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NEWS ABOUT: Larry Summers

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US Has More Than One Deficit

Larry Summers warns against getting myopic about the national debt

(Newser) - All Washington talks about lately is how to reduce the deficit, and indeed that "should be a key priority," Larry Summers writes in the Washington Post . But it's not everything. "Budget deficit obsession in conjunction with rigid bureaucratic scoring rules may preclude high-return investment" we desperately... More »

Tax Reform Won't Solve All Our Problems

Ezra Klein thinks Washington is investing too much in this idea

(Newser) - Both sides on Capitol Hill are embracing the idea of tax reform as a solution to the deficit crisis. John Boehner recently assured us that simplifying the code would "support economic growth," improve efficiency, and generate more revenue besides. "That’s the Washington consensus on tax reform:... More »

OK, Obama, Now Can We Get Tough on Wall Street?

His 2nd term is a chance to do it right: William Cohan

(Newser) - Back when President Obama took office in 2009, many assumed he'd reform the Wall Street system that had just blown a hole in the economy. "It turned out we were either naïve or stupid," author William Cohan writes at Bloomberg . Instead, Obama's administration was stocked... More »

Bernanke to Step Down: Report

Fed chair won't return for another term, even if President Obama is reelected

(Newser) - Ben Bernanke doesn't intend to return for another stint atop the Federal Reserve after his term expires in January 2014, close friends of the chairman tell Andrew Ross Sorkin of the New York Times . Mitt Romney has already said he would appoint someone else if he gets the chance,... More »

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08... More »

White House Hits Back at Confidence Men

Key figures deny harsh quotes, assertions of Obama weakness

(Newser) - The Obama administration is fighting back against allegations from Ron Suskind's coming book Confidence Men that the president's top advisers undermined his authority and ignored his orders, reports Politico . “This is not what I told the author, this is not what I believe, and anyone who knows... More »

Geithner Blew Off Obama's Order to Dissolve Citigroup

New book says Obama's team routinely undermined him

(Newser) - In March 2009, in the throes of the financial crisis, Barack Obama told Tim Geithner to focus on a proposal to dissolve Citigroup—but the Treasury Secretary ignored him and never developed a plan, according to former Wall Street Journal reporter Ron Suskind’s new book Confidence Men. In the... More »

Winklevii Shoot Back at Larry Summers Over Insult

Ex-Harvard president 'tactfully challenged,' twins charge

(Newser) - The twins who claim Mark Zuckerberg stole their idea for Facebook don't like being called assholes. Cameron and Tyler Winklevoss—following some choice remarks from Larry Summers about suit-wearing undergraduates—have accused the former Harvard president of being "tactfully challenged," the Wall Street Journal reports. When they... More »

Larry Summers: Winklevoss Twins Are 'A**holes'

Former Harvard president says he rarely encountered such 'swagger'

(Newser) - Just in case The Social Network didn't beat this point home for you, former Harvard president Larry Summers thinks the Winklevoss twins are "assholes." The brothers, who infamously sued classmate Mark Zuckerberg for allegedly stealing their idea for Facebook, went to Summers for help, but he dismissed... More »

Obama Names Gene Sperling Top Economic Adviser

He's done the job before, under Clinton

(Newser) - President Obama named current Treasury adviser Gene Sperling as his next top economic aide today, taking over for Larry Summers as director of the National Economic Council, the AP reports. It’s familiar territory, the Los Angeles Times adds: Sperling had the same job under Bill Clinton, and he faced... More »

Gibbs: No Cabinet Shakeup Coming

Larry Summers' replacement expected to be named in January

(Newser) - That big shakeup that's going to change the face of President Obama's Cabinet? Not happening, Robert Gibbs tells State of the Union today. "I don't expect, quite honestly, big changes," he said. The exception to that rule is Larry Summers' replacement, whom Gibbs expects to see named in... More »

With Summers Out, Who's In?

A woman CEO? Or an outsider?

(Newser) - News that Larry Summers is leaving the Obama administration has set off a flurry of speculation about who will or should replace him. And we've got that speculation for you right here:
  • Obama would like to pick a female CEO, sources tell Politico , because he's "acutely aware that all
... More »

Larry Summers Will Leave White House After Midterms

Top adviser joins exodus of economic team

(AP) - President Obama's top economic adviser plans to leave the administration at the end of the year, the White House said today. Lawrence Summers will leave his post as director of the National Economic Council to return to Harvard University, where he once served as president before being forced out in... More »

Boehner: Fire Geithner, Summers

GOP minority leader says they've done enough damage

(Newser) - John Boehner—the House minority leader who could be House speaker if things go right for Republicans in the midterms—is generating headlines today for one of his economic prescriptions: Obama must fire Tim Geithner and Larry Summers.The duo must "see the handwriting on the wall" after the... More »

Obama Adviser Romer Quits Amid Feud With Summers

She's frustrated over lack of access to Obama, says report

(Newser) - The National Journal sniffs out some infighting among the Obama economic team and reports that adviser Christina Romer will resign. Her official title is chair of the Council of Economic Advisers, and she's supposedly miffed that she doesn't have as much access to the president as main financial adviser Larry... More »

White House's New Must-Have: iPad

Apple's 'magical' device a hit at 1600 Pennsylvania Ave

(Newser) - Known as technophiles during the 2008 campaign, Barack Obama's top advisers have a "magical" new gadget to geek out on: The iPad, which has become a staple in the White House. The Washington Post undertook the important journalistic endeavor of exposing early adopters like Rahm Emanuel (who has "... More »

Clock Ticking, but No Deal Yet

Test vote on financial reform expected tomorrow

(Newser) - Harry Reid still plans an important test vote on financial reform tomorrow, but there's no bipartisan deal yet. Lead negotiators Chris Dodd and Richard Shelby said on Meet the Press they'll keep working on it today, reports CNN , while Mitch McConnell is sending filibuster signals. "It’s my expectation... More »

Critics Rip White House Links to Goldman Sachs

Foes concerned about ties that blind

(Newser) - As the SEC builds its case charging Goldman Sachs with defrauding thousands of consumers, critics continue to hammer at White House links to the firm. Goldman Sachs CEO Lloyd Blankfein met twice with President Obama and twice with economic aide Larry Summers while SEC investigators probed the company. A White... More »

Larry Summers Will Be Gone by Year's End

Adviser irked that Geithner, not he, has Obama's ear

(Newser) - Economics guru Larry Summers will be out the Obama administration by November’s election, or shortly thereafter, Joshua Green contends —mainly out of frustration that Treasury Secretary Timothy Geithner, and not he, has become President Obama’s go-to adviser in that area. Blogging for the Atlantic, Green notes that,... More »

Specter: GOP Will Filibuster Stevens' Successor

And White House is all about creating jobs

(Newser) - If John Paul Stevens retires this year at the ripe old age of 90, his successor will likely face a GOP filibuster during Senate confirmation hearings, says Republican-turned-Democrat Arlen Specter. “I think the gridlock in the Senate might well produce a filibuster, which would tie up the Senate [for]... More »

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