Larry Summers Next Fed Chief? Not If His Critics Can Help It
It's mostly a race between him and Fed vice chairwoman Janet Yellen
By John Johnson, Newser Staff
Posted Jul 31, 2013 1:02 PM CDT
Larry Summers, the next Fed chief?   (AP Photo/J. Scott Applewhite)

(Newser) – Larry Summers or Janet Yellen. If you're a weird hybrid of wonk and gambler, you already know those two are the heavy favorites to replace Ben Bernanke as Fed chief in January. Expect to hear much more as decision time nears for President Obama, especially because an influential hodgepodge of critics has lined up against Summers, reports Politico. Everyone from women's groups to the New York Times editorial page to members of the Senate Democratic caucus favor Yellen, for reasons that range from personal to fiscal.

Critics, for example, say that Summers is sexist and gave short shrift to female staffers when working for Obama during the first term, though Politico finds plenty of women to rebut the charge; they say he's too centrist and thus won't keep up Bernanke's "quantitative easing," or stimulus, programs; and they say he pushed for deregulation in the 1990s that led to this decade's mess. The Wall Street Journal notes that Yellen, the Fed's current vice chairwoman, is "widely regarded as a 'dove,' shorthand in financial markets for a central banker in favor of easy-money policies to reduce unemployment and less worried about inflation." And it follows with this quote from a JPMorgan economist: "The general opinion seems to be that Summers would be somewhat less dovish than Yellen." Dig into both sources for details, but smart bettors also will factor in one important Summers ally: Barack Obama.

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Aug 1, 2013 11:36 AM CDT
You either have a jewish man or a jewish women this is no choice what this is, it's two pea's in a pod. The jews do not believe in Jesus Christ, maybe that is why they have no empathy. But I believe it's pure power and greed, they do not play well with others. With Bush it was bad, but with Obama is it mandatory that you have to be jewish to get a top job?
Aug 1, 2013 9:13 AM CDT
Gotta disagree with the Big Kahuna on this one. Summers is a pompous, out-of-touch disaster.
Aug 1, 2013 1:09 AM CDT
The entire system is disagreeable. Wouldn't surprise me if Barry picks Summers. He seems to always pick the most obnoxious appointees: Rahm Emmanuel, Tim Geithner, Eric Holder, and now possibly Larry Summers. How about a Liberal, Mr. President? Is that too much to ask? Kenyan-born, Muslim socialist my a$$. The President is a Republican moderate.