Won’t Have Larry Summers to Kick Around Anymore
Posted by Larry Doyle on September 16, 2013 10:51 AM |
I have no doubt that Larry Summers’ choice to withdraw from his well known desire to be the chairman of the Federal Reserve only came at the behest of the White House.
I firmly believe that President Obama and the most senior execs on Wall Street wanted their pal Larry to be the next Fed chair.
As it became increasingly obvious that a Summers nomination would have required an expenditure of significant political capital, the administration likely told Larry to do the honorable thing and step aside gracefully.
Most observers know that Summers is not typically defined as graceful, but rather more akin to a lighting rod. As seen in this brief Bloomberg clip:
The administration clearly learned it was not well positioned to expend the political capital needed to push a Summers nomination forward given other large political battles soon to be waged on Capitol Hill (budgetary battles including tension over funding Obamacare, raising the debt ceiling).
I think the Summers withdrawal is also an indicator that the American public is fed up with the Wall Street-Washington Incest. Not that Janet Yellen, or for that matter Donald Kohn, might look to expose or unwind any of the destructive and incestuous revolving door realities.
Well, I guess we won’t have Larry Summers to kick around anymore.
That’s a shame. He provided some great copy.
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
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I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.