The spreading expectation that President Obama will name Lawrence H. Summers to lead the Federal Reserve Board appears to be working against the central bank’s efforts to stimulate the economy. The jitters even have some analysts betting that a Summers nomination could lead to slower economic growth, less job creation and higher interest rates than if the president named Janet L. Yellen, the Fed’s vice chairwoman. [NYT]
What does one eat to get pumped up for a day of putting away gang members and bringing charges against (alleged!) financial dens of iniquity? Raw animal flesh or, if none can be procured, a granola bar that contains only 3g net carbs. Read more »
Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we’d say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told “close friends” that regardless of whether or not Obama wins a second term, he’s ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be “at the top of the list,” the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. Read more »
Is Larry Summers going to get the nomination for World Bank president? It’s unclear at this time but lest Obama be seriously considering him for the gig, a bunch of people would like to put it out there that the former Treasury Secretary would be a “terrible pick.” In 24 hours over 37,000 people have signed a petition urging Obama to say no to Big Lar, citing his comments about women and science and the fact that Christina Romer said she felt “like a piece of meat” while working with him in the White House as evidence of unfitness for the job. Once his arch nemesii get a hold of things thing and forwards it to their friends the sky’s the limit. He’ll be lucky to get a nomination ripping tickets at a Clearview Cinemas in White Plains.
They haven’t had nice things to say about him over the past year and a half. Called him McSleeps a lot and, oh, the jokes about his Diet Coke consumption came fast and furiously. But now that he’s announced he’s taking off, suddenly the business community wants the lovable schlub back, according to Charlie Gasparino. Apparently no one wants ot live in a world without Big Lar. Read more »
According to White House spokesman Robert Gibbs, the nap lover’s impending departure, and those of others on the economic team, is “not a surprise…there will be people who have worked enormously hard over the past few years to make decisions to go back to doing what they did before joining the administration,” such as consulting for DE Shaw and/or taking Harvard back to its all-male roots. [Bloomberg]
Charlie Gasparino’s sources are telling him that Larry Summers is unhappy and not just over the “little punk” incident. No one really knows why exactly, though Chaz suspects Big Lar wanted the Fed Chair job and with “that bearded fruit” getting the gig, for a second time no less, saw that dream flushed down the toilet. So maybe what he does about it is he quits. At the end of the year. Possibly. Very hard to be sure– suffice it to say, this situation is fluid to the extreme. In related news, via BI, this is Fox Business’s new Gasparino graphic: Read more »
Earlier today we mentioned that House Minority Leader John Boehner had some advice for any bankers headed to Washington hoping to fight financial reform. His advice was simply this: “Don’t let those little punk staffers take advantage of you and stand up for yourselves.” The reaction from a certain Director of the White House’s National Economic Council? OH NO YOU DI’INT. Read more »