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Everybody Hates Larry

Presence of divisive Summers cranks up tensions on Obama's economic team

By Kevin Spak,  Newser Staff

Posted Jun 8, 2009 7:58 AM CDT
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(Newser) – On his 54th birthday, Tim Geithner brought Larry Summers a cake, and the guest of honor ad-libbed some lyrics, bellowing, “for he’s an unpleasant fellow,” rather than “for he’s a jolly good fellow.” In the months since, his colleagues have wondered if he was actually joking, the New York Times reports. Tensions have been simmering around Summers as the argumentative National Economic Council director clashes with the president’s other economic advisers.

Summers initially wanted Geithner's job and is now thought to be angling for Fed chairman. Two aides separately complained Summers turns meetings into “endless debates,” but he says that’s a good thing: “My approach in these things is to always be raising objections and concerns.” Geithner, a Summers protégé-turned-rival, agrees. "He is better than anybody else on the planet at framing the case for and against any particular issue,” he says. But he adds, "I am completely comfortable pushing back at him."

White House Economic Adviser Larry Summers, right, has a face to face conversation with Sen. Frank R. Lautenberg, D-N.J., left, in the East Room of the White House.
White House Economic Adviser Larry Summers, right, has a face to face conversation with Sen. Frank R. Lautenberg, D-N.J., left, in the East Room of the White House.   (AP Photo/Ron Edmonds)
Chief economic adviser Larry Summers listens as President Barack Obama, not pictured, speaks to reporters during a meeting about the economy with Congressional leaders, Friday, Jan. 23, 2009.
Chief economic adviser Larry Summers listens as President Barack Obama, not pictured, speaks to reporters during a meeting about the economy with Congressional leaders, Friday, Jan. 23, 2009.   (AP Photo/Charles Dharapak)
In this photo provided by ABC News, Larry Summers, chairman of the White House National Economic Council, appears for an interview on ABC's This Week, in Washington, Sunday, Feb. 8, 2009.
In this photo provided by ABC News, Larry Summers, chairman of the White House National Economic Council, appears for an interview on ABC's This Week, in Washington, Sunday, Feb. 8, 2009.   (AP Photo/ABC News, Lauren Victoria Burke)
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COMMENTS
Showing 3 of 4 comments
kokuaguy
Jun 9, 2009 6:30 AM CDT
For all his appeals to absolute truths, he has been spectacularly wrong again and again. He was wrong about not regulating derivatives. Wrong when he helped kill Depression-era banking laws, turning banks into too-big-to-fail welfare monsters. And as he helps devise ever more complex tricks and spends ever more taxpayer dollars to keep the financial casino running, he remains wrong today.++++++++++++++++++++++++++++++++++ *Naomi Klein*
Snowleopard
Jun 8, 2009 6:15 AM CDT
Summers was one of the most active voices in calling for the deregulation of the financial industry. How he got this job when that kind of philosophy led us into the crisis is beyond me.
Fondue
Jun 8, 2009 3:15 AM CDT
Nothing but mindless accusations here folks.

Sounds like Summers won't be Fed chief
Business Insider

Summers pushing for inflationary path
Reuters

 
Larry Summers • economic adviser • Obama administration • Timothy Geithner • National Economic Council

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