Summers Withdraws Name for Fed Chairmanship

[swag]

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 groups—and, importantly, from some Senate Banking Committee Democrats—has been mounting.

For them, Mr. Summers became a symbol—a caricature, his admirers say—of 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]

1. Now do the right thing, Mr. Pres., and nominate Janet Yellen (N/T)

[olddad56]

38. I think he will roll over and pick someone who pleases his real boss, the banks.

[NYC_SKP]

2. This should make a lot of people happy.

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]

49. It should but probably not. They want to complain about the President somehow. nt

[onehandle]

3. Wow! nt

[dkf]

4. Wow!

[hlthe2b]

5. It certainly does make me happy... No, he isn't a caricature, but a cretin.

but at least he's done this one good thing.

[Faygo Kid]

6. Great news. Whew.

That was going to be the deal breaker for me. Let him take his ill-gotten gains elsewhere.

[DURHAM D]

7. .

[Little Star]

8. That's good news! k&r

[nradisic]

9. Too many skeletons Larry?

He just fell on the sword for his boss...

[Berlum]

10. The Proles go wild.

with jubilation...

[TexasTowelie]

22. +1000000

[Populist_Prole]

43. And I'll raise you another 100K

I sure hope this is the first step to many more.

[Triana]

11. GOOD.

[BumRushDaShow]

12. Thank God. Here's another link

http://www.cnbc.com/id/100997096

(for those who want to avoid Murdoch... )

[mike_c]

13. best news of the week, I think....

eom

[BeyondGeography]

14. Sweet...happens when too many reasonable and influential people conclude you are an asshole

[roamer65]

15. Thank you, Larry.

You are not the right person for the job and I give you kudos for realizing it and withdrawing.

[CTyankee]

59. It's gotta be worse than we think for him. He doesn't strike me as the kind of guy who faces up to

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]

16. I think Tim Geithner has changed his mind.

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]

29. Yeah, Geithner's qualified in that he has Wall Street's endorsement.

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]

41. I understand your sentiment.

...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]

30. I think Geithner will face similar opposition if his name is floated as a possibility -- n/t

[Kablooie]

17. I wonder if his talk with Elizabeth Warren helped him decide this?

[Cryptoad]

18. Krugman for Chairman! nt

[mazzarro]

31. +1000 - Yes indeed! -- n/t

[Cryptoad]

33. Hah,,,, yes indeed

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]

19. It's Chistmas in September! Thank you Santa! nt

[babsbunny]

20. I love DU!!!

[The Second Stone]

21. Good news

I hope he appoints a liberal democrat.

[RC]

36. Has he yet?

Who?

[NutmegYankee]

23. WOOHOO!!!!

[hrmjustin]

24. Good!!!!

[alp227]

25. THANK YOU SCUMMERS, but why did Obama even ENTERTAIN the idea of nominating him

in the first place?

HOPE? CHANGE? My a**!

[DCBob]

26. Great news!

Yellen is the better safer choice

[BadGimp]

27. Praise Jeebus

a win for the 99%

will be interesting to see what the President does next

fingers crossed

[Scuba]

28. How about someone with some "progressive" credentials?

Or will it be another Wall Street shill?

[mazzarro]

32. Like Paul Krugman?

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]

34. + 1000 nt

[Scuba]

48. Sure, but we'll probably get Geithner. Sorry, my cynicism guage is redlined right now.

[Orangepeel]

53. Krugman suggests Yellen.

http://krugman.blogs.nytimes.com/

[Vanje]

56. +1 nt

[Squinch]

35. Yay!!!

[liberalhistorian]

37. Thank God and good riddance!

He finally did the right thing, for once in his career. What a relief.

[DeSwiss]

39. K&R

[pam4water]

40. Yahh K&R

[mmonk]

42. Currently working on my celebration.

[roamer65]

44. I am happy, too.

Summers at the Fed would have been a disaster.

[duffyduff]

45. Please don't link to something we can't read. n/t

[lastlib]

46. >* HAPPY DANCE!! *<

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

[CTyankee]

60. I was traveling yesterday but when I saw the front page of the NYT I nearly burst into song at the

airport. I kept thinking about LOTS of happy dances at DU!

I join you in the festivities!

[SunSeeker]

47. I think he was pushed. It is a face saving gesture for Summers.

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]

50. Best news all day!

[Tx4obama]

51. Kick! n/t

[roamer65]

52. Australia's stock market hits a 5 year high on the news.

Asian markets up as well.

[Bigmack]

54. Oh... the poor man....

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.

[greatauntoftriplets]

55. Here's another link without the paywall.

http://www.cnbc.com/id/100997096

[snot]

57. Hallelujah!

[yurbud]

58. If only more slugs would salt themselves...