Home > finance, news > Larry Summers being set up to fail?

Larry Summers being set up to fail?

July 29, 2013

I’m back from PyData, which was a lot of fun and filled with super nice nerdy people. My prezi slides are now available here.

I have time for one thought: a bunch of people have chatted me up recently with the theory that Larry Summers is being put in the running for the Fed Chair alongside Janet Yellen just so that, when Yellen gets the call, we can all breathe a sigh of relief it didn’t go to Summers.

In other words, it’s a wholly political ploy so the Obama can look like a hero for women everywhere when he chooses Yellen, and so that we can all conclude that at least Obama’s learned this one lesson with regards to dealing with the ongoing financial crisis: Summers isn’t the solution.

Depending on my mood I sometimes buy into this theory, but obviously I’m still worried.

Categories: finance, news
  1. July 29, 2013 at 1:15 pm

    The theory may be right and in some ways I hope it is true.

    But, I think Obama has shown he has not learned anything if he even gave Summers serious consideration.

    Of course, appointments like Geithner and Lew have already proven this.


  2. bnthdntht
    July 29, 2013 at 1:22 pm

    hope fully the fed will not survive much longer.. not being part of the government and all


  3. albrt
    July 29, 2013 at 1:30 pm

    I can easily believe Summers is a stalking horse, but more likely it’s for someone just as bad or worse, such as Geithner.

    Obama appointed Penny Pritzker to a cabinet position, so his female quota is done for the year. Here’s hoping she will bring honor and glory to the female race.


  4. asg749d
    July 29, 2013 at 1:43 pm

    I’d buy into this if the Obama administration were battling perceptions of being anti women or of not hiring enough of them. As far as I can see, that has not being the case (from an administrative point of view at least) . So I continue to be worried.


  5. July 29, 2013 at 2:06 pm

    “Depending on my mood I sometimes buy into this theory, but obviously I’m still worried.” (Cathy)
    Is it possible that you’re worried by the fact that you’re delimited by the “theory?”


  6. ddf
    July 29, 2013 at 2:33 pm

    Sadly Summers means it


  7. Albanius
    July 29, 2013 at 2:47 pm

    Summers disqualified himself morally from public officce long ago when he coined the term “underpolluted.”
    Yves Smith notes his disastrous record of financial mismanagement as Harvard President, which should be a sufficient disqualification for even the political establishment to recognize. Smith did express the concern that Summers is a lightning rod, and Geithner, (arguably Obama’s worst appointment IMO), would be brought in, but at this point it looks as though Yellen is likely to get the job.


  8. oki"llbite
    July 29, 2013 at 3:00 pm

    From a conversation I had with someone who knows both:
    “Yellen is incredibly bright and thorough. For example, Yellen’s grad school notes were passed among all the students because they were so comprehensive.”

    “Not too impressed by Summers. Last time I saw him, we were talking about unemployment, and he seemed to have a poor grasp of some economic theory. The time before, I was at a conference where he was on the phone the entire time – I thought he was doing something important. I then noticed he was playing brickbreaker”


  9. ChristianK
    July 30, 2013 at 12:44 am

    Is there going to be a video of the pydata presentation in addition to slides?


  10. July 30, 2013 at 12:49 am

    Summers wants that position because he’s an arrogant dick. And the banks want him as well because he’s their man. So you should be afraid very afraid. Summers is being set up to fail us the public. I would not rule out him being FED Chairman for a long time.


  11. Bobito
    July 30, 2013 at 3:24 am

    There’s no defense for even considering Summers.

    This sounds like a defense concocted by those who still believe that President NSA drone Obama is a progressive.


  12. Barry
    August 7, 2013 at 12:22 pm

    Nah – you’re assuming that corrupt elites need to be cute, that if they are proposing breathtaking corruption and lies, rubbing our faces in them, that they couldn’t be serious.


  1. July 30, 2013 at 1:48 am
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