Larry Summers

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WH Health Adviser Warned About Rollout Years Ago

As tech team takes down website each night, paper applications face delays, too

(Newser) - Memos obtained by CBS News and ABC News are offering an inside look at the White House's struggle to get ObamaCare systems up and running:
  • In 2010, a health adviser to the Obama administration wrote a warning letter to economic adviser Larry Summers, saying, "I do not believe
... More »

Obama's New Hurdle: Ticked-Off Democrats

Opposition has centered on Syria, NSA, Summers

(Newser) - House Republicans haven't made things easy for President Obama—but now, he's facing hurdles within his own party. The New York Times notes that liberals have lately disagreed with Obama on Syria, NSA surveillance, and the consideration of Larry Summers for the Fed chairmanship; they're also unhappy... More »

Summers Is Latest Misplay by Obama's Inept Econ Team

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

(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,... More »

Summers Pulls Out of Fed Race

Larry Summers pulls name out of consideration for Fed Chairman

(Newser) - Larry Summers has withdrawn his name from the contest to replace Ben Bernanke as chairman of the Federal Reserve, reports the Wall Street Journal . "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the... More »

Every Fed Member Is a Millionaire

Although Ben Bernanke appears to just barely qualify

(Newser) - It's a safe bet that whoever replaces Ben Bernanke as Fed chief will be personally familiar with large sums of money. Janet Yellen has assets worth between $4.8 million and $13.2 million—including a stamp collection worth up to $50,000—while fellow frontrunner Larry Summers clocks... More »

Please, Let the Next Fed Chief Be Dull

Federal Reserve and its recent leaders have gotten too big for their britches: Amar Bhide

(Newser) - Even casual observers of DC politics probably know that Larry Summers and Janet Yellen are the leading candidates to replace Ben Bernanke as the Fed chair. And that's a problem, writes Amar Bhide in the New York Times . He thinks the position of Fed chief has become way too... More »

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

(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... More »

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

(Newser) - 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 »

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