With POB Deferring Bernanke Replacement was Larry Summers Trial Baloon a Bait & Switch?

[KoKo]

A Larry Summers Bait-and-Switch?
by Richard Eskow

Barack Obama thinks Larry Summers is the right man for the job, and you can take that to the bank (sorry about the pun). What are we to infer from this information?

It certainly tells us that the president is very forgiving of Summers’ flaws, which include his apparently shocking attitudes toward women, his spectacular failure to foresee the financial crisis, his pivotal role in deregulation, the many millions he’s made from the same Wall Street bankers he’d have to regulate, and his long record as a bully to subordinates, peers and colleagues.
So, given the many good reasons not to nominate Summers, how did he become the president’s preferred choice? And why are they fighting such strong headwinds for him?

What were they thinking?

We can’t know that, of course, but there are several possibilities:

They didn’t see it coming.. It’s possible that, while the White House clearly knew Summers has enemies, the depth of the blowback has surprised them. It may be continuing to surprise them on a daily basis, and they may be hoping it will fade away as quickly as it appeared.

Fat chance.

The President wants Summers, come hell or high water. In which case, that’s exactly how he’ll get him.

They have a Plan B. They’ve got somebody lined up – somebody other than Yellen, that is – if they can’t push Summers through the nomination process (a procedure which is increasingly starting to resemble the process by which a python digests a pig).

Bait, meet switch.

That last possibility is the one we should really be worried about. The last time Summers was up for a White House job, we got Geithner instead. He was worse than Summers would have been, at least on policy. But the White House was able to tell several key constituencies “We heard you,” while actually selecting an even more pro-Wall Street candidate.

Don’t discount the possibility that we’ll see a similar bait-and-switch routine here. The President and his team could bypass both Summers and Yellen, toss a Geithner type in our lap (it might even be Geithner himself), and score a political victory while tacking further right on economic policy.

That’s not a reason to embrace Summers, but it means his opposition should be tempered with a clear message: The next chair must take the Fed’s job-creation responsibilities much more importantly than Ben Bernanke has done. So far the Summers resistance has been closely linked with pro-Yellen sentiments, which is good, but it should also be made clear that a Geithner-like surprise nominee would be equally unacceptable.

We’re not saying that a bait-and-switch will happen. But if it does, remember: You read it here first.

Good Read More at:
http://www.commondreams.org/view/2013/07/26-1

[JoePhilly]

1. Its always good to make a bold prediction and then back track on it in the

very next sentence.

And then repeat how bold the prediction was.

Shows you're serious.

[bemildred]

2. Maybe the "threat" of Summers is supposed to make us embrace Yellen? nt

[KoKo]

3. They were pushing another woman who'd been on Fed that I never heard of...

Saw it on Bloomberg Business... I will try to find her name. It seems that Obama doesn't want Yellen, either...even thought Business News (for what that's worth) seems to think that Yellen is closest to Bernanke in Policy and this new "Trial Baloon" is one of the Fed's Fellows out there.

I'll try to find. Still..thought this was fascinating read for those who had enough interest to read the whole article.

ON EDIT: Tried to find it...I will have to go back into what I watched. Will take some time.

Still the article is a VERY INTERESTING READ...in Full...not the snip.

But...when I find I will post.

[bemildred]

5. Well, don't worry about it.

If people are being disingenuous there is little reason to worry about making sense of it. The takeaway is they are feeding you bullshit and that's what they think of you. And of course, that IS our beloved "leaders" and how they think about us, isn't it?

[KoKo]

7. Good Point...

sadly...but, gotta keep on top of it. Why? I don't know. "Done Deals" sour with me, also.

[bemildred]

8. Nothing wrong with making plenty of noise.

I'm not telling you to relax, just that once it's clear they are spreading manure, there is no need to try to "understand" the manure, unless there is something else to motivate it, like a counter-argument to make or the like.

[blkmusclmachine]

4. The old Bait & Switch.

Kinda like BHO, yes?

[bemildred]

6. Only the latest in a long line.

Anyway, he has to be trashed by 2015 or so to prepare for the next savior.

[KoKo]

9. Was asked to kick this...