Summers Withdraws Name for Fed Chairmanship
Source: Wall Street Journal
By DAVID WESSELCONNECTWASHINGTON 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.
. . .
Mr. Summers, who was chairman of Mr. Obama's National Economic Council early in his presidency, had been widely believed to be the president's first choice for the Fed job, but opposition from liberals and women's groupsand, importantly, from some Senate Banking Committee Democratshas been mounting.
For them, Mr. Summers became a symbola caricature, his admirers sayof all the failures of financial regulation that they said led to the devastating financial crisis.
. . . more
Read more: http://online.wsj.com/article/SB10001424127887323981304579077442028100408.html
swag
(26,487 posts)olddad56
(5,732 posts)NYC_SKP
(68,644 posts)Paging Janet Yelen.
And if she's not game, let's clone a copy of Elizabeth Warren for the slot.
What she doesn't know she can learn.
At least she'll have our backs, and our grandchildren's backs.
kelliekat44
(7,759 posts)onehandle
(51,122 posts)hlthe2b
(102,311 posts)but at least he's done this one good thing.
Faygo Kid
(21,478 posts)That was going to be the deal breaker for me. Let him take his ill-gotten gains elsewhere.
Little Star
(17,055 posts)nradisic
(1,362 posts)He just fell on the sword for his boss...
Berlum
(7,044 posts)with jubilation...
TexasTowelie
(112,300 posts)Populist_Prole
(5,364 posts)I sure hope this is the first step to many more.
BumRushDaShow
(129,197 posts)mike_c
(36,281 posts)eom
BeyondGeography
(39,377 posts)roamer65
(36,745 posts)You are not the right person for the job and I give you kudos for realizing it and withdrawing.
CTyankee
(63,912 posts)very much criticism. He's a real hardass and IMO totally tone deaf. They must've really had him by the short hairs on this thing...
roamer65
(36,745 posts)I expect Obama will be announcing his nomination soon.
Rumor has it Obama highly respects Geithner and initially offered him the job. I'm guessing Mr. Geithner has changed his mind and Summers is out.
The two qualified people are Tim Geithner and Janet Yellen. Each have experience and have been FRB presidents.
Scuba
(53,475 posts)Don't know enough about Yellen to comment. Hope it's someone who will see their charge as protecting the People from the banksters.
roamer65
(36,745 posts)...but the job of truly protecting consumers from the banksters lies with Congress to enact correct banking laws. We need to elect many more Elizabeth Warrens so Congress will do its job and re-enact Glass-Steagall.
mazzarro
(3,450 posts)Kablooie
(18,637 posts)Cryptoad
(8,254 posts)mazzarro
(3,450 posts)Cryptoad
(8,254 posts)I can the see now the eyes of all the GOP Bankers rolling around and around in their heads if the President were to make the announcement of appointing Krugman!
LMAO
TeamPooka
(24,235 posts)babsbunny
(8,441 posts)The Second Stone
(2,900 posts)I hope he appoints a liberal democrat.
RC
(25,592 posts)Who?
NutmegYankee
(16,200 posts)hrmjustin
(71,265 posts)alp227
(32,037 posts)in the first place?
HOPE? CHANGE? My a**!
DCBob
(24,689 posts)Yellen is the better safer choice
BadGimp
(4,015 posts)a win for the 99%
will be interesting to see what the President does next
fingers crossed
Scuba
(53,475 posts)Or will it be another Wall Street shill?
mazzarro
(3,450 posts)Last edited Mon Sep 16, 2013, 11:19 AM - Edit history (1)
You betcha! He will be my preference indeed.
I know it is a near impossibility, but I can still dream; can't I?
Cryptoad
(8,254 posts)Scuba
(53,475 posts)Orangepeel
(13,933 posts)liberalhistorian
(20,818 posts)He finally did the right thing, for once in his career. What a relief.
pam4water
(2,916 posts)mmonk
(52,589 posts)roamer65
(36,745 posts)Summers at the Fed would have been a disaster.
duffyduff
(3,251 posts)lastlib
(23,253 posts). . . . .
. . . . .
. . . . .
. . . . .
. . . . .
CTyankee
(63,912 posts)airport. I kept thinking about LOTS of happy dances at DU!
I join you in the festivities!
SunSeeker
(51,579 posts)It beats not being picked after all this talk of him being the nominee and it sure as hell beats being picked and failing to get confirmed after a bruising confirmation battle. I think Obama probably suggested he withdraw his name as the math showed he wasn't going to have the votes. Obama certainly shows no indication that he tried to stop Summers from withdrawing and he does not seem disappointed that Summers withdrew.
Whatever the reason, I am glad he's out.
elleng
(131,012 posts)Tx4obama
(36,974 posts)roamer65
(36,745 posts)Asian markets up as well.
Bigmack
(8,020 posts)I hope he doesn't have to eat out of garbage cans and sleep on park benches and wear ragged clothes and ....
I've gotta stop. I'm giving myself a chubby just thinking about those things.