TPM: Senate Dems Signal That Summers To Fed Is A No-Go

[kpete]

Senate Dems Signal That Summers To Fed Is A No-Go


07.30.2013 — 02:07 PM
Larry Summers? Fuggedaboutit

A Democratic leadership aide in the Senate tells TPM: “Given the level of opposition to Larry Summers within our caucus, confirming him would be a huge challenge and probably a pretty ugly process.”

http://editors.talkingpointsmemo.com/?ref=fpblg

[Rex]

1. THANK YOU!

Obama can pick someone better than a known failure.

[dixiegrrrrl]

2. Unless, of course, the mob calls for "failure"

as Bernanke did such a good job of ognoring Fed. Reserve mandates, which make the banks very happy.

[Rex]

3. Yeah good point there, Bernanke is lucky he is not in jail.

In a just world, where we put war criminals on trial, Bernanke would be facing years in prison. He should be thankful the govt doesn't go after it's own. Not at least the 'made men and women'.

Like certain mobsters, they seem completely untouchable.

[dixiegrrrrl]

4. "Like certain mobsters, they seem completely untouchable. "

Except from rival mobsters..
Maybe when the 1% own EVEREYTHING, they will start fighting amongst themselves.

[Scurrilous]

5. K & R

[Cryptoad]

6. I vote for

Krugman to be appointed to the Chair!

[Aerows]

7. Good!

Summers is a disaster waiting to happen.

[Hubert Flottz]

9. Summers should be in jail...

instead of in our government.

Edit to add...

No More Second Chances for Larry Summers

Among his other outstanding attributes, Lawrence Summers is perhaps most distinguished by his mendacity. I have encountered this up close over the years in interviews. He bristles and turns nasty when his assertions are challenged. I am not naïve about untruth in politics—I know it well—but Summers takes it to extremes. Three years ago, he made an appearance on the PBS NewHour that blew out my tolerance. I posted an exasperated blog titled “Professor Pants-on-Fire.”

“How can I say this nicely?” I wrote. “Larry Summers is a clumsy public liar. His noxious, condescending manner helps explain why he failed as president of Harvard. But it is the crude mendacity that ought to bother people now. The man is President Obama’s top economic adviser.”

I ticked off some of the self-serving lies he told to cover up his own role in destabilizing the financial system when he was Treasury secretary in the Clinton administration—when he personally blocked tougher regulation on the financial time bombs known as derivatives, when he collaborated with Republicans and the Federal Reserve in dismantling Glass-Steagall and other New Deal protections. Larry and Bill, Robert Rubin and Alan Greenspan paved the road to financial collapse. Afterwards, nobody went to jail.

These scandalous matters are relevant once again because the White House propagandists are pushing hard to make Larry Summers the next Federal Reserve chairman. If Obama makes that choice, Wall Street wins again. Summers is their candidate and at home in their money culture. As Fed chair, he would become their main watchdog. Read more @ Truthout

http://www.truth-out.org/opinion/item/17802-no-more-second-chances-for-larry-summers

[elleng]

8. Janet Yellen Is the Best Fed Choice, in WSJ.

Her long record displays consistently good judgment, especially in the crisis years.

By Alan Binder. Saw it yesterday.

But in talking to many people in recent days, I've learned that, outside the narrow confines of economists and people who dote on central banking, Ms. Yellen, the Fed's vice chairman, is virtually unknown. So here, as a public service, is a primer. (Full disclosure: She is a close friend.) . .

But lines on a résumé matter far less than the substantive track record they represent. Happily, Ms. Yellen's is one of consistently good judgment, time after time—exactly what we need in a Federal Reserve chairman.

In her first stint at the central bank, she helped steer monetary policy toward what was called the "perfect soft landing" in 1996—meaning that the Fed tightened considerably to avoid inflationary dangers in 1994-95, then eased up in time to "set the economy down" gently on the full employment "runway." If that sounds easy, it's not. The history of central banking, both here and elsewhere, is replete with crash landings.

http://online.wsj.com/article/SB10001424127887324564704578630352671161208.html

[Cali_Democrat]

10. ***WALL STREET DOESN'T WANT SUMMERS. WALL STREET SUPPORTS JANET YELLEN******

So it's no surprise the WSJ wants Yellen

Wall Street wants Yellen, not Summers, as next Fed chief

http://www.cnbc.com/id/100917426

[Hubert Flottz]

11. WSJ owned by

News Corp and chairman Rupert Murdoch, are in the entertainment business.

[elleng]

13. but Alan Binder is not.

[frylock]

12. that was prior to obama's come to jesus meeting with the dems this morning

[WCGreen]

14. I think his name was leaked out to see what Dem's in Congress would be...

He won't be nominated.

Now Obama just has to find a place for good old Larry...

[Mr. David]

15. In prison.

Where he belongs.

And they have to stop nominating stupid morons to head key positions.

[WCGreen]

16. Political Hackery.

[blkmusclmachine]

17. Summers is ANOTHER horrible, terrible, very bad Obama choice.

More 11-Dimensional, rope-a-dope, bipartisan bullsh!t from Mr. Fierce Advocate.

[zentrum]

18. Let's hope it's a no-go

But O is already fighting for him more than he does for most issues. Usually he'll propose---but not fight.

He wants Summers whispering in his ear. Not those middle class advocates--like Yellen.