The first actually damaging leak just came out, re: Summers and Bernanke

[Kurt_and_Hunter]

CNBC reporting that "Democratic sources" are saying Larry Summers will be an Obama advisor until replacing Bernanke as Fed Chairman.

Bernanke's term isn't up until 2010 and it is needlessly destabilizing to make the Fed Chairman a lame duck for two years.

Dumb leak. Whoever is spreading that is a foolish, unhelpful gossip.

[Shakespeare]

1. Anyone with two brain cells to rub together already knows Bernanke's out in 2010.

BFD.

[BootinUp]

2. But Obama can show support for Bernanke

and everyone will forget about it for 20 months or so.

[genna]

3. Off topic: Why did I think you were doing the k-i-s-s-i-n-g thing children do?

Because I'm tired.

There are outrages and outrages...but does the market even know why it is going up or down.

[grantcart]

4. "Democratic Sources" Could there be a weaker source? That could include DU lol

I would pay attention to "Senior Obama Advisor" or possibly "Senior Democratic Leader".


Anything lower than that isn't going to carry much weight.

[Kurt_and_Hunter]

5. Actually it's a very strong attribution. (The vaguer the higher)

A legit news operation is making a statement in reporting something at all. So when the stated sourcing is a complete joke but they play it up anyway they are saying, "Our source is unimpeachable, but very, very background."

Granted, the Weekly World News (or Washington Times) could quote me as a Democratic source, but in the journalism semaphore I take it as being from someone very high with Obama, or from Summers himself.

Either way, it's annoying. It supports Summers' public esteem (mostly it bats down the idea that Summers was bypassed as Sec Treas for PC reasons) but steps on the good market feeling from the Geitner pick.

It strikes me as a petulant ass-covering sort of thing to say to the press.

[Maven]

6. Obviously the leak came from none other than...

THE CLINTORIS!!!11!

;) to bunnies.

[RoyGBiv]

7. I disagree ...

Changes in the Fed Chairmanship are destabilizing events in the best of times. We know Obama's going to replace him, and letting it be known now who that replacement will be allows for a certain degree of continuity.

Brad DeLong -- among others but I mention him because he's a good, liberal economist -- has already argued that Obama should make this choice now for this very reason.