Dont walk run to read Liz McDonald’s overview, The Case Against Larry Summers
“Although Bernanke is winning kudos and praise for making brilliant moves to save the US economy, chatter on the cocktail party circuit in Washington, DC is that Bernanke may not get asked back as the world’s most powerful central banker when his term expires in January 2010, due to a variety of reasons…
Word is that instead President Barack Obama may tap Lawrence Summers, director of the National Economic Council and former Treasury Secretary, as the next Federal Reserve chairman. Besides Summers, other potential options include San Francisco Fed president Janet Yellen, and former Fed vice chairmen Roger Ferguson and Alan Blinder.
But would Summers be the best choice to replace Bernanke as chairman of the US Federal Reserve?
Dig deeper into Summers’ background, and you’ll not only see that Summers is potentially so radioactive that the White House may not decide to put him up as a replacement for Bernanke, but why it did not even deign to choose him to be US Treasury secretary, picking Timothy Geithner instead, as Summers may not have survived a Congressional confirmation hearing.
About time some else noticed how unqualified Summers is for the job . . .
The Case Against Larry Summers
EMAC’s Stock Watch, July 20, 2009 12:43PM
Dear Lord, Anyone but Lawrence Summers . . . (July 8th, 2009)
Volcker: We Need Radical Regulatory Reforms (June 25, 2009)
Obama Reform Plan Fails to Fix Whats Broken (June 18th, 2009)