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Summers withdraws from Fed chairman consideration

Comments (34)
  • TruffelPig
    , contributor
    Comments (4091) | Send Message
     
    So much about the Nikkei news - lol.
    15 Sep 2013, 05:29 PM Reply Like
  • Energysystems
    , contributor
    Comments (1137) | Send Message
     
    Thank goodness! A moron who was for repealing Glass-Steagall, was against regulations within the financial derivatives market, and promptly lost Harvard over a billion dollars getting involved in derivatives.
    15 Sep 2013, 05:30 PM Reply Like
  • User 195396
    , contributor
    Comments (373) | Send Message
     
    Agree! Your list just scratches the surface. Summers, the "brilliant" economist-jeez, Rubin finally takes a fall, altho not personally.
    15 Sep 2013, 05:34 PM Reply Like
  • medzjohn
    , contributor
    Comments (265) | Send Message
     
    This shows it's possible to have too much "Street cred".
    15 Sep 2013, 06:07 PM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    Janet Yellen is very capable...

     

    "When Janet L. Yellen was a graduate student in economics at Yale University, classmates quickly figured out that the best way to decipher Professor James Tobin's lectures was to borrow her notes. And long after Yellen received her PhD in 1971, the Yellen Notes--as they became known--served as the unofficial textbook for generations of graduate students. ''She has a genius for expressing complicated arguments simply and clearly,'' says Nobel winner Tobin."
    15 Sep 2013, 05:34 PM Reply Like
  • Energysystems
    , contributor
    Comments (1137) | Send Message
     
    All Janet Yellen will do is continue the cheap money policy of Bernanke and Greenspan.
    15 Sep 2013, 05:43 PM Reply Like
  • minecanary
    , contributor
    Comments (485) | Send Message
     
    Yeah, to summarize, when in doubt, print.
    15 Sep 2013, 06:41 PM Reply Like
  • Be Here Now
    , contributor
    Comments (4384) | Send Message
     
    Do I sense a bond rally in the offing?
    15 Sep 2013, 05:52 PM Reply Like
  • ktkt86
    , contributor
    Comments (28) | Send Message
     
    Phew!
    15 Sep 2013, 05:56 PM Reply Like
  • financeminister
    , contributor
    Comments (826) | Send Message
     
    They're all highly intelligent folks with exceptional aptitude... I wouldn't doubt that for a second. But they're dealing with a mammoth of a problem here so there's no guarantee that any one person can fix a broken system with fundamental issues. We'll just have to keep our fingers crossed and hope that nothing explodes. Best case scenario is that whoever is in charge doesn't allow a big problem turn into a much bigger and worser problem but that means the political side of economic policy needs to be addressed too.
    15 Sep 2013, 05:58 PM Reply Like
  • Energysystems
    , contributor
    Comments (1137) | Send Message
     
    A mammoth of a problem they have contributed to...
    15 Sep 2013, 06:18 PM Reply Like
  • financeminister
    , contributor
    Comments (826) | Send Message
     
    Totally true...
    15 Sep 2013, 06:45 PM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    Wall Street wants a dove.... and gets one.
    15 Sep 2013, 05:59 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (1067) | Send Message
     
    I am sure Wall Street would have much preferred their good friend and frequent highly paid consultant Summers.
    15 Sep 2013, 06:16 PM Reply Like
  • Brian McMorris
    , contributor
    Comments (991) | Send Message
     
    Wall Street doesn't care what happens to the dollar or the national debt. Traders just want to line their pockets and need a Bull to do so.
    15 Sep 2013, 07:16 PM Reply Like
  • Be Here Now
    , contributor
    Comments (4384) | Send Message
     
    Traders make money going short. No Bull needed (pun not entirely intended).
    15 Sep 2013, 07:20 PM Reply Like
  • wmateri
    , contributor
    Comments (536) | Send Message
     
    With Yellen being the obvious "shoo-in" choice, why was Summers ever considered? Maybe Obama really doesn't want Yellen in charge; will he nominate a dark horse? Stay tuned.
    15 Sep 2013, 06:00 PM Reply Like
  • Lvmoda
    , contributor
    Comments (8) | Send Message
     
    Look at gold futures pop on the news. Bottom is in?
    15 Sep 2013, 06:07 PM Reply Like
  • Philip Marlowe
    , contributor
    Comments (1067) | Send Message
     
    Great News! I have to give credit to Obama, he has been a disappointment in many ways, but on two recent occasions (Syria and Summers) he refused to be pulled into a huge mistake. On both occasions the road to disaster was greatly supported by the media and political elite but opposed by the majority of Americans.
    15 Sep 2013, 06:14 PM Reply Like
  • dancing diva
    , contributor
    Comments (2546) | Send Message
     
    Checked the futures open - was surprised by the strength- then saw this article about Summers withdrawal. Stocks up 1%, dollar index down 1/2% and gold up over 1%.

     

    Thanks, Larry.
    15 Sep 2013, 06:16 PM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    In the end the business cycle dictates...
    15 Sep 2013, 06:16 PM Reply Like
  • yliu54
    , contributor
    Comments (170) | Send Message
     
    OK, so everybody believes a 2000 sp500 is reasonable this time? If you think Obama will let Yellen sit on her chair very comfortably, then you are wrong.
    15 Sep 2013, 06:22 PM Reply Like
  • dancing diva
    , contributor
    Comments (2546) | Send Message
     
    If everybody believed a 2000 spx was reasonable we'd be there already.
    15 Sep 2013, 06:42 PM Reply Like
  • varan
    , contributor
    Comments (3900) | Send Message
     
    Apparently, this detailed bill of particulars did him in.

     

    http://bit.ly/18kUXdV

     

    If the article is only half accurate, due to his withdrawal the US economy averted a looming disaster.
    15 Sep 2013, 06:41 PM Reply Like
  • User 195396
    , contributor
    Comments (373) | Send Message
     
    Thanks! Brutal list of failures and yet he is referred to in the press as the "brilliant" economist-maybe so but no sense of reality or common sense.
    I also noted that Summers "reached out" to Senator Warren for a bygones be bygones meeting but it never happened-Summers was key in blocking her for the chair of Consumer Financial Protection Bureau.
    Overall, I think this was a good day for the country. I'm not sure Yellen is necessarily in but we better hope that Timmy Geithner does not sneak in-Rubin does not give up easily.
    15 Sep 2013, 09:33 PM Reply Like
  • The Long Tail of Finance
    , contributor
    Comments (779) | Send Message
     
    Glad to see Darth Vader has finally pulled out. And thank goodness Tim "little Timmy" Geitner is not in the race.

     

    Is this why the stock index futures are now up big time? (SP +20, DJ +188, ND +39)
    15 Sep 2013, 07:02 PM Reply Like
  • Brian McMorris
    , contributor
    Comments (991) | Send Message
     
    Gold and Silver will reverse on Monday. Going higher with more liberal Fed Chair on way
    15 Sep 2013, 07:13 PM Reply Like
  • medzjohn
    , contributor
    Comments (265) | Send Message
     
    If it does it may make up a little of Paulson's losses
    16 Sep 2013, 12:36 PM Reply Like
  • Deney_Terrio
    , contributor
    Comments (246) | Send Message
     
    It's interesting to hear the talk from both sides of the mouth...
    "Yippee! We're going to keep on printing!"
    "We really don't need QE, after all, America has made a full recovery."

     

    So, which is it?
    15 Sep 2013, 07:49 PM Reply Like
  • Retired User
    , contributor
    Comments (1803) | Send Message
     
    Not Yellen. Ferguson. http://bit.ly/167rcMQ
    15 Sep 2013, 08:22 PM Reply Like
  • User 195396
    , contributor
    Comments (373) | Send Message
     
    I have also seen Ferguson's name suggested-only problem I see here is he was supported by Greenspan for the Fed chairman in 2005-he also was a fed Governor under Greenspan. Greenspan, who in my mind is a total fraud, should not have any future influence on the Fed-his reign was a disaster.
    15 Sep 2013, 08:52 PM Reply Like
  • Retired User
    , contributor
    Comments (1803) | Send Message
     
    Ferguson was vice-chair of FOMC, headed bank oversight committee, Harvard PhD. How can I say this politely? Shoo-in Senate confirmation.
    15 Sep 2013, 09:44 PM Reply Like
  • davidbdc
    , contributor
    Comments (3165) | Send Message
     
    Good sums it up.

     

    Summers is someone that is so "smart" that he's stupid.

     

    Government employees should feel the effect of their poor decisions - and he's had far far too many.
    15 Sep 2013, 09:01 PM Reply Like
  • Han Jun Low
    , contributor
    Comments (133) | Send Message
     
    HAHAHAHAHAHAHAHAHAHAHA...

     

    So the Japanese spread a rumor that Summers was gonna be selected and that 'explained' the gold crash when in reality he was pulling out?? Every day the proof of manipulation stacks higher and higher.

     

    Every day I wonder how 'news' is used to justify unexplained swings AND cause people to react irrationally to amplify said swings. Rumors are NOT news. Maybe is NOT certainly, and apparently if it gets reported it means THE COMPLETE OPPOSITE is gonna happen.

     

    Meanwhile in 'other news we don't report' somebody made a billion dollars in profit from actually KNOWING summers was going pull WHILE pumping the rumor that he was going to be selected......
    15 Sep 2013, 10:34 PM Reply Like
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