Summers Withdraws Name for Fed Chairmanship


The Wall Street Journal has the story Summers Withdraws Name for Fed Chairmanship.

First the good news.

Lawrence Summers pulled out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve after weeks of public excoriation, forcing President Barack Obama to move further down the list of contenders to head the central bank.

Then the bad news.

One leading candidate is Janet Yellen, the Fed’s current vice chairwoman, who has garnered substantial support among Democrats in Congress and among economists. But the public lobbying on her behalf appears to have annoyed the president, say administration insiders, and may lead him to look elsewhere.

Then the ugly news.

Administration insiders say Timothy Geithner, the former Treasury secretary, also is a possibility,

and perhaps a sigh of relief.

though a person close to him reaffirmed Sunday night that he doesn’t want the job.

It almost gives me a sense of power to read:

after weeks of public excoriation, forcing President Barack Obama to move

Perhaps all my itching and moaning did some good.

If President Obama does appoint someone like Geithner, I will start to think that the President doesn’t like us anymore.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.