Skip to content

Summers Takes A Fall

16 September 2013 @ 08:35

From Patrick Brennan, over at NRO, we learn [tip of the fedora to Memeorandum]:

Larry Summers, former Treasury secretary and president of Harvard, has withdrawn his name from consideration for the chairmanship of the Federal Reserve, a position that opens up in January 2014. Summers called President Obama to tell him the news this morning and followed up the talk with a letter explaining his reasoning. He wrote: “Any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economy.”

…Summers, who looked like the front-runner, was mainly the president’s favorite, apparently, because the president knew and trusted him as an insider who worked in the Obama administration during the financial crisis….

Well…whoever Obama now favors for Fed Chairman, we know one thing for sure: that person is going to suck — big time.

Comments are closed.

%d bloggers like this: