A front-page story in yesterday's Washington Post
confirms that President Obama's closest economic policy advisors are
aggressively pushing for him to name Larry Summers as the next chairman
of the Fed. According to the Post account, after a flurry of attacks
against Summers appeared in the media, Tim Geithner pulled together a
conference call of Obama insiders to plot a strategy to salvage
Summers's nomination.
In addition to the White House economic advisors, the group also
tapped into two of Obama's top former campaign and White House political
strategists to join the Summers bandwagon. Stephanie Cutter and Jim
Messina were both drawn into the campaign for Summers. Cutter, who was
deputy campaign manager of the 2012 Obama re-election effort and was
later an Executive Assistant to the President, spent several years at
Treasury, as Geithner's personal spin-meister to counter heavy backlash
against the bailouts. Dan Messina recently left the White House to work
for David Cameron and the Tory Party's upcoming election campaigns.
According to the Post account, the Geithner-led team has also targeted Summers's chief rival for the Fed post, Janet Yellen, pressing White House staff to block her from any access to the President and his top economic aides. According to the Post account, President Obama will announce his choice for the Fed post some time early in the autumn, and for now, Summers clearly has an inside track.
Bill Black today penned a scathing attack on Summers that appeared in New Economic Perspectives and in the Naked Capitalist blog. He not only documented both Summers's and Geithner's role in the total takedown of bank regulations; he nailed Summers as a close collaborator of Al Gore in the Clinton-era "reinventing government" scam. Under that program, 3/4 of the manpower at the FDIC was ousted, making any regulation of the big banks impossible. Black branded Geithner and Summers as the biggest protectors of the "Systemically Dangerous Institutions." He also reported that Deutschebank is lobbying hard for Obama to select either Summers or Geithner as his new Fed chairman.
Photo by whitehouse.gov
According to the Post account, the Geithner-led team has also targeted Summers's chief rival for the Fed post, Janet Yellen, pressing White House staff to block her from any access to the President and his top economic aides. According to the Post account, President Obama will announce his choice for the Fed post some time early in the autumn, and for now, Summers clearly has an inside track.
Bill Black today penned a scathing attack on Summers that appeared in New Economic Perspectives and in the Naked Capitalist blog. He not only documented both Summers's and Geithner's role in the total takedown of bank regulations; he nailed Summers as a close collaborator of Al Gore in the Clinton-era "reinventing government" scam. Under that program, 3/4 of the manpower at the FDIC was ousted, making any regulation of the big banks impossible. Black branded Geithner and Summers as the biggest protectors of the "Systemically Dangerous Institutions." He also reported that Deutschebank is lobbying hard for Obama to select either Summers or Geithner as his new Fed chairman.
No comments:
Post a Comment