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Summers for Fed Chair Getting A Lot of Pushback from Dems
Posted on 8/6/13 at 9:07 am
Posted on 8/6/13 at 9:07 am
LINK
36 democratic representatives writing to support Yellen over Summers. 20 of the 54 Democratic Senators also support Yellen.
I'm not a Summers fan by any means and would much rather have Yellen, but Obama is right in his quote that “would have to slice the salami very thin” to find areas in which they diverged in terms of expected policy. The first year both are chairs would be nearly identical. Past that you would get divergences in which I would much rather have Yellen. This isn't even including the Republican fight that will come because Summers served as Obama's first economic advisor.
Basically, I don't see any real way that Harvard Larry will be overseeing the FOMC this time next year.
36 democratic representatives writing to support Yellen over Summers. 20 of the 54 Democratic Senators also support Yellen.
I'm not a Summers fan by any means and would much rather have Yellen, but Obama is right in his quote that “would have to slice the salami very thin” to find areas in which they diverged in terms of expected policy. The first year both are chairs would be nearly identical. Past that you would get divergences in which I would much rather have Yellen. This isn't even including the Republican fight that will come because Summers served as Obama's first economic advisor.
Basically, I don't see any real way that Harvard Larry will be overseeing the FOMC this time next year.
This post was edited on 8/6/13 at 10:23 am
2
Posted on 8/9/13 at 9:07 am to BennyAndTheInkJets
Here's one enemy he made who's a darling of the left
Apparently he vocally supported, then quietly scuttled her chances at running the board that was her brainchild. I was curious about why this was such a heated issue (particularly in the blogosphere, considering how small the difference really is)
Apparently he vocally supported, then quietly scuttled her chances at running the board that was her brainchild. I was curious about why this was such a heated issue (particularly in the blogosphere, considering how small the difference really is)
This post was edited on 8/9/13 at 9:09 am
Posted on 8/9/13 at 10:23 am to BennyAndTheInkJets
quote:
but Obama is right in his quote that “would have to slice the salami very thin” to find areas in which they diverged in terms of expected policy. The first year both are chairs would be nearly identical.
The important issue is not a divergence in policy but a divergence in style. Summers is not known to "play nice on the playground" so to speak. Fed chair is probably the most important government appointment and requires individuals who have the skills to form consensus. I agree with you, he will not be overseeing FMOC this time next year.
Yves Smith "Why Larry Summers Should Not Be Appointed To Run Anything More Important Than A Dog Pound."
Larry Summers for Dog Pound
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