Posted on 09/21/2010 9:50:35 PM PDT by Justaham
President Obama’s top economic adviser, Larry Summers, will step down from his post after the November elections, the White House announced Tuesday.
Summers will be the third high-ranking economic official to leave the Obama administration following the departures of Peter Orszag, former head of the Office of Management and Budget, and Christina Romer, former head of the Council of Economic Advisers.
“I will always be grateful that at a time of great peril for our country, a man of Larry’s brilliance, experience and judgment was willing to answer the call and lead our economic team,” Obama said on Tuesday.
Summers, who previously served as Treasury secretary during the Clinton administration, will return to teaching at Harvard University at the end of the year.
Summers was one of the main architects of the Obama administration’s roughly $800 billion effort to boost the economy with new spending projects and tax cuts. He also helped oversee the bailout of the auto industry and new financial regulations enacted by Obama in July.
“I will miss working with the president and his team on the daily challenges of economic policymaking,” Summers said in a statement.
(Excerpt) Read more at thehill.com ...
My guess is that Borak will select another WISE leader to replace Summers - Dennis Kucinich.
“Summers will be the third high-ranking economic official to leave the Obama administration following the departures of Peter Orszag, former head of the Office of Management and Budget, and Christina Romer, former head of the Council of Economic Advisers. “
He did his job perfectly. Now he gets to retire fully tenured back at Harvard.
Is this the Summers of Recovery that Rimshot Joe told us about?
Summers made a lot of great contacts in the USG and the Federal Reserve. He’ll be sure to phone them up to get the inside track once he gets back in the hedge fund business
The Obama dictatorship is taking on water fast.
Obama’s new economic team: Curly, Moe, and Larry
Whoever replaces him will certainly come to the conclusion we need higher taxes and more stimulus $ spent
My guess is Paul Krugman, but the Economy is doing so well that 3 of his 4 Economic top advisors have left leaving Timmy Guettner the only one still standing.
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There are student minds back at Harvard that need to be poisoned with leftist claptrap and he’s the man for the job.
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