After all the posturing by the administration, Larry Summers has withdrawn from contention as the next Fed Chief.
Since the beginning, we have lobbied against Summers. Sitting on the Obama Administration he had the apparent leg up. But while more and more information has come out regarding his involvement in banker’s lobbying efforts where Greg Palast uncovered his direct memo regarding deregulating banks, less and less members of the banking committee supported his nomination. As of the weekend, Summers has withdrawn, the President has accepted. It’s not personal, just good.
So what’s next? As I stated here many weeks ago Janet Yellen is clearly the best candidate. Consistent in her projections and very, very right throughout all of this recession and prior. I hope the President makes the right choice this go around.