Obama to nominate Summers as Fed chief: Nikkei

[n2doc]

Source: Reuters

U.S. President Barack Obama will name former Treasury Secretary Lawrence Summers as chairman of the Federal Reserve Board, Japan's Nikkei newspaper said on Friday.

The newspaper, quoting unnamed sources, said in its original Japanese version that Obama was "in the final stages" and moving toward naming Summers.

The English-language version said the president "is set to" name Summers as early as late next week.

Asked about the story, a White House spokeswoman said Obama had not made his decision about the Fed job.


Read more: http://www.reuters.com/article/2013/09/13/us-usa-fed-summers-report-idUSBRE98C06120130913?irpc=932

[cactusfractal]

1. Sickening, but not surprising.

For every small bone thrown to the people-first crowd, there is a big meaty steak plopped before the corporations-first barons and captains of industry.

Again I return to my estimation of President Obama as Bob Dole's slightly more liberal Hawaiian cousin.

[warrant46]

12. The "Big Meaty Steak" present to the Koch brothers and the rest of the Criminals

Although its bad for you, Bacon is $6.00 a pound around here. A symptom of what is about to happen. The squeeze will definitely be on the lower 90%.

[Cal33]

36. Does anyone know how many Republicans Obama has picked for his cabinet and other positions

such as this one so far? Several of them have been Bush aides.

[The Wizard]

2. Placating Wall Street Banksters

Now they have to pay off certain senators to get Summers confirmed.

[deutsey]

3. Surprise, surprise, surprise...

[Bluenorthwest]

4. Disgusting.

But typical of the atavistic DC culture.

[durablend]

5. Eleventy dimension chess

Don't worry Obama got this!

[bitchkitty]

41. LOL n/t

[RC]

6. And some people around here wonder why everybody does not worship Obama.

This is one reason why. There are many others. Single and double drone strikes on innocent people are another.

[Owl]

7. Disgusting.

[bucolic_frolic]

8. I think this is floating the idea to gauge Senate resistance

I don't think he will nominate Summers, and I definitely
don't think Summers will be confirmed.

But then I think Bernanke has been better than Greenspan.

The pool of Democratic Banker-Economists is not large.

[deutsey]

14. That implies he's being seriously considered

If he wasn't on the short list, why float his name at all as a possibility?

[Divernan]

33. A link or your best recollection as to exactly where you "read" this?

[shireen]

9. this is one nomination I'd like to see the Republicans filibuster. nt

[forestpath]

10. +1

[Doctor_J]

13. Instead they'll welcome him unanimously, and the BOG will put it on "the list"

of major accomplishment.

Two more to go: TPP and KeystoneXL

[madrchsod]

22. you know they won`t...he`s their best friend

[tblue]

39. But this one they won't.

[mtasselin]

11. WTF

Well the sellout is almost complete, one of the assholes that got us into this mess is coming back for a encore. President Obama is this to put the last nail in the coffin of the American people or are you waiting until Trans Pacific Partnership for that. I voted for you twice and overall I have to say you have sold out the American people, but we will have to wait until your term is up to see how bad it really is. Sure you have done some good things but as of right now I have to say you have been a failure, which saddens me, because you had such great potential you could have been another FDR.

[whathehell]

18. The Trans Pacific Partnership...

That would be the ULTIMATE democracy-killer, and I so hope that, as an issue, it doesn't

get drowned out by all that's happening in Syria.

Please people, take the time to learn about it and CALL YOUR representatives.

It's truly shocking in terms of the RIGHTS it would take from us and give

to Corporations. I do not exaggerate when I tell you it's the most naked "fast track" to fascism

I've seen in my lifetime, and I'm 63 years old.

[madrchsod]

24. 66 here and this shit started in the mid 70`s

and now it's official. what is left of our industrial base is up for the highest bidder.

[whathehell]

31. Yes, but the TPP is everything that's happened times 1,000...Read it..You won't believe it. n/t

[Sunlei]

16. can they please check his emails and tweets for the past couple years first.

before he places in another person who isn't what they think they are.

[Harmony Blue]

17. The beggining of the end

an administration if this comes to a fruition.

[historylovr]

19. If we oppose this, are we racist Paulbots

or Putin fangirls/boys?

[madrchsod]

23. no

[tblue]

38. Or haters?

I hate what he's doing. There, I said it. Really, truly, madly, deeply hate it. No excuses. NOTHING makes this okay. This is NOT something I ever would have voted for.

[DCBob]

20. Apparently Wallstreet is pushing Summers.

I listen to CNBC time to time while driving and almost everyone they interview says they prefer Summers. I think because they feel he is one of them and understands the system. Maybe all the more reason he shouldnt be nominated. I think Yellen is a better choice. I hope Obama picks her.

[blackspade]

21. Fuck.

What a terrible nomination.

The 1% isn't even using the sets now. Just the brick wall.
That is all the 99% will see for the near future.

[truebrit71]

25. Will this finally be the 'fuck you' from Obama that even the true believers will concede?

I have been off the Obama train for a good long time, lack of transparency, blatant disregard for the Constitution, atrocious record on the environment, but by nominating Wall Street's guy to the Fed I would think that it would be plainly obvious that Obama is not, in any way, 'on our side'...

[JRLeft]

26. I have too. He is Bill Clinton.

[Enthusiast]

40. True believers will never concede.

Never. It doesn't matter what the President does.

[arcane1]

27. The same Lawrence Summers who said Africa wasn't polluted enough?

Because pollution is a sign of a good economy?

If this appointment happens, Obama can go fuck himself

[n2doc]

28. Update:Fed Chief Summers? White House Says Not So Fast

It’s no secret Larry Summers is the front runner to become the next Fed chief, but the White House denied a report on Friday that suggested the brilliant economist should already be ordering new business cards.

“No decisions have been made” on a Fed appointment, a senior administration official told FOX Business.

The comments come in response to a story in Japanese news agency Nikkei, which reported President Obama is going to name Summers as Ben Bernanke’s replacement at the Federal Reserve.

The report, which cited unnamed sources, said the White House is expected to unveil the move as early as next week.

Obama is also set to name Lael Brainard, who currently serves as Treasury undersecretary, as the Fed’s new vice chairman, Nikkei reported.


Read more: http://www.foxbusiness.com/business-leaders/2013/09/13/fed-chief-summers-white-house-says-not-so-fast/

[valerief]

29. GROSS! nt

[brooklynite]

30. I observe that NOBODY questioned the veracity of the story...

...and wondered why a US political decision would be learned by a Japanese newspaper in advance of any number of American media outlets, political blogs or pundits.

I suspect a certain number of people WANT it to be true to validate their previous criticisms.

[Divernan]

34. I observe YOU avoid giving YOUR opinion of Summers for this position.

Last edited Fri Sep 13, 2013, 04:01 PM - Edit history (1)

Obama's supporters here on DU have been discounting MONTHS of a steady stream of leaks from the White House stating this is whom Obama intends to appoint. I don't care whether you believe this is what Obama will do or not. The point at this stage of the political process is to make your position known. Do you personally approve of Summers for this post or not? You are certainly politically aware enough to have an opinion on this very important appointment, and by posting on the thread, you have joined in the debate, however obliquely. Right here, right now - take a stand based on your own values. Don't wait for someone else to give you talking points. This Summers appointment - up or down?

FWIW, I oppose this appointment.

Left, right and center, most observers say that there isn't a dime's worth of difference between Yellen and Summers when it comes to monetary policy. But when it comes to their record of predictions about where the economy was headed, Yellen swamps Summers. And when it comes to the regulatory role that the Fed will be engaged in under Dodd-Frank, Summers's history of repealing and blocking regulations during the Clinton administration does not exactly shine unless you're entrenched in the one percent.

No matter how smart Summers thinks he is, and by all accounts he is a brainy guy, he's also a toxic retread and staunch egotist who has pissed off just about everyone who he's rubbed elbows with, or rather poked his elbow into. Summers played a key role in supporting mistakes that brought about the Great Recession, sneering at and even smearing those who, for instance, argued that financial derivatives needed additional controls.

He would be a rotten choice. And the senators who seemed also to think so when they signed the letter of support for Yellen should ignore the White House staff's calls for them to cease their criticism. That criticism is a favor to the president even if he doesn't see it that way.

http://campaigns.dailykos.com/p/dia/action3/common/public/?action_KEY=540

[Harmony Blue]

35. So what is your opinion of Summers?

[brooklynite]

42. UPDATE - Summers withdraws from consideration...

Do people seriously think that the President would have decided (if the article is to be believed) to appoint Summers if he didn't have an absolute commitment from him to see through the nomination process?

[LiberalLovinLug]

32. He'll appoint who he's told to appoint

Like he did with his choice of ambassador to our country Canada. Goldman Sachs executive Bruce Heyman.

http://www.cbc.ca/news/politics/story/2013/04/03/pol-us-ambassador-to-canada-obama.html

Bruce Heyman has accepted the job but still has to pass a vetting process in order to be be formally nominated. His confirmation will be up to the U.S. Congress.

If he is approved, Heyman would replace David Jacobson, who has held the position since 2009. Jacobson is also from Chicago.

Well known as a high-level fundraiser to Barack Obama, Heyman and his wife Vicki, also a fundraiser, raised more than $1 million for Obama and were on his national finance committee.

Thanks a lot.

[gopiscrap]

37. not just no- FUCK NO!!!