When Summers withdrew his name from consideration, Wall Street got what it wanted.

[Cali_Democrat]

Wall Street wants Yellen, not Summers, as next Fed chief
By: Steve Liesman

Wall Street overwhelmingly believes President Obama will and should pick Janet Yellen to be the next chairman of the Federal Reserve, according to a survey.

Preliminary results of the CNBC Fed Survey for July show 70 percent of the 40 participants who responded believe Obama will pick Yellen, currently, the Fed's vice chair, to replace current Chairman Ben Bernanke, whose term is up in January.

Just 25 percent believe it will be the former Treasury Secretary Larry Summers.

Yellen also beats Summers when CNBC asks participants who the president should nominate, with 50 percent choosing Yellen and 12.5 percent saying he should reappoint Bernanke. Even write-in candidate John Taylor, the Stanford University president, beats out Summers on who the president should nominate.

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

Wall Street cheers the Summers withdrawal:

Stocks Soar on Summers Withdrawal

Stock and bond markets around the world jumped on Monday, after Lawrence H. Summers withdrew from consideration as chairman of the Federal Reserve.

The equity surge began in Asia a few hours after Mr. Summers wrote President Obama that “any possible confirmation process for me would be acrimonious” and thus not in the nation’s best interests.

The rally rolled across Europe and gained steam on Wall Street, where the Dow Jones industrial average surged by 1 percent, before pulling back modestly. It closed at 15,495, up nearly 0.8 percent, or about 119 points. The broad-based Standard & Poor’s 500-stock index was up 0.6 percent for the day.

http://www.nytimes.com/2013/09/17/business/daily-stock-market-activity.html?_r=0

Wall Street a.k.a. the 1%, got what it wanted.

[Agnosticsherbet]

1. Much of the progressive left feels they got what they wanted...

which makes them strange bedfellows indeed.

And Warren supported her.

Elizabeth Warren Has Thrown Her Support Behind Janet Yellen For Fed Chair

Makes me wonder
Who is left and who is right
What do we know them
What do they really believe.
Who do they serve.

[Number23]

9. Your questions are spot on

Who is left and who is right
What do we know them
What do they really believe.
Who do they serve.

Which is why so much of the world really doesn't care about these types of labels. Human beings are much too fluid and politics literally thrives on moral and philosophical ambiguity. Which is why moderates and not ideologues of any stripe run the show in most thriving democracies.

This whole thing is actually quite fascinating. And once again, those convinced they have all of the answers should be the first ones asking the questions that you raised.

[Cali_Democrat]

10. Excellent questions

Things are much more complicated than what certain folks would lead you to believe.

[jazzimov]

2. But, but, True Faith Liberals

have told me REPEATEDLY that Summers was the pro-Wall Street candidate!

They wouldn't have LIED to me - would they? Surely they haven't been infiltrated, right?

[Recursion]

3. It could just be that Summers is an arrogant blowhard and Yellen is not

That's my own take, personally.

[leveymg]

4. Someone want to explain the policy differences, and why Wall St would prefer Yellen?

[Recursion]

5. Summers is on record wanting higher taxes on the rich (nt)

[leveymg]

6. And Yellen doesn't? If she doesn't, why would the Left have any interest in her?

[Recursion]

7. I have no idea if she is or not; I know Summers is. I stick with my blowhard theory upthread

personally

[Cali_Democrat]

13. Continuation of current policy

That's what Wall Street wants.

Yellen is essentially a Bernanke clone.

[Number23]

8. Now THIS is interesting

Stock and bond markets around the world jumped on Monday, after Lawrence H. Summers withdrew from consideration as chairman of the Federal Reserve.

This whole thing is not an area in which I have much expertise but I've noticed that some are very quick to claim that they were instrumental in Summer's decision to walk away. There may be some truth in that but the rallying on Wall Street leads me to believe that there is also truth that Wall Street played a large part in this as well.

I just read an interesting Washington Post article that also noted that Yellen is the Wall Street favorite and the one that Wall Street wants in the job. Other groups are rooting for her as well. Those patting themselves on the back may not want to hear that they were part of a coalition that did something (and may not have even been a big part of that coalition) but it may very well be the truth of the matter.

I'm wondering that now that it's getting out that Wall St. favors Yellen, how many will now cast as her the embodiment of all evil despite what appear to be very strong qualifications on her part.

[morningfog]

11. So you oppose Yellen?

[Cali_Democrat]

12. The ideal choice would be somebody like Paul Krugman. n/t

[Cha]

14. KIck

[cthulu2016]

15. Is there a point, beyond insinuation?

Wall street very much wants rates to remain low and the Fed to continue trying to stimulate demand.

So does everyone in the world who is not an idiot.

Their thinking (whether or not correct) is that Yellen is less likely than Summers to raise rates prematurely.

[joshcryer]

17. The point is it's easy to get played.

And pat yourself on the back afterward.

I didn't know Summers was for higher taxes on the rich.

I wouldn't have known had I not read Recursion's statement on the matter.

[geek tragedy]

16. Wall Street doesn't want a shitty economy.

This may puzzle some folks, but in general Wall Street does best when everyone else is doing well.

[joshcryer]

18. That's why they love deregulation.

Even though deregulation is responsible for the very bubbles that sinks Wall Street.