Washington Post hits the nail on the head, on what made Summers withdraw his nomination to the Fed

[Stupefacto]

Obama had been strongly leaning toward picking Summers, who helped him navigate the depths of the financial crisis and recession at the beginning of his term, and had assurances from Democratic Senate leadership leaders that they would work to get him confirmed, according to people familiar with the matter.

But amid an intensifying uproar of liberal Democrats and left-wing groups opposed to his nomination, Summers decided to withdraw his name on Sunday, telephoning the president to tell him his decision.

http://www.washingtonpost.com/business/economy/larry-summers-withdraws-name-from-fed-consideration/2013/09/15/7565c888-1e44-11e3-94a2-6c66b668ea55_story.html

[Skittles]

1. "....helped him navigate the depths of the financial crisis and recession"

LOL

[LittleBlue]

2. I lol'd too

What a load of shit.

[dkf]

5. Helped Obama navigate what Summers had wrought they mean.

[truebluegreen]

9. ...like a blind rat in a maze.

[winter is coming]

19. i.e., "helped him steer clear of holding Wall Street responsible for their actions". n/t

[840high]

64. Yes!

[Myrina]

98. ^^ +1 Brazillion ^^

n/t

[emsimon33]

39. My reaction, also!!!!!

Larry Summers was a large, stinking, steaming pile of sh*t in the administration and he gave very BAD advice to Obama. In choosing the financial and education advisers that he did at the beginning of his first term, Obama lost a lot of my respect and confidence.

[chervilant]

58. + a gazillion...

Especially, the banking miscreants and Arne "I play basketball!" Duncan!

[George II]

67. Ditto "LOL", just how did the OP know that?

[L0oniX]

90. +1 ...and OFFS.

[Roland99]

100. "that he, himself, helped cause by pushing to repeal Glass-Steagall"

they left that part off the sentence.

[Orsino]

112. Like Werner Von Braun helped NASA understand the V-2. n/t

[libdem4life]

3. Aha, the Liberals/Progressive/Left-Wingers are officially on the political radar !!!

"But amid an intensifying uproar of liberal Democrats and left-wing groups opposed to his nomination" Just Wow!

[MannyGoldstein]

6. After 20 years, we're back off the floor

Still vast work to do. But it's a start.

[socialist_n_TN]

18. That's actually a very good point guys......

Maybe this coming on the heels of the Syrian response made a difference. Now is NOT the time to let up though. The RW doubles down. We should too.

[malaise]

23. It's been a great week

Now to double down on Obamacare and raising the debt ceiling.

[OneGrassRoot]

25. Hell, let's go with a full-on push for single payer!

[malaise]

26. Ha

After Dems kick them out of the House next year

[libdem4life]

53. Good momentum for 2014 hopefully...Obama can only work with what we give him and Congress

reflect those who send them (usually). I feel kind of like John Kerry looked...kind of an OMG this might work...oh yeah, I knew that !!!

I can't imagine how personally difficult it is for a true Dove to be in the position he was in and of course still is, I don't care what anyone says. I remember him back when. And for him to get a win for "anti-war" after all of his hard work in government and currently with Lavrov...outstanding.

[L0oniX]

95. "Obama can only work with what we give him" yeah like SS CPI.

[PoliticAverse]

62. Seems unlikely the Democrats will have a filibuster proof majority in the Senate after 2014.

Control of the Senate itself seems in doubt at this point.

[gussmith]

96. Good Idea

but will not happen soon with the fools on the hill.

[FredStembottom]

114. Manny, I would clink my coffee cup with whatever you might be drinking if I could!

Cheers to what you just said!

[bvar22]

115. We need to keep the pressure on to kill the TPP.

THAT is next on the list.

THEN, Raising the CAP on FICA deductions to "protect" SS from the Austerity Mongers.

[annabanana]

37. What the What?. .not "fringe lefties"?

damn! That feels good

[libdem4life]

47. Damn straight...The Proud Left !!!

[L0oniX]

93. Main stream lefties.

[libdude]

84. Sort of stunning,

that a Democratic President would be creating an " uproar amid liberal Democrats and left-
wing groups ", the very groups of people that from my experience have always been the staunchest base of support. This may not cause the President to question his approach to this issue but in a larger sense, it is just one example of a growing dissatifaction with his course of governance.

[L0oniX]

92. So the WP is saying that the centrists, DLC and Dinos didn't do squat?

[Roland99]

101. It's sad that the term "liberal" has to be applied to identify a subset of Democrats.

and by the "liberal media" no less.

[Fumesucker]

4. An uproar roughly as easy to predict as the direction from whence the sun will rise tomorrow

Which brings up the question of why?

Why put up someone you know a large portion of your coalition will have a conniption fit over?

[hlthe2b]

8. Obama's support for this cretin is something that continues to give me pause...

sigh....

[truebluegreen]

12. It is disconcerting that President Obama apparently didn't learn anything

from the inadequacy of the response to the crisis, or else that he is incapable of admitting that he made a mistake....

[Skittles]

16. maybe it's that the people who matter to them did just fine

[truebluegreen]

17. Yup. Exactly what I'm afraid of.

[L0oniX]

94. I've been in "pause" since CPI was offered.

[leftstreet]

66. His 'coalition' has rubber stamped everything so far

Pretty much

Congressional Democrats have been practically SILENT for 5 years

Gee...I wonder what's recently changed

[George II]

71. Think about it...what did he do with the Russians regarding Syria??

[Fumesucker]

82. Oh, I figured it out back in July

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3342454

[hlthe2b]

7. Well, they certainly heard from me... I think I signed three petitions and called my own delegation.

Let's hear it for Liberal Democrats!

[nadinbrzezinski]

13. Due to professional reasons I no longer do that

As a reporter I really can't. But you know where I stand

[ProSense]

10. The piece reads like fiction.

“It was just a perfect storm of bad timing,” said one person close to the White House, who requested anonymity in order to speak candidly about private deliberations. “It would have been absolute war, and the president would have had to spend all of his political capital. Larry decided not to drag him through it.”

<...>

In order to buy time and cool tensions, the White House announced that no decision would be made until the fall. But that only gave space for Summers’ s opponents to strengthen their protests to his candidacy, with four of the 12 Democrats on the Senate Banking Committee, which would confirm Summers, signaling opposition.

That would have meant that the president would have probably had to court Republican support for a Summers nomination, while also trying to strike deals to keep the government open and operating.

<...>

It’s also a setback for Obama, who is fiercely loyal to his aides but has now on several occasions seen his preferred candidates for jobs lose out as a result of political opposition. It’s especially painful given that it’s Obama’s own party that cost Summers the nomination.

In what world would the President rely on "Republican support" for his nomination to succeed?

Democratic opposition was noted, but the rest is purely speculation.

[socialist_n_TN]

20. Well he seemed to be relying on Republican support for his Syrian intervention........

Why not here too?

[ProSense]

22. ?

Pay attention.

[Jakes Progress]

57. Perhaps that word does not mean what you think it means.

Fiction is made up. it is not making up things to realize that Obama would need several republican votes for summers to receive enough votes to be put into the office that he wanted.

Were you just so set on posting some negative reply to a post that does not agree with Obama's desire to perpetuate the wall street stranglehold on our government that you used the word unadvisedly? Are you unaware of how confirmation works? Where do you see a scenario where summers would be confirmed without a single republican vote? With only a two vote majority (okay four if you count independents), in what world would the president be able to muster all 52 Democrats for a nomination like summers? Wouldn't that mean that he would need republican support? So how is it fiction to suggest that the president would need to have republican support?

[DURHAM D]

29. Given that four Democratic members of the Banking Committee

had already registered a "NO" vote the only way he could get him to the floor was with Republican help.

[ljm2002]

36. I'm not sure I understand your question...

...to wit: In what world would the President rely on "Republican support" for his nomination to succeed?

There were already 4 defections against Summers from Democratic members of the Banking Committee. There are 12 Democratic members and 10 Republican members of the committee. Obviously, then, Obama would need several Republican committee members to vote for Summers in order for a his nomination to get past the Committee at all.

That being the case, in what world would the President NOT rely on "Republican support" for the nomination to succeed?

[ProSense]

43. The one

Last edited Sun Sep 15, 2013, 08:45 PM - Edit history (1)

"That being the case, in what world would the President NOT rely on 'Republican support' for the nomination to succeed?"

...in which Republicans are blocking his nominees, where it's likely four Republicans wouldn't defect to save his nomination, especially not without some hostage taking. Summers wasn't yet the nominee. To spend that amount of capital to fight for a candidate (the fight would have to begin before the nomination) would have meant that the President really wanted Summers.

Something doesn't add up.

[ljm2002]

65. I see...

...you believe the President did not intend to nominate Summers in the first place.

Well I think you are wrong about that.

But your comment makes sense if you didn't think Obama wanted Summers in the first place. Thanks for the clarification.

[tazkcmo]

117. Wow

"To spend that amount of capital to fight for a candidate (the fight would have to begin before the nomination) would have meant that the President really wanted Summers. "

Yup. Surprised? If yes, why?

[cui bono]

44. Oh sure. When he doesn't accomplish something it's because of the GOP obstructionists

but when he wants to get something done he's not supposed to rely on Republican support?

Which is it PS? It can't be both. The GOP are either obstructionists who are able to thwart Obama or they are people he doesn't need support from to get things done. And if he doesn't need their support then how are they obstructing him?

Plus, it's not like he hasn't gone to them in the past. He keeps giving them things they want to get their support. Bush tax cuts ring a bell?

[ProSense]

45. That makes no sense in the context of my point. n/t

[cui bono]

48. It absolutely does make sense. Maybe you're confused since your post was illogical.

"In what world would the President rely on "Republican support" for his nomination to succeed? ""

Your words.

[ProSense]

49. No, it was the response that was "illogical." n/t

[cui bono]

51. I added your quote to my earlier reply while you were responding.

Perhaps that'll help clear it up for you.

You can't say the president wouldn't rely on GOP support and then blame the GOP for obstructing Obama (which would mean he needs their support to get things passed in case you missed that point, I'm not sure which part you're failing to comprehend).

[Spitfire of ATJ]

46. Figures they would chalk this up as an Obama loss, because Liberals can NEVER score a "win".

[Logical]

91. In other words "Prosense disagrees with it" nt

[LuvNewcastle]

11. Whatever the reason for it, I'm relieved we won't have to go through that.

[snooper2]

14. I thought it was because he was watching the Chief of Staff series on Discovery

LOL

[Coyotl]

15. At this level and point in time, you withdraw when you get word you won't be getting the job.

Obama made that call, bet on it!

[malaise]

24. +1,000

Same here

[GreatCaesarsGhost]

27. Agree

Summers would never jump, he would have to be pushed.

[LiberalAndProud]

28. Yes, this.

We must assume that Summers withdrew at the President's 'request.'

[DCBob]

42. yes..most likely.

[Le Taz Hot]

87. You withdraw when back channels

from the President call you and say, "This isn't going to happen." Summers withdraws so the President can save face (as much as it can be saved after this disastrous nomination).

[Progressive dog]

89. That's right, Obama made the call

and Summers will not have the job.

[NV Whino]

21. More precisely, this is why he withdrew.

In order to buy time and cool tensions, the White House announced that no decision would be made until the fall. But that only gave space for Summers’ s opponents to strengthen their protests to his candidacy, with four of the 12 Democrats on the Senate Banking Committee, which would confirm Summers, signaling opposition.

That would have meant that the president would have probably had to court Republican support for a Summers nomination, while also trying to strike deals to keep the government open and operating.

[Stupefacto]

30. The uproar from liberal constituents of these 4 Senators may have prompted them to oppose him

IMO.

[NV Whino]

31. Possibly

I'm so used to my reps ignoring their constituents that I have doubts that constituents swayed their thinking.

[Baitball Blogger]

32. It's trumad's fault!

I can't take the pressure.




Jk.

[gopiscrap]

33. Excellent, the left needs to be much more vocal

[PatSeg]

34. I just watched this video interview with Greg Palast

"In this video Luke Rudkowski interviews investigative journalist Greg Palast about the secret memo he uncovered. The End Game memo uncovered how top US Treasury officials secretly conspired with a small cabal of banker big-shots to benefit themselves. The memo indicates high level politicians like Larry Summers, who is most likely going to be appointed the next chairman of the Federal Reserve by Obama."

[KoKo]

41. Recommend...the "End Game" written signed document by Summers had

MUCH to do with this....

And the backlash from those who follow "Alternate Media" ...and Wall Street Folks who are savvy and not part of the Rubin Crowd!

Good on Greg! his Report went VIRAL!

[PatSeg]

78. Great reporting

on his part. That is one happy journalist!

[gopiscrap]

35. Welcome to DU

[harun]

38. Win

[emsimon33]

40. This is great news because now we can focus on TPP and the other "trade" sell-outs of the US

I was thinking earlier that putting pressure on the Senate Banking Committee and then, if necessary, on the Senate would dilute our time that we should be rallying against the up coming "trade" deals.

[LiberalAndProud]

52. Good idea, but how?

Everything is on the QT. Whispers and rumors. Can we mount an offense before it hits congress?

[socialist_n_TN]

54. We'd better because once this hits Congress.......

Last edited Sun Sep 15, 2013, 10:18 PM - Edit history (1)

it's going to be fast tracked. We're going to have to fight this ON the rumors because we're obviously not going to get any info until they're ready to ramrod it through.

The nastiest rumor is the one that says that this agreement will allow international conglomerates to sue countries and by extension taxpayers, for "lost profits" because of laws that restrict their abilities to make profits. Like environmental laws? Or labor laws that increase the power of the workers against the bosses? There's a lot of laws that countries have on the books to protect citizens from the rapaciousness of the corporations. That's a national sovereignty issue.

[OrwellwasRight]

68. That's not a rumor.

That's a fact. It already exists in NAFTA, CAFTA, Korea FTA and almost every single other trade agreement the US has. It is called investor-state dispute settlement (ISDS).

You can read what the obligation is in the Korea FTA here:

http://www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta/final-text

(click on Chapter 11, Investment)

And you can read the USTR's public announcement that it will be pursuing ISDS here:

Investment. The investment text will provide substantive legal protections for investors and investments of each TPP country in the other TPP countries, including ongoing negotiations on provisions to ensure non-discrimination, a minimum standard of treatment, rules on expropriation, and prohibitions on specified performance requirements that distort trade and investment. The investment text will include provisions for expeditious, fair, and transparent investor-State dispute settlement subject to appropriate safeguards, with discussions continuing on scope and coverage. The investment text will protect the rights of the TPP countries to regulate in the public interest.  

http://www.ustr.gov/about-us/press-office/fact-sheets/2011/november/outlines-trans-pacific-partnership-agreement

Note that there have never been appropriate safeguards, which is why local, state, and federal entities in the US and other countries around the world have been targets of ISDS suits.

You can read more about the system here:

http://www.tni.org/briefing/profiting-injustice

[socialist_n_TN]

75. Thanks for this.......

nm

[emsimon33]

55. We need to alert everyone we know about TPP and its sister Atlantic "trade" partnership

AND..we need to be calling, emailing, and letter-writing our elected federal officials NOW and then keep the pressure on.

Corporations have had major influence on TPP and its European/North American equivalent but the very people who must live under the agreements made have not had a seat at the table.

Until we have the opportunity to review these agreements and to weigh the merits and the potential negatives, voting on TPP and the Atlantic agreement should be tabled. That elected officials, such as senators and congress people, have been sworn to silence, does not give me any comfort about their agreements.

I am tired of THE PEOPLE being sold out to the 1%, Wall Street, Banks and other financial institutions, and corporations, such as Monsanto.

[LiberalAndProud]

63. Any treaty at this level of secrecy should be rejected out of hand.

There is no reason that a good treaty should be so opaque to the populace of the affected countries. It's a take no prisoners, big business coup. We should be up in arms, yet we seem to be obliged to wait until the trap has already sprung.

[craigmatic]

50. We've had 30some years of libertarians at that job. Isn't it time to put a liberal in yet?

[libdem4life]

56. The best message we can send is 2014 ... set the stage for 2016

Hopefully the Left will emerge as candidates and get Party backing for the House and the Senate races that are up. Then GOTV. We've had Hope, now it's time for Change.

[Blue Idaho]

59. If we held a Nuremberg like trial for this man-made economic disaster

He would be in the dock with the rest of the international criminals.

[Cali_Democrat]

60. Yup. It was the 101st Chairborne who made him withdraw his nomination

101st Chairborne....Fighting Keyboard Warriors.

[Maedhros]

69. Are you in middle school? [n/t]

[Cali_Democrat]

70. Funny how people here say never listen to the corporate media

Of course when the corporate media claims it was pressure from the left that made Summers withdraw his nomination, well then it MUST be true.

Funny how that works.

[Oilwellian]

72. Who needs the corporate media

when the hive instinctively knows their hard work produced some sweet honey this time.

[Maedhros]

102. No, I'rm referring to your penchant for posting snarky insults

with no accompanying analysis or content. Just drive-by sneers with a ROFL smilie. It doesn't add to the discourse and only promotes the schoolyard-taunting mentality that drags this place down.

[Cali_Democrat]

110. Actually I often post my analysis

I Didn't think it was needed in this case because I consider the 101st chairborne to be a laughable bunch, hence the ROFL smiley.

Cheers!

[Maedhros]

113. Online activism is "laughable" to you?

And, technically, terms like the "101st Chairborne" have historically referred to those who incessantly support U.S. military action in online forums from the safety of their home or office, since the risks to life and limb for such action rest with the men and women of our armed forces rather than with the jingoistic armchair warrior. It's a bit of a stretch to apply the term to online activists that are signing petitions and contacting their Congresspersons and Senators.

Many of these people, myself included, do much more that type at our keyboards. I canvassed door-to-door in 2008 and 2010 to get out the vote for Obama and Democrats, respectively. I hit the streets to oppose the invasion of Iraq and to launch the Occupy movement. Earlier in my life I've canvassed door-to-door for environmental issues and to support ENDA and a repeal of DOMA.

Don't make assumptions about people you don't know.

[tazkcmo]

118. But that's impossible!

How can a person post on DU AND do any other activity?

(BTW that's sarcasm)

[Oilwellian]

73. Is that you in the picture? n/t

[Union Scribe]

74. Just to be clear...

you're angry (no one is fooled by the angry rolling laughing face anymore) that people made their voices heard to their representatives and media and that it worked. You are literally attempting to mock the democratic process in this country. That's what you've been reduced to.

[nashville_brook]

86. don't think "left-wing groups" refers to rank and file -- refers to policy shops.

[Zorra]

88. Plutocracy lovers everywhere are horrified at the possibility of the PTB being affected

by mere peasants. Pooh-pooh...unheard of! Plutocrats are so much wiser than we than we are, why would they ever listen to mere wage slaves?

OMG...

[blkmusclmachine]

61. .

.

[progressoid]

76. Rec!

[NYC_SKP]

77. I'm supposed to believe that Summers cares about liberal Democrats and left-wing groups???

.

But amid an intensifying uproar of liberal Democrats and left-wing groups opposed to his nomination, Summers decided to withdraw his name on Sunday,

Had to be something else going on...

/

[Skittles]

80. like a chess game?

[Tierra_y_Libertad]

79. Durn lefties overturned the master's chessboard.

[grahamhgreen]

81. Yee Haw!

[flpoljunkie]

83. WH knew it was hopeless when Jon Tester told them he would not vote for Summers in banking committee

Tester is no liberal. He was concerned about smaller banks under a Summers Fed chairmanship.

[nashville_brook]

85. good find. glad he's going to mosey off.

[Liberal_Stalwart71]

97. Probably a combination of (1) liberal uproar and (2) Obama asking Summers to withdraw

...but liberals didn't do this by themselves. They don't have that much power or sway. Sorry, guys, but don't pat yourselves on the back too hard. I don't think Obama ever intended to nominate Summers. This was all a front. He knew that there was no way Summers would be confirmed in the first place. See, I think we liberals continue to make a mistake when it comes to President Obama...many liberals think they are smarter than President Obama. They are not. They think they know better than President Obama. They don't. They think they know what goes on behind the scenes. They don't. They think they have common knowledge about how politics works. They don't. None of us do.

Bottom line: Stop thinking that you know better than the president. You don't. I don't. None of us do.

[libdem4life]

104. First of all...we won a couple. Pats on back, anyway. Second, just prior to your lecture to Liberals

you reveal your superior knowledge and interpersonal insight into his mind.

" I don't think Obama ever intended to nominate Summers. This was all a front. He knew that there was no way Summers would be confirmed in the first place,"

Then oddly take it back with your Bottom Line.

The rest is kerfuffle.

Just in case you don't know the big word ...

ker·fuf·fle

[ kər fúff'l ]

1.commotion: a noisy disturbance or commotion

Synonyms: commotion, disturbance, disorder, agitation, hubbub, tumult, to-do, melee, rumpus, ruckus, foofaraw, donnybrook

[Liberal_Stalwart71]

105. "My superior knowledge". You don't read well. I believe I wrote...

No one knows. Not I. Not you. None of us.

Learn to read.

And don't be upset. The president is smarter than you. Get over it. Here, I'll give you a hug.

[libdem4life]

106. Actually, I read pretty well. Again ...

Glance up to before the Bottom Line ...

"I don't think Obama ever intended to nominate Summers. This was all a front...." You know this how? Certainly sounds like knowledge superior prefacing the edicts given to the rest of us fledgling Liberals.

Nor do I share your Opinion that this was a front...a political trick.

Upset? Naw...just not up for pompous lectures. Geez, we get enough flak from the RW and Centrists and the Blue Dogs.

Thanks for the hug. Peace.

[Liberal_Stalwart71]

107. Again, you don't read well. "I don't think" is not a definitive statement.

It's an opinion. And that opinion stands.

We got the smartest muthafuckin' president in the room. Deal with it!!

http://www.democraticunderground.com/1251324155#post24

Have a nice day.

[libdem4life]

109. President Obama's intelligence is not in question or under discussion. And your language is dreadful

and uncalled for and more to the reason you shouldn't be lecturing "Liberals". That's all.

Peace out.

[Liberal_Stalwart71]

119. I shouldn't be lecturing liberals. My language is uncalled for. All these things

you're accusing me of you're guilty of yourself.

Tell you what: let's agree to disagree on this.

I think we have one of the greatest presidents who ever lived serving us right now. Though I don't agree with all his decisions, I believe that, by and large, he has been an outstanding president. There are a lot of folk who don't agree with that statement...on ALL sides of the political spectrum. O.K. That's cool.

[myrna minx]

99. K&R - n/t

[mountain grammy]

103. Hooray, a victory for "liberal Democrats and left wing groups" finally!

[erpowers]

108. What I Do Not Get

Why would President Obama have been "strongly leaning" in the direction of picking Larry Summers? Summers, at least, inadvertently helped bring about the 2008 financial crisis. In addition, he did not have a great track record outside of government. His decisions while at Harvard caused the school to lose billions of dollars. I would think that is a track record that would prevent one from becoming the Federal Reserve chairman.

[heaven05]

111. although my President

should have done his own research, I want to know who inside this administration advised BO on picking this clown. It seems some of his trusted advisers may have agenda's outside the aims of the Democratic Party. Just something that crossed my mind...

[DirkGently]

116. Insane he was ever under consideration. Jesus.

[WillyT]

120. K & R !!!