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(CNN)   The guy that indirectly/directly caused the 2008 financial crisis has withdrawn his bid to be the next Federal Reserve Chairman   (money.cnn.com) divider line 57
    More: Spiffy, Larry Summers, Federal Reserve, Chairman of the Federal Reserve, Janet Yellen, National Economic, advice and consents  
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1041 clicks; posted to Politics » on 16 Sep 2013 at 9:02 AM (42 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-16 09:05:04 AM
That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.
 
2013-09-16 09:06:32 AM
The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.
 
2013-09-16 09:08:17 AM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


Word.
 
2013-09-16 09:08:44 AM
GrumpyCatGood.jpg

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.


Wat? I heard it was the other way around: Summers has the best record for deregulating the economy while Yellen has the best when it comes to predicting crises and the after effects. She is more likely to do something about unemployment too.
 
2013-09-16 09:14:10 AM

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.


Is it opposite day or something?
 
d23 [TotalFark]
2013-09-16 09:15:50 AM
Summers was totally insubordinate to Obama on his first appointment.  I still don't understand why he was in the running at all.
 
d23 [TotalFark]
2013-09-16 09:16:45 AM

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.


Hates him?  He's the REASON there is still a CitiBank.
 
2013-09-16 09:16:55 AM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


*reining*
 
2013-09-16 09:19:04 AM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


Clearly, he is the most liberal socialist to ever liberally socialize a liberal socialist.
 
2013-09-16 09:20:55 AM

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.


Oh yeah, Wall Street hates Summers so much they give him millions of dollars to "consult" for them.
 
2013-09-16 09:22:35 AM

Arkanaut: GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

*reiningraining*


Sorry, pet peeve
 
d23 [TotalFark]
2013-09-16 09:23:23 AM

EyeballKid: GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

Clearly, he is the most liberal socialist to ever liberally socialize a liberal socialist.


If he's a libby lib lib then I must be Attila the Hun.

Obama is a corporatist, my friend.  I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation.  There IS no far left in the U.S.  There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.
 
2013-09-16 09:23:28 AM

d23: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Hates him?  He's the REASON there is still a CitiBank.



Summers has a habit of speaking unconventionally, yet he behaves extremely conventionally when in a position to act, which probably confuses people.
 
2013-09-16 09:25:42 AM

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.


It's the opposite. Wall Street loves Summers and don't know quite how to feel about Yellen.
 
2013-09-16 09:25:46 AM

Arkanaut: *reining*


Thank you, I made the mistake of staying up to watch that travesty of a football game last night.
 
2013-09-16 09:26:33 AM
I thought Yellen was the favorite for the next Fed chair. I'm really hoping she'll get the nod, she seems to have more sense than Greenspan or Bernanke.

Pete
 
2013-09-16 09:28:41 AM
Do we know if he was REALLY being considered or was really a 'frontrunner'? All of that seemed like, well, media speculation. Like "This guy's probably THE FAVORITE for the position!'
 
2013-09-16 09:28:53 AM
Good.

Every country that has recovered from the financial collapse such as followed from Lehman Bros failure has done so by increased exports. The US economy needs more jobs and some inflation. Summers would not help jobs and focus on inflation which is already too low.
 
2013-09-16 09:30:14 AM

FooDog: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

It's the opposite. Wall Street loves Summers and don't know quite how to feel about Yellen.


Wall Street loves Yellen even more.

Here are your two fed options:

1.bp.blogspot.com

And one of them turned the position down.
 
2013-09-16 09:31:40 AM

d23: EyeballKid: GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.

Clearly, he is the most liberal socialist to ever liberally socialize a liberal socialist.

If he's a libby lib lib then I must be Attila the Hun.

Obama is a corporatist, my friend.  I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation.  There IS no far left in the U.S.  There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.


But...but...but...but...Sarah Palin and Mitch McConnell and Sean Hannity and Lindsey Graham and Eric Cantor and Rand Paul and Hank Williams Jr. and Ted Cruz and Rick Santorum and Mike Huckabee and Chuck Norris et al. have sworn time and again that Barack Obama is like a socialist two-headed monster, if one head was Mao and the other was Che Guevara, that eats the children of anybody who enjoys freedom. Do you mean to tell me they've been disingenuous merely for the sake of advancing their (owners') personal agendas?
 
2013-09-16 09:40:02 AM
I've been wondering for a while if Larry Summers wasn't a sacrificial lamb for another nominee all along. Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.

It would be awesome if he came out of nowhere with a nod to Joseph Stiglitz, or even Robert Reich,, but I'm not getting my hopes up.
 
2013-09-16 09:46:34 AM

cc_rider: Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.


fortunewallstreet.files.wordpress.com
"Um...cough...yeah, that would be, um, gosh, ahhhhhh...really horrible, if uh, you know, if Obama were to uh, appoint somebody like that for, you know, that...uh...well, that is...that sort of job."
 
2013-09-16 09:52:54 AM

cc_rider: I've been wondering for a while if Larry Summers wasn't a sacrificial lamb for another nominee all along. Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie, Robert Rubin protege on people who have been begging Congress to re-regulate the financial sector for six farking years.

It would be awesome if he came out of nowhere with a nod to Joseph Stiglitz, or even Robert Reich,, but I'm not getting my hopes up.


For some reason Obama has been in the thrall of those "flunkies."  My armchair psychology take is that despite his community organizer background Obama has a deep-seated need to be part of the arrogant, rich guy club.  (These are the guys in class who think that they are the smartest in the room.  When they compare their test results they think the instructor has made an error when he announces the highest test score, and it's not one of them.)
 
2013-09-16 09:53:53 AM

cc_rider: Obama would have to be incredibly blind and out-of-touch to try and foist some Wall St. flunkie


Krugman, Klein and others have speculated that from Obama's perspective, the administration's 2009 economic policies were a resounding success (even if Main St disagrees), and that Summers was a key part of that team.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/08/30/why-larry- s ummers-was-always-the-favorite-for-fed/
 
2013-09-16 09:54:48 AM
Non-Jews need not apply for the position.
 
2013-09-16 10:05:40 AM

Apik0r0s: Non-Jews need not apply for the position.


Funny you mention it, but a lot of economists think Stanley Fischer, the former head of the Bank of Israel, would be more than acceptable to lead the Fed.
 
2013-09-16 10:07:14 AM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


ATTENTION: THIS WEEK, OBAMA WILL BE KNOWN AS A "TOOL OF WALL STREET."

last week's talking point - "obama is a socialist-communist" is no longer valid.

PLEASE NOTE: instead of last week's talking point that obama is a godless atheist, this week, he is now a radical islamist in league with the muslim brotherhood.

stand by for further instructions

++++++END TRANSMISSION++++++
 
2013-09-16 10:23:50 AM
This incompetent, empty-suit socialist has used Larry Summers as a stalking horse in a brilliant scheme to help out his Wall Street flunkies.
 
2013-09-16 10:26:53 AM

FlashHarry: last week's talking point - "obama is a socialist-communist" is no longer valid.


So say people other than me, but by all means, continue posting on my behalf.
 
2013-09-16 10:35:40 AM
good, i was getting tired of sending Obama email about what a bad choice he would be.*

that Summers was in contention speaks volumes about what's wrong with both our financial system and our political one too.

*yes i realize that sending sending email only serves to make me feel a tiny bit better but that's ok. it works for a few minutes.
 
2013-09-16 10:53:19 AM

Apik0r0s: Non-Jews need not apply for the position.


Wow.... just wow.

Is this comment up to Farklib standards?

/btw, *plonk*
 
2013-09-16 10:53:53 AM

d23: Obama is a corporatist, my friend. I saw some idiot talking head saying that "some on the FAR-left think that Summers is responsible for the crash" because of his support of deregulation. There IS no far left in the U.S. There is a far-left boogeyman that appears in the daydreams of certain people that is constantly being argued against, but in U.S. politics he doesn't really exist.


We exist, We just don't have much pull in the national political discussion at the moment.

I'm pretty far to the Left, politically at this point, and there are plenty of groups (the IWW, the AMFSC, etc) which are further left of me.
 
2013-09-16 11:03:35 AM
Good
 
2013-09-16 11:05:33 AM

GoldSpider: FlashHarry: last week's talking point - "obama is a socialist-communist" is no longer valid.

So say people other than me, but by all means, continue posting on my behalf.


i didn't mean to imply that i was posting on your behalf. i just find it amusing that the collective far right is able to continually hold multiple antithetical views of obama in their deranged minds.

so, apologies - i know you're not deranged. and i agree, by the way - i believe that obama IS in fact a friend of wall st. and i was appalled at his suggestion that summers chair the fed.
 
2013-09-16 11:07:25 AM

Apik0r0s: Non-Jews need not apply for the position.


Christ, you and that mosquito dude are obsessed with the Jews.
 
2013-09-16 11:59:53 AM

Thats No Moose: GrumpyCatGood.jpg

Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Wat? I heard it was the other way around: Summers has the best record for deregulating the economy while Yellen has the best when it comes to predicting crises and the after effects. She is more likely to do something about unemployment too.


Cubicle Jockey: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Is it opposite day or something?


Arkanaut: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Oh yeah, Wall Street hates Summers so much they give him millions of dollars to "consult" for them.


FooDog: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

It's the opposite. Wall Street loves Summers and don't know quite how to feel about Yellen.


Looks like the media campaign had its intended effect: Summers is an incompetent crony, and Yellen is a champion of the people.

Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.
 
2013-09-16 12:01:38 PM

d23: Wendy's Chili: The fact that everybody on Wall Street and in the media hates this guy and loves Janet Yellen makes me think he should get the job.

Hates him?  He's the REASON there is still a CitiBank.


IIRC, he pushed for Treasury to seize all of their shiat, but Geithner ignored him.
 
2013-09-16 12:01:45 PM

Neighborhood Watch: The Federal Reserve is about as 'federal' as Federal Express.


/a colossal scam created by... liberals (who else?).


This message brought to you by people who want to return to the same monetary and fiscal policies that made the Federal Reserve inevitable in the first place.
 
2013-09-16 12:22:37 PM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


Yup, we're done here.

 

shifty lookin bleeder: Neighborhood Watch: The Federal Reserve is about as 'federal' as Federal Express.


/a colossal scam created by... liberals (who else?).

This message brought to you by people who want to return to the same monetary and fiscal policies that made the Federal Reserve inevitable in the first place.


I love that conservative economists who believe the Fed is private and complain about it are opposed to privatization in this one instance. Wouldn't a private central bank do its job better than an eeeevil socialist one?
 
2013-09-16 12:41:15 PM

Tripp Johnston Private Eye: I love that conservative economists who believe the Fed is private and complain about it are opposed to privatization in this one instance. Wouldn't a private central bank do its job better than an eeeevil socialist one?


They mostly think they can hoard gold in their basements if only the Fed didn't cause so much hyperinflation.

/or Bitcoin
 
2013-09-16 12:56:19 PM

Wendy's Chili: Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.


From your link:
In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.
 
2013-09-16 01:44:29 PM

Arkanaut: Wendy's Chili: Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.

From your link:
In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.


About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.
 
2013-09-16 01:58:37 PM

Wendy's Chili: Arkanaut: Wendy's Chili: Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.

From your link:
In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.

About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.


Whatever.  You're making a claim based on an indirect reading of hidden intent from a vast conspiracy, which tells you that a lifelong academic and public servant is somehow in the palm of corporate America and its financial masters, as opposed to the person who has in fact been paid millions of dollars by banks and hedge funds, and who has in fact advocated for the policies that allowed them to pillage the economy at great profit.
 
2013-09-16 02:48:41 PM

Arkanaut: Wendy's Chili: Arkanaut: Wendy's Chili: Meanwhile, a poll of Wall Street investment managers finds that they prefer Yellen 5-to-1 over Summers.

From your link:
In a poll last week of 47 Wall Street investment managers and strategists, Yellen was viewed as substantially more concerned about unemployment than Summers.

About a year ago I'm sure those very same bankers were telling people that Mitt Romney was more concerned about unemployment.

Whatever.  You're making a claim based on an indirect reading of hidden intent from a vast conspiracy, which tells you that a lifelong academic and public servant is somehow in the palm of corporate America and its financial masters, as opposed to the person who has in fact been paid millions of dollars by banks and hedge funds, and who has in fact advocated for the policies that allowed them to pillage the economy at great profit.


There's nothing indirect about this:

"they also said, by a 5-1 margin, that they preferred Yellen."
 
2013-09-16 03:18:45 PM

Wendy's Chili: There's nothing indirect about this:

"they also said, by a 5-1 margin, that they preferred Yellen."


Says the pollster.  Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn.  CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.
 
2013-09-16 04:11:12 PM

Arkanaut: Wendy's Chili: There's nothing indirect about this:

"they also said, by a 5-1 margin, that they preferred Yellen."

Says the pollster.  Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn.  CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.


No, you're right. CNBC lied about the poll results. In reality, the banks love Larry Summers and everything he's done for them. They instructed their surrogates in the media to trash him for the past two months because they feel they've made enough money and want to help out the little guy for a change.
 
2013-09-16 04:44:25 PM

Wendy's Chili: Arkanaut: Wendy's Chili: There's nothing indirect about this:

"they also said, by a 5-1 margin, that they preferred Yellen."

Says the pollster.  Do you even know who the "47 Wall Street investment managers and strategists" are? Maybe they talked to Bob, the President of Bob's Bank of Brooklyn.  CNBC doesn't seem to have posted their data.

You're telling us to read into the survey that we should support Summers instead, even though Summers has personally helped create everything we hate Wall Street for.

No, you're right. CNBC lied about the poll results. In reality, the banks love Larry Summers and everything he's done for them. They instructed their surrogates in the media to trash him for the past two months because they feel they've made enough money and want to help out the little guy for a change.


So the results are 5-1 in favor of Yellen, right? So that's maybe 39-40 for, 7-8 against?

What if those 8 against are Goldman Sachs, Morgan Stanley, Citigroup, Bank Of America, JPM Chase, Wells Fargo, AIG, and GE Financial, and the 39 for are working for their smaller competitors who don't have a chance against the big boys with their implicit Fed backing?
 
2013-09-16 05:25:44 PM

shifty lookin bleeder: Neighborhood Watch: The Federal Reserve is about as 'federal' as Federal Express.


/a colossal scam created by... liberals (who else?).

This message brought to you by people who want to return to the same monetary and fiscal policies that made the Federal Reserve inevitable in the first place.


JP Morgan supported and pushed for the Federal Reserve (he actually wanted to see us take the next step and set up a completely independent central bank) because he was tired of bailing the US economy out all by himself.

Morgan was also no one's idea of a liberal in any decade.
 
2013-09-16 05:32:43 PM

GoldSpider: That he was ever considered for the job should say everything that needs to be said about how serious this administration is about reigning in Wall Street.


That became pretty clear before Obama even took office in 2009.
 
2013-09-16 05:53:56 PM
I don't care so much about a CNBC poll of some stockbroker dudes, I care that a whole pile of economists really, really like her and she's never worked a day for some big bank. Oh, and Elizabeth Warren likes her, too.
I'm sure when Larry Summers is sipping champagne on his yacht, dining on caviar with his beautiful mistress/trophy wife, he will feel a little bit sad about not getting the Fed chair. But I really don't want him anywhere near our economy any more.
 
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