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News & Current Events Discuss Larry Summers withdraws name from Fed consideration at the General Forum; Larry Summers withdraws name from Fed consideration Lawrence H. Summers, the former Treasury secretary and senior White House economic adviser, ...

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Old 09-16-2013, 07:13 PM
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Default Larry Summers withdraws name from Fed consideration

Larry Summers withdraws name from Fed consideration

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Lawrence H. Summers, the former Treasury secretary and senior White House economic adviser, has withdrawn as a candidate for Federal Reserve chairman in a startling development that raises urgent questions about who will lead the central bank when Chairman Ben S. Bernanke steps down in four months.

Summers withdrew after an intense uproar among liberal Democrats, women’s groups and other advocacy organizations against his potential nomination — a highly unusual assault on the candidate who President Obama favored for the job.

...The drama started after word of Summers’s candidacy first circulated early this summer — when most Fed watchers thought Yellen would be appointed.

Liberals on Capitol Hill, as well as a wide array of economists, erupted. They said he had a brusque personality that would be problematic at the Fed.

Summers’s allies took to the media, noting that he was an architect of the president’s push for tough financial regulations after the crisis and couldn’t be so difficult to work with if he had garnered the support of so many of his White House colleagues.

When questioned on Capitol Hill, Obama made many of the same points in defense of his former adviser. But given the heated opposition, Obama decided to announce publicly that he would wait until the fall to make a decision, hoping to buy time and cool tensions.

Some former administration officials say, in retrospect, that the White House got the strategy wrong. While the noise from Capitol Hill died down for a while — and Senate leadership privately told the White House it would do all it could to get Summers through — key voices in the opposition grew louder.

In the past week, Democratic Sens. Jon Tester (Mont.) and Sherrod Brown (Ohio), members of the banking committee, which would have had to endorse Summers, announced that they would vote against him. Another committee Democrat, Sen. Jeff Merkely (Ore.), had said long ago that he would oppose Summers, and it was widely assumed that Sen. Elizabeth Warren (D-Mass.) would have joined them as well.
Democrats...

Obstructionists????...

Not allowing the president to appoint who he wants????

Throwing an agency into flux due to no incoming leader????


I know these were the accusations against Republicans when they blocked a nominee...

But these are NOT Republicans....so you know...It's different...

Fact is, they're pissed because they don't believe Summers is Liberal ENOUGH...97% is simply not allowed...Monopolies only...
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Old 09-16-2013, 07:20 PM
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Default Re: Larry Summers withdraws name from Fed consideration

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Originally Posted by cnredd View Post
Larry Summers withdraws name from Fed consideration

Democrats...

Obstructionists????...

Not allowing the president to appoint who he wants????

Throwing an agency into flux due to no incoming leader????


I know these were the accusations against Republicans when they blocked a nominee...

But these are NOT Republicans....so you know...It's different...

Fact is, they're pissed because they don't believe Summers is Liberal ENOUGH...97% is simply not allowed...Monopolies only...
I don't know what you are so worked up about. Not everything is partisan. Many things are. Does that confuse you?
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Old 09-16-2013, 09:13 PM
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Default Re: Larry Summers withdraws name from Fed consideration

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Originally Posted by Mikeyy View Post
I don't know what you are so worked up about. Not everything is partisan. Many things are. Does that confuse you?
So you condone the Democrats telling Obama to shove it? That surprises me.
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Old 09-17-2013, 06:00 AM
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Default Re: Larry Summers withdraws name from Fed consideration

the question is not who ought to hold the Chair,but,should the FED exist in it's present form!
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So if Socialism is so great...why does it have to be mandated and forced on people?
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Old 09-17-2013, 06:29 AM
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Default Re: Larry Summers withdraws name from Fed consideration

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So you condone the Democrats telling Obama to shove it? That surprises me.
Why not?
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Old 09-17-2013, 11:46 AM
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Default Re: Larry Summers withdraws name from Fed consideration

Quote:
Originally Posted by cnredd View Post
Larry Summers withdraws name from Fed consideration

Democrats...

Obstructionists????...

Not allowing the president to appoint who he wants????

Throwing an agency into flux due to no incoming leader????


I know these were the accusations against Republicans when they blocked a nominee...

But these are NOT Republicans....so you know...It's different...

Fact is, they're pissed because they don't believe Summers is Liberal ENOUGH...97% is simply not allowed...Monopolies only...
How was Summers "97%" liberal?
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Old 09-17-2013, 03:08 PM
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Default Re: Larry Summers withdraws name from Fed consideration

might be a blessing having a FED without a Leader!
Less chance to pork up the works!
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So if Socialism is so great...why does it have to be mandated and forced on people?
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Old 09-17-2013, 06:49 PM
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Default Re: Larry Summers withdraws name from Fed consideration

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Originally Posted by SwissMan View Post
might be a blessing having a FED without a Leader!
Less chance to pork up the works!
Either that or appoint Ron Paul to the position.
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Old 09-18-2013, 06:56 AM
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Default Re: Larry Summers withdraws name from Fed consideration

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Originally Posted by 40yearfan View Post
Either that or appoint Ron Paul to the position.
That would be a Cold Day in Hell!
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