Inside Job: Obama To Nominate Summers As Fed Chair, Despite NO Federal Reserve Experience

Confounded Interest ^ | 09/13/2013 | Anthony B. Sanders

[whitedog57]

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.

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3. He served as Chief Economist for the World Bank until 1993.

4. He served as Undersecretary for International Affairs in the Treasury Department.

5. He served as Deputy Secretary of the Treasury and succeeded Robert Rubin as Secretary of the Treasury in 1999.

6. Summers was appointed to the post of Director of the National Economic Council in January 2009. He quit in 2010.

Summers and Christina Romer approved of the stimulus package that ended up with an embarrassing prediction of falling unemployment with massive government stimulus. Although Paul Krugman and others claim the stimulus was too small.

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Summers has a very impressive resume, of course, but has NO RELEVANT FEDERAL RESERVE SYSTEM EXPERIENCE. Then again, President Obama only had short stints in the US Senate and Illinois state legislature, so complete lack of experience may be what is desired most by President Obama.

The market reaction? “The dollar and U.S. Treasury yields rose on Friday after a Japanese media report that U.S. President Barack Obama was close to naming former Treasury Secretary Lawrence Summers to head the Federal Reserve.“

Financial markets generally like resolution of uncertaintly, even if it is a crony-insider selection. Like Jacob Lew as Treasury Secretary.

Obama could have nominated Janet Yellen, the Vice Chair of The Fed, but perhaps Obama chose Summers because Yellen has “puppet mouth.”

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[whitedog57]

Obama goes for another insider/crony of banks with no experience. Sheesh!

[silverleaf]

Larry Summers ran Harvard’s endowment into the toilet so have no doubts he’ll handle the Federal Reserve with the same skill

[DoodleDawg]

This nomination is in spite of the total lack of experience of Summmers in the Federal Reserve system.

Alan Greenspan had no experience at the Fed when Ronald Reagan nominated him.

[Jess Kitting]

Isn't Larry Summers the guy who had to quit his position at Harvard over some non-PC comments he made about women?

Where is the outrage from the feminists?

[wny]

so? Obama was elected President with no experience..

[Common Sense 101]

Where is the outrage from the feminists?

Same place the anti-war protesters are... sitting silent on the sidelines until a Republican administration takes the White House.

[genghis]

summers>> yellen>>geithner