Summers Is Latest Misplay by Obama's Inept Econ Team

Heidi Moore can't believe these guys think they've done a good job

By Kevin Spak,  Newser Staff

Posted Sep 16, 2013 1:57 PM CDT

(Newser) – The main question isn't why Larry Summers pulled his name out of the Federal Reserve Chairman derby yesterday, it's "how his candidacy even got this far," writes Heidi Moore at the Guardian. Many prominent senators openly opposed his nomination, as did 300 economists. From the beginning, it should have been crystal clear to President Obama "that tying his fortunes to Summers would have been akin to tying two rocks together to see if they float." But that was not clear to Obama's economic team.

Most of Obama's advisers have worked together since the Clinton years, and backed their old pal Summers "to get the band together again." But this isn't a dream team; under its tutelage, Obama has produced a "litany of failure." He hasn't passed a stimulus since 2009, reduced inequality, passed a food stamp extension, or improved employment. Yet Obama seems blithely unaware of this, peppering speeches with "self-congratulatory" references to recovery. "Maybe he should stop relying on those he knows, and rely instead on those who know what they're doing." Click for Moore's full column.

This Dec. 17, 2010 file photo shows Lawrence Summers arriving for the tax cut extension bill during a ceremony at the Eisenhower Executive Office Building in the White House complex.   (AP Photo/J. Scott Applewhite, File)
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It's time to end the delusion that this White House has accomplished even a fraction of what it should be doing to help the economy. - Heidi Moore

Apparently Janet Yellen would ruin the special magic of this team. Perhaps, with her correct calls on housing and the economy, she would interfere with the paralysis that has plagued the White House for the past few years. - Heidi Moore

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