Well, that's a relief.

[randomness]

From David Wessel's story in the Wall Street Journal:

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.

Summers' letter to the President is available from the Wall Street Journal as a pdf.

Comments

[digitalemur.livejournal.com]

That was a classy letter.

Lawrence Summers is a really really smart guy.

He's also an asshole.

He's kind of the Norman Osborn of economics.

[drwex]

Yeah, I startled my D&D players on Sunday by shouting "Yeah!" when I happened to be on Twitter and the news broke.

None of them understand why but this is a Very Big Deal. Obama essentially got his ass handed to him by three leftist Democrats in the Senate. There will be hell to pay at some point, but I'm glad people I like are finally standing up and pushing for things I want.

[r-ness.livejournal.com]

None of them understand why but this is a Very Big Deal.

Yeah. Second most powerful position on the planet, and most people don't know about it or understand why it is.

I questioned Obama's judgement when he floated Summers' name in the first place, and I'm glad--and surprised--it worked out this way.

[drwex]

Obama values "team players" and people he knows. I was disappointed but not surprised when Summers' name initially came up. I was more surprised that Obama didn't quietly back away when it became clear this was a bad choice.

[r-ness.livejournal.com]

Obama values "team players" and people he knows.

This is particularly true in economics. Trouble is, the people he knows are largely Bob Rubin's guys.

I was more surprised that Obama didn't quietly back away when it became clear this was a bad choice.

I'm not at all sure Obama thinks Summers is a bad choice, even now. I think he just understands Summers wouldn't be confirmed.

[contrariety.livejournal.com]

I am yay about this. For absolutely no solid policy reasons, I just loathe Larry Summers.

[frotz.livejournal.com]

...and he might not, by that reporting, pick Yellen, because he is annoyed. Annoyed??!!

What is this I don't even. Does not call for petulance.

[r-ness.livejournal.com]

Judging from what you've told me about Norman Osborn, he hasn't got a letter like that in him.

Larry Summers is more dangerous, because he obviously does.

(Also because he's not a comic book character, but that's also obvious.)

[r-ness.livejournal.com]

I think you're covered by many other reasons, however.

[r-ness.livejournal.com]

I agree with you entirely.

On the other hand, it is possible the President will want to show he can't be pushed around by the Senate so easily. I think making a different choice for that reason would be wrong, but it is certainly possible.

[contrariety.livejournal.com]

Oh don't get me wrong. I think there are valid policy reasons TOO. I just can't pretend that's where my opinion springs from. :)

[holmes-iv.livejournal.com]

Begins to look like "any excuse to not pick the female candidate," though. Honestly, I will never understand this administration's attitude toward Fed appointments--but at least this time, the guy they left twisting in the wind without any support was somebody I wanted to avoid?

[stolen-tea.livejournal.com]

This may be the first tactful thing I've seen him do...