CNBC: Larry Summers Is Likely To Be Named Chairman Of The Fed In A Few Weeks

[xchrom]

http://www.businessinsider.com/larry-summers-to-be-named-fed-chair-2013-8



A source from Team Obama told CNBC that Larry Summers will likely be named chairman of the Federal Reserve in a few weeks though he is "still being vetted" so it might take a little longer.

It's largely come down to a two-horse race between Summers, a former Treasury secretary, and Fed Vice Chairman Janet Yellen for the next Fed chief.

It is widely expected that the current Fed Chairman Ben Bernanke will resign by the end of the year as his term ends in January. President Obama has already said that Bernanke has "already stayed a lot longer" in the role than he expected. Those remarks came in an interview with Charlie Rose on PBS in June.

Who might take the reins from Bernanke has been an undertone in the market and at the Fed's recent meeting in Jackson Hole, Wyoming.



Read more: http://www.cnbc.com/id/100988773#ixzz2dAA5nlL4

[NutmegYankee]

1. =(

He should be in jail along with the rest of his wall street cronies.

[warrant46]

43. HSP = A Huge Steaming Pile

[newfie11]

2. I have no printable words to express my thoughts on this. Nt

[zazen]

3. I have never been more disappointed in a politician in my lifetime

I'm a pragmatist and realize politics requires compromises, nor did I ever buy into his almost cult following, but Obama's abetting these neoliberal quasi-criminals from the outset of his administration is appalling and inexcusable. He knows better.

One has to conclude that at best it's cronyism and at worst he intends on tapping into the riches himself when he leaves office. These corporate capitalists don't believe the banking industry benefits the rest of the country. It's about kleptocracy.

People in the US will die because of these policies. We could take 20% of what was handed over to the big banks and start a jobs program that would have fed and clothed people, covered more medical costs, kept job skills up, built infrastructure, created more jobs, helped with critical sustainability initiatives, and so forth.

Instead, he appointed Timmy and Summers and the rest of the cabal. And he's doubling down.

His horrid choices helped the 2010 sweep, which led to the ethnic cleansing policies in NC.

[forestpath]

19. +1

[Guy Whitey Corngood]

4. I hear Allan Greenspan is looking for a job. Why not him? nt

[fasttense]

7. Yeah, I wonder why Obama has not considered Jamie Dimon or Bernie Madoff

What about Lloyd Blankfein. I hear Angelo Mozilo and Jeffrey Skilling are also available. They all seem to meet the same requirements that Larry Boy meets. I wonder why Obama has not considered them?

[Guy Whitey Corngood]

29. If not, they could always reanimate Milton Friedman's maggot infested

corpse.

[SamKnause]

5. Criminals

Maybe President Obama could pardon Bernie Madoff and nominate him for the position.

No words can articulate the disgust I feel for what is happening in this country.

[ictsuk123]

6. thank you

A source from Team Obama told CNBC that Larry Summers will likely be named chairman of the Federal Reserve in a few weeks though he is "still being vetted" so it might take a little longer.

[R. Daneel Olivaw]

33. "still being vetted" ???

What's wrong? Isn't Larry's character and ethics compromised enough for the position?

[JoeyT]

38. Still being vetted

translates to thinking up nasty names to call people on the left that object to it.

[rusty fender]

8. What a disaster this will be!

I've never thought that Obama was stupid, but if he appoints Summers, it will be the stupidest thing he could do.

A stupid man would appoint an economic charlatan like Summers. Only a stupid man would appoint a financial anti-wizard and thereby ignore that opposite-world Merlin's record of disastrous economic mishaps and malfeasance.

[Locrian]

15. It's either stupid or intentional....

My money is on intentional, which really is both stupid AND despicable.

[myrna minx]

9. How absolutely vile, but not a surprise. I wonder how this will be spun into a glorious

decision? But hey, at least we'll have a rush to war to take our minds off of a crook the looting of our treasury.

[Ichingcarpenter]

10. I hope he's wrong but he's dating Sen Catrill

who might have the white house ear.

We've documented enough on Summer to make anyone
with a sound mind think this is just 'a really bad idea'

[GeorgeGist]

11. Really, really lame choice ...

"There are no... limits to the carrying capacity of the earth that are likely to bind any time in the foreseeable future. There isn't a risk of an apocalypse due to global warming or anything else. The idea that we should put limits on growth because of some natural limit, is a profound error and one that, were it ever to prove influential, would have staggering social costs." - Larry Summers.

[Safetykitten]

12. Hilarious that people would think that it would not be him.

And pathetically, epically sad.

[Scuba]

13. No doubt we'll get the only option ever offered to us ....

[xchrom]

14. !

[corkhead]

16. It's just another sign showing the unwashed rabble who really is in charge. "We the people" my ass.

This is another reminder me to just forget about national politics and focus on local and state politics. We no longer have any say in what happens in all 3 branches of the federal government. Federal Elections have become nothing but a meaningless sporting event. To think otherwise is a delusion.

[deutsey]

17. Of course he is

[HughBeaumont]

18. CNBC, of course, is cheerleading this impending decision all the way to the bank.

Kernen's drooling through his beady eyes and Chiclet mouth . . .

[GoneFishin]

23. +1000. The disparity between his promises and his deeds are too great to write off as

an inability to steer the ship of state. He keeps scraping against icebergs.

[GoneFishin]

21. I heard it was a toss up between him and Bernie Madoff.

It could just be a rumor.

[winter is coming]

22. Well, the spin about why this is really a super idea should be entertaining. n/t

[RobinA]

24. So Wrong

Just wrong, wrong, wrong. And a slap in the face to boot. Somehow somebody needs to bust up this clique once and for all, or it's more of the same even if the next president is a D.

I never thought Obama was much of a democrat, even before his first election, but he's not even TRYING to make it look like he is at this point.

I'm seriously considering no vote for Pres. the next time around unless they can field a true liberal (will still vote for Congress). And yes, I am well aware of the pitfalls. But at some point a message must be sent, and the base staying home might just get some attention. And YES, I am well aware of the pitfalls.

[Nay]

35. Indeed. If Summers is appointed, it is simply a poke in the eye for regular Americans

trying to make a living and do the right thing. We have been told "It doesn't matter WHO you vote for, we rich people are still going to get everything and leave you shivering under a bridge, because you are nothing but useless eaters taking up space we could own."

Where does that leave us real Dems politically? Who knows. God knows we don't have anybody to vote for on the national level. Locally? The Pubs have all the money and the loudmouths and the churches.

The nauseating feeling that the Dem leadership is in on the rape becomes stronger. Why else was Dean's 50-state strategy summarily dumped ASAP? Because it might have worked. By now, we might have had viable state orgs that could actually field good local candidates and financially supported them. But no. We have nothing. You gotta hand it to the Pubs -- they are willing to organize locally, and they don't care what nut gets in, as long as an R is behind the name. The telling question is: why isn't the Dem national org(s) doing the same thing? BECAUSE IT WOULD WORK, AND THEY DON'T WANT IT TO. I can't come to any other conclusion. It's not like they're stupid -- they aren't. They are complicit.

[marmar]

25. Jesus, Maria y Josef

[xchrom]

27. right?

[kelliekat44]

26. Would it be a surprisse if he were not? nt

[bullwinkle428]

28. OY VEY.

[MannyGoldstein]

30. As usual, DU is tuned out from the REAL WORLD

Last edited Tue Aug 27, 2013, 10:42 AM - Edit history (1)

All that the purity Left on DU thinks about are the middle class and the poor, but do you ever stop to think that our country has wealthy people too?

Sure the wealthy have done very well since Obama took office, but they could be doing much, much better. Obama needs to start thinking about his legacy now, and while the wealthy will probably do even better under him than they did under Clinton or Bush, it's not a sure thing. Naming Larry "Toonces" Summers will give Obama a lock on making the claim that he was the best President in a century for the unappreciated wealthy of our country.

And once the Job Creators have enough money, it will trickle down on us.



Regards,

Third-Way Manny

[Octafish]

36. He IS the president of all the people.

Starting with the 1-percent and, as you so aptly noted, trickling down to the rest of us, should Ms. Pritzker, Mr. Lew, and Mr. Summers deem us worthy.

[dkf]

46. No one wants Larry Summers, only Obama.

[spooky3]

47. "Toonces"!! LOL! Perfect.

[Triana]

31. What the hell for?

The man is an idiot, disgusting, sexist. If Obama chooses this cretin, it will be one of the worst choices he's ever made.

[QC]

32. Did anybody really think he wouldn't be?

The president only seems to know maybe a dozen or so people, judging from his appointments, which are always the same few people, many of whom are incompetent or at best ignorant...think Arne Duncan, whose main qualification for his job seems to be that he and the president play basketball together.

[Cali_Democrat]

40. "The president only seems to know maybe a dozen or so people"

LOL

OK

[bobduca]

34. "It's largely come down to a two-horse race between Summers,"

Meaningless copy. Agentless prose. passive voice. unidentified judges in said race.

[Jesus Malverde]

37. What can we do to stop this?...nt

[PoliticAverse]

52. Convince Republicans Summers is a liberal?... n/t

[geek tragedy]

39. blech, I'm done defending Obama if he nominates Summers. blech. nt

[bigwillq]

41. Hope it's not true.

We shall see.

[KG]

42. can't wait to be bogsplained how his appointment would be a good thing...

[xchrom]

44. that'll make my eyes and ears bleed. nt

[NuclearDem]

45. So, translation: HAHAHA fuck you progressives!

But remember to vote Democrat in 2016! After all, the Republicans might put real assholes in positions of power!

[dflprincess]

49. 2016? He's ready to write off 2014

Apparently the last thing Obama wants is a majority in both houses of Congress.

[City Lights]

48. Fuuuuuuuuuudge.

Only I didn't say "fudge."

[mick063]

50. This is the Democratic Party of 2013

Ponder that for awhile.

[Skeeter Barnes]

54. This is what liberals are.

[mick063]

56. I know: They took a poll of "liberals"

Perfect illustration of boiled frog.

Slow incremental changes to the term "liberal".

I'm going to quit using it. It isn't me any more. If 86% of the "liberals" approve of our President, it has taken on a new meaning.

I never camped with them but what the heck.....call me #Occupy. I have more in common with them than with "liberals".

My primary agenda is economic justice anyway. Might as well politically align with the group that openly champions it.

[dawg]

51. The picture of Summers in the OP reminds me of this:

[Skeeter Barnes]

53. As soon as Obama doesn't have to worry about getting elected again, he can

appoint the people he really wants!

[brentspeak]

55. Obama to appoint Larry "The Pigman" Summers

What a surprise.

[Liberal_in_LA]

57. i never forgot those remarks he made about women and science

[DreamGypsy]

58. Why do I have this deep-seated impression, that in the long term the world would be a better place..

...if we could just convince the Navy to ignore Assad and move into position off of Brookline and D.C, and take out ... well, you know who.