Skip to main content

From MarketWatch (bold mine):

President Obama appears to be leaning toward his former economic adviser Larry Summers as his pick for the next chairman of the Federal Reserve, but he's facing opposition from fellow Democrats worried about Summers's track record, according to the Washington Post. The White House is currently gauging the level of pushback over Summers, who some Democrats oppose for his role in undoing Wall Street regulation when he served as Treasury secretary late in the Clinton administration, the Washington Post's Wonkblog reported. Specifically, Summers was involved in the repeal of the Glass-Steagall Act, which had forced the separation of retail and investment banks following the mass bank failures of the 1930s. A separate Wall Street Journal report said a number of Democratic senators were circulating a letter petitioning Obama to instead choose Fed Vice Chair Janet Yellen to replace incumbent Ben Bernanke, who is widely expected to step down when his term expires at the end of January. The report said roughly a third of all Senate Democrats had signed the letter. However, the Washington Post said the White House sees Summers as having changed his views on deregulation since the 1990s and that current opposition to him as a possible Fed chief is based on old information.
Obama is already rationalizing it: Summers has changed.  Wait for it.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site