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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. Debate in Washington has focused on whether Obama will pick Summers or Fed Vice Chair Janet Yellen to succeed Ben Bernanke, whose term as head of the U.S. central bank expires in January. The appointment must...

Japan’s Nikkei is reporting that President Obama is going to nominate Administration insider Lawrence Summers as Federal Reserve Chairman. Summers would replace current Chair Ben Bernanke. This nomination is in spite of the total lack of experience of Summmers in the Federal Reserve system. What experience does Summers have? 1. He was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. 2. Summers served as an economic adviser to the Dukakis Presidential campaign in 1988 which ended in disaster. dukakis 3. He served as Chief Economist for the World Bank until 1993. 4. He served...

I am listening to Larry Kudlow's radio show and he just said his source says that Obama may select Taxcheat Timmy to head the Federal reserve despite the conventional wisdom that the job is either going to Janet Yellen or Larry Summers. Despite what you may think of his opinions, Larry has good sources.