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Summers Withdraws Name for Fed Chairmanship

"Lawrence Summers, a former U.S. Treasury secretary, called President Barack Obama Sunday to say he is pulling out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Mr. Summers said in a letter to the president that followed the telephone call."

http://on.wsj.com/1gk92xh

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His history preceeds him, because of the free exchange

of information today. 10 years ago, he would have slid right through.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery, ..."

Note the order in the 'interest' of the position, and then the ultimate 'interests' of the nation.

The current shadow government is crippled and in failure.

Summers Ran Screen

Larry already repealed Glass-Stegal, his job is done.

This time he drew all the fire, his role was to run screen. Now the true choice of the President ( ehem.., Wall Street) will slide through confirmation with little protest.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

Acrimonious. Nice Larry.



Adjective

(typically of speech or debate) Angry and bitter:
(an acrimonious dispute obout wages).

Orgin: Early 17th century. (in the sense, "Bitter, pungent").
From Acrimony + -ous.

Larry doesn't want to talk about all the dirty deeds he's been involved in over the years.
You're damn right they would be angry and bitter Larry!
Because the trail you've left is pungent. It stinks to high Heaven.
You're getting off easy pal, way too easy.


Exercise Liberty.


America Rising.
The Constitution Stands.

"That the pen is mightier than the sword would be proven false; if I should take my sword and cut off the hand that holds the pen" - American Nomad

Guess Summers doesn't want to

Guess Summers doesn't want to be the "fall guy."

Roger Ferguson might be the Obama pick

It'd be a surprise since he isn't Jewish.

But I don't doubt it will be Yellen.

U.S. Equity market is going

U.S. Equity market is going to the moon on this news.

Obama just proved that he is either the dumbest man on the planet or he's the biggest liar and thief.

Nothing in between.

President Obama said he had spoken with Summers earlier Sunday and accepted his resignation.

"Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today," the president said in a statement. "I look forward to continuing to seek his guidance and counsel in the future."

"I don't want...

..to be one of the two most hated men in America!"

Summers

does not want to be the FED Head when the spicket has to be turned off and interest have to rise. Smart move.

Agreed. Stuck in a liquidity trap with no way out

who wants to be at the helm when that plays out as hyperinflation?

If Yellen Is Chosen...

it will be harder to criticize the Federal Reserve without being called anti-woman or sexist.

Perhaps he thought: "I dont

Perhaps he thought: "I dont want to be at the head of THAT when it goes down in flames."

To climb the mountain, you must believe you can.

Link to his letter to Obama

http://t.co/fn9cLm1p8h (download)

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery,"

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

Translation: I'm such a reviled crook that...

even small children hate me.

Pandas can't drive.