one I’d be bad at.

http://krugman.blogs.nytimes.com/2013/01/07/the-outside-man/?_r=0

[Spitfire of ATJ]

169. Ask him if he would rather have Summers.

[muriel_volestrangler]

199. He has many times said Janet Yellen is the best candidate

From 2010:

Yellen To DC

Good news: Janet Yellen will be the Fed’s new #2. She’s open-minded, a good counterweight to the inflation hawks who think that any day now we’ll be partying like it’s 1979. She’s also a distinguished scholar, with much of her work in New Keynesian macro.

She’ll provide exactly the kind of intellectual flexibility the Fed needs.

http://krugman.blogs.nytimes.com/2010/03/12/yellen-to-dc/?_r=0

Can a woman effectively run the Federal Reserve? That shouldn’t even be a question. And Janet Yellen, the vice chairwoman of the Fed’s Board of Governors, isn’t just up to the job; by any objective standard, she’s the best-qualified person in America to take over when Ben Bernanke steps down as chairman.

Yet there are not one but two sexist campaigns under way against Ms. Yellen. One is a whisper campaign whose sexism is implicit, while the other involves raw misogyny. And both campaigns manage to combine sexism with very bad economic analysis.
...
The other campaign against Ms. Yellen has been subtler, involving repeated suggestions — almost always off the record — that she lacks the “gravitas” to lead the Fed. What does that mean? Well, suppose we were talking about a man with Ms. Yellen’s credentials: distinguished academic work, leader of the Council of Economic Advisers, six years as president of the San Francisco Fed, a record of working effectively with colleagues at the Board of Governors. Would anyone suggest that a man with those credentials was somehow unqualified for office?

Sorry, but it’s hard to escape the conclusion that gravitas, in this context, mainly means possessing a Y chromosome.

http://www.nytimes.com/2013/08/02/opinion/krugman-sex-money-and-gravitas.html

He's reiterated that after Summers withdrew:

First, he says President Obama must now pick Janet Yellen — in his opinion, she is simply the best candidate:

"... it’s really, really hard to see how Obama can justify not picking Janet Yellen at this point. Nobody else is as qualified; any other choice would look like spite."

He goes on to say that he feels bad for Larry Summers:

"Just a personal reaction: I’ve known Larry for all our adult lives, and looking at this sad play I realize how lucky I am to have reached a place where I’m no longer in the rat race. Obviously I’m plenty combative, and in a way still ambitious too; I do track my Twitter followers, wonder how each column will do on the most-emailed list, and all that. But there are no promotions I’m seeking, no honors I desperately desire that I don’t already have."

http://www.businessinsider.com/krugman-not-picking-janet-yellen-would-look-like-spite-2013-9

[Spitfire of ATJ]

215. Okay, I respect his endorsement....

BTW: I'll repeat this true story...

I was at a party and someone I know was there talking loudly in full FOX "News"/Tea Party mode. I took him on telling him we needed the exact opposite of what he was saying. "We needed to use Keynesian Economics."

He nearly had a meltdown. I asked him if he even KNEW what 'Keynesian Economics' was and he said, "Some Commie thing from Kenya!!!"

I wasn't the only one there that burst out laughing.

[mazzarro]

218. Woow! that is hilarously laughable; how did that end?

Was he given some economic edjumacation?

[Spitfire of ATJ]

226. He had a real hard time with his "Lazy Liberals on Welfare" routine...

When there was one in the room saying what Liberals want is classic roughneck, blue collar construction jobs.

I tell people the last time there was a need for government to hire it created the infrastructure for the 20th Century. Things like paved rural roads for the new invention called the "truck" so farmers could get their crops to the market. We need to build a 21st century infrastructure which includes 300 mph cross country rail.

I'm now in Vegas and there are a LOT of people here who would LOVE to ride high speed rail to the beach. Everyone here also knows that is NOT going to happen as long as Republicans consider something like that a "win" for Harry Reid. Why don't they just come out and say it? "We will hold high speed rail (or ANY rail) to Vegas hostage as long as you refuse to vote for Republicans"

[mazzarro]

216. So would Krugman be bad at presidenting since he is not a good administrator? -- n/t

[muriel_volestrangler]

229. I'm sure he would say so

He is a bit old to start thinking about a political career representing and leading people, really. It would be a complete change of direction for him.

[davidpdx]

175. I'd make phone calls or send emails if he was nominated

Someone start a draft Krugman for Fed Chair petition.

[Xyzse]

213. Is it odd that I want to consider...

Robert Reich.

[DanTex]

75. Wow. nt

[malaise]

77. ROFL

He was never getting the position.

[on point]

79. Fabulous. Perhaps Obama is starting to listen to folks

[grahamhgreen]

198. +1

[OneGrassRoot]

85. I almost want to cry, I'm so relieved. K&R n/t

[Vanje]

89. That is exactly how I feel

Like crying AND dancing!

[NuclearDem]

88. Halle-fucking-lujah.

[JEB]

92. Good riddance to bad rubish.

[Iwillnevergiveup]

95. Well, well

we DID pray extra hard in church this morning.

[alcibiades_mystery]

96. If it weren't for activists on DU, this would never have happened: they deserve all the credit!

[Vanje]

98. Are you seriously making fun of activism?

That DU members write to congress, write to the President, launch petitions.....
Thats all fodder for you to laugh at?

Is it useless?
Is it?

and that makes it funny to you?

[alcibiades_mystery]

105. Oh, never that

I'm making fun of presumptuous, self-congratulatory assholes.

Glad I could clear that up for ya!

[Jakes Progress]

106. It's always good to make fun of yourself.

Hope that clears up for you.

[Aerows]

143. :D

I'd like to buy this post a drink!

[Caretha]

153. That's exactly

what he/she is saying. You see, this person hates real democrats. More than likely this person hates their self too. But back to the point, if you're happy, they're unhappy, if you are unhappy ...they are happy.

See how that works?

edited for grammer

[myrna minx]

214. I see political activism is now a point of ridicule. Wow.

[Enthusiast]

100. Kind of progress we are seeing today?

WTF!

[DonCoquixote]

101. Pop the Champagne!

This means that the powers that be are beginning to hear us, and that they realize we are not happy enough with them for 2014 or even 2016.

[Jakes Progress]

109. Aww. I'm sure he can find another rich white banker for the job.

[backscatter712]

113. YES! Hopefully, the next guy going up for the position isn't a corrupt bankster...

...not holding my breath.

[MADem]

122. The next "guy" is likely to be a "gal."

http://en.wikipedia.org/wiki/Janet_Yellen



Janet Yellen, Vice Chair of the Fed, at Your Service.....

[Jackpine Radical]

114. WOOT!

Mabe he just didn't want to talk to Congress about that End Game Memo that Palast dug up.

[Owl]

116. Yayyyyyyy!

[MADem]

118. I think this is all down to Elizabeth Warren. She vowed to raise hell.

He should just pull her into the process; it would save a lot of agita.


Here is an article that isn't behind a pay wall: http://www.cnbc.com/id/100997096

....In recent weeks, several key Democrats on the Senate Banking Committee have come out publicly opposing a possible Summers nomination, including Jon Tester on Friday.

And several hundred economist signed a letter to President Obama urging him to pick Yellen. Former Fed official Alan Blinder was among them. On CNBC last week, Blinder said it wasn't so much an anti-Summers campaign as it was a pro-Yellen campaign.

"t's very unfortunate. It's led to a situation where people like myself and two or three hundred other economists...that list keeps growing by the way every minute ... they felt compelled to come out and take sides because it's like a campaign," Blinder said.
Blinder said Yellen's experience and judgment are the primary reasons he and other economists are pushing for her to succeed Bernanke.....One of the other criticisms of Summers had been that he was too cozy with Wall Street. But a CNBC survey this summer showed that even Wall Street thought Yellen should get the job.
....

[magical thyme]

131. WOOOOOO FREAKIN HOOOOOO!!!!!!!!

Oh happy day!

[Safetykitten]

134. This is FANTASTIC news! So amazingly great!

[DeSwiss]

135. This is the thing Ziggy's so scared of......

- K&R

[heaven05]

137. cool!

[Buns_of_Fire]

146. So, Larry's leadership "made the kind of progress we are seeing today."

Boy, if THAT isn't a comment that can be taken multiple ways!

But good for you, Larry. You saved everyone a lot of angst. Now get lost.

[winter is coming]

149. Good. Here's hoping the nominee isn't someone less-known with the same mindset. n/t

[mythology]

151. To quote one of my favorite movies

And there was much rejoicing.

[ismnotwasm]

154. Awesome

This is great news

[Benton D Struckcheon]

155. Stock futures up 20.

No lie. Sheesh. I can't think of any other news that'd make em fly like that.

[mmonk]

156. Makes me downright giddy.

[rury]

162. Good news!!

I am more than mildly repulsed by Larry Summers.
Don't like him, don't trust him.
Good riddance!!

[JohnnyRingo]

164. There goes a productive week of DUers denouncing the party.

Personally, I love when things fix themselves.

With the Syria crisis apparently unwinding as well, I don't know if jumping the gun on unprecedented outrage is even worth the stress anymore.

[Vanje]

165. I dont think those "things" fixed themselves

I think the voices of the outraged citizens were heard.

Viva la Outrage!

[JohnnyRingo]

182. Maybe.

Sure worked with Occupy Wall Street, and then I'm even old enough to remember when electric guitars ended the Vietnam War.

I hate to be a cynic, and I don't have any inside dope on why Summers withdrew, but such things usually happen for reasons of deeper strategy than lame duck cowering to an angry outburst from armchair iPad economists. I'm not sure how effective anonymous posters on internet forums are in shaping domestic policy, but I guess the end result is all that matters.

I just wouldn't get too full of myself about it.

Sarcastic as I was in my OP, I'm really just relieved to see a hopeful period when DUers aren't going at each other's throats. It'll be nice to see a week where no one has to pronounce a Democrat as "dead to me" or threaten to go full Paulite.

[pam4water]

166. Happy K&R What Obama saw in the misogynistic incompitent poseur I'll never know.

[roamer65]

170. Asian and Australian stock markets are already loving it.

Australia's market hit a 5 year high on the news. Asian markets are up.

[Jack Rabbit]

171. OK, FDR Democrats, it's time to celebrate . . .

[center]

[/center]

[Jefferson23]

173. Happy day! Schmuck that he is, noted his reluctance

in his letter, lol. Poor Larry really did want the job.

200 economists said, big mistake..oh well.

Summers was also facing opposition from more than 200 economists who signed an open letter in support of current Fed Vice Chair Janet Yellen.

Read more: http://www.businessinsider.com/larry-summers-withdraws-name-2013-9#ixzz2f0v3UrbJ

imo, should have been offered to Joseph Stiglitz

K&R

[cascadiance]

174. I thanked my Senator Merkley on Friday... As we all should for him, Elizabeth Warren & Sherod Brown

Called his office and thanked him for them all saying they wouldn't support his nomination getting out of the banking committee. I'm betting that had a big influence on Summers pulling his name out. He knew that it would be a major problem if Obama had to get Republican votes to get his name out of committee.

We should all call them to thank them again tomorrow. They might have helped us a lot more than many of us realize.

[emsimon33]

176. Good riddance!

[blkmusclmachine]

180. .

.

[niyad]

181. sadly, I don't think the fact that he is so despised has any impact on him.

[AllyCat]

194. Great news. Probably not for the reasons Summers states, but great news

Wonder what other snake the banksters will float next.

[grahamhgreen]

196. Yippee! Two wins in one week! You people are too much:))

[deutsey]

201. Now go away or we shall taunt you a second time!

[myrna minx]

212. I'd like to join this celebration.

[TBF]

222. Good. K&R nt

[ljm2002]

230. But but but...

...he wasn't the nominee. Why, he wasn't even on the list! I heard it right here on DU so it must be true!

Well in any case, HOORAY that he is now off the list. Let's keep making noise, writing on blogs, posting on DU and other venues, and of course contacting our representatives in Washington on the issues that matter to us. Right now I'd say the big one is TPP.

[Beacool]

239. Best news I've heard so far today.

[Rex]

240. Withdraw his name from what? Was he nominated for something?