Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 27 August 2013 [View all]Demeter
(85,373 posts)44. NAUSEA ALERT:The Lucky Break That Could Land Larry Summers at the Fed
http://www.businessweek.com/articles/2013-08-26/the-lucky-break-that-could-land-larry-summers-at-the-fed
In a recent column, Bloomberg Views Al Hunt posited that Larry Summerss fateshould President Obama nominate him to succeed Federal Reserve Chairman Ben Bernanakecould hinge on his former Harvard colleague (and Massachusetts senator) Elizabeth Warren. Warren, like many Democrats, is no big fan. Along with 16 other Democratic senators, she signed a letter urging the president to nominate Janet Yellen instead. If he doesnt, Hunt thinks Warren will ultimately support his nomination and that her influence could be decisive.
Im not convinced that Warrens support for Summers is a sure thing. She had no qualms about voting against Obamas choice for U.S. Trade Representative, Michael Froman, who, like Summers, is a protégé of former Treasury Secretary Robert Rubin and thus part of a crowd that Warren and many other liberals view with asperity.
But I do think that Summers, if hes nominated, will get a huge break from the Senate Democratic caucus, because, unlike the GOP caucus, it contains no serious presidential contenders. Why does that matter? Because presidential candidates are almost always captive to the passions of their partys base, and the liberal base of the Democratic Party loathes Summers. That would produce tremendous pressure to oppose him.
Consider, for a moment, the GOP caucus, where Senators Ted Cruz of Texas, Rand Paul of Kentucky, and Marco Rubio of Floridaall considered blue-chip prospects for the 2016 Republican nominationhave taken positions in vehement opposition to Obamacare, including passing a budget that doesnt fund the health-care law, even if that leads to a government shutdown. It may well be that each of these candidates believes this is a wise and necessary step that will boost their chance of winning the White Houseeven though many Republicans disagree. But even if they didnt believe this, the senators would have to pretend that they did to preserve and enhance their right-wing credibility.
The fact that Summers doesnt have three Democratic presidential hopefuls in the Senate probably means hell have three more votes than he would have otherwiseand that may wind up being the deciding factor if hes nominated.
Who Sits Where on Yellen vs. Summers http://www.businessweek.com/articles/2013-08-14/who-sits-where-on-yellen-vs-dot-summers
By Allison McCann and Peter Coy
Picture the choice of the next Federal Reserve chair as a seesaw. Some influential Wall Street types with Democratic ties, including Steven Rattner and Roger Altman, are sitting on former Treasury Secretary Larry Summerss side of the teeter-totter. Fed Vice Chair Janet Yellen has strong support among women and Summers haters. The person with the power to tip the seesaw, President Barack Obama, is sitting right in the middlefor now. Here, in the spirit of the playground, is Bloomberg Businessweeks unscientific take on the politickingroll over the circles to see who sits where. (Update: Key influencers who havent gone on the record arent included.)
INTERACTIVE SEE-SAW AT LINK (DOESN'T HAVE ROBERT RUBIN OR HIS CULT ON IT, THOUGH)
In a recent column, Bloomberg Views Al Hunt posited that Larry Summerss fateshould President Obama nominate him to succeed Federal Reserve Chairman Ben Bernanakecould hinge on his former Harvard colleague (and Massachusetts senator) Elizabeth Warren. Warren, like many Democrats, is no big fan. Along with 16 other Democratic senators, she signed a letter urging the president to nominate Janet Yellen instead. If he doesnt, Hunt thinks Warren will ultimately support his nomination and that her influence could be decisive.
Im not convinced that Warrens support for Summers is a sure thing. She had no qualms about voting against Obamas choice for U.S. Trade Representative, Michael Froman, who, like Summers, is a protégé of former Treasury Secretary Robert Rubin and thus part of a crowd that Warren and many other liberals view with asperity.
But I do think that Summers, if hes nominated, will get a huge break from the Senate Democratic caucus, because, unlike the GOP caucus, it contains no serious presidential contenders. Why does that matter? Because presidential candidates are almost always captive to the passions of their partys base, and the liberal base of the Democratic Party loathes Summers. That would produce tremendous pressure to oppose him.
Consider, for a moment, the GOP caucus, where Senators Ted Cruz of Texas, Rand Paul of Kentucky, and Marco Rubio of Floridaall considered blue-chip prospects for the 2016 Republican nominationhave taken positions in vehement opposition to Obamacare, including passing a budget that doesnt fund the health-care law, even if that leads to a government shutdown. It may well be that each of these candidates believes this is a wise and necessary step that will boost their chance of winning the White Houseeven though many Republicans disagree. But even if they didnt believe this, the senators would have to pretend that they did to preserve and enhance their right-wing credibility.
The fact that Summers doesnt have three Democratic presidential hopefuls in the Senate probably means hell have three more votes than he would have otherwiseand that may wind up being the deciding factor if hes nominated.
Who Sits Where on Yellen vs. Summers http://www.businessweek.com/articles/2013-08-14/who-sits-where-on-yellen-vs-dot-summers
By Allison McCann and Peter Coy
Picture the choice of the next Federal Reserve chair as a seesaw. Some influential Wall Street types with Democratic ties, including Steven Rattner and Roger Altman, are sitting on former Treasury Secretary Larry Summerss side of the teeter-totter. Fed Vice Chair Janet Yellen has strong support among women and Summers haters. The person with the power to tip the seesaw, President Barack Obama, is sitting right in the middlefor now. Here, in the spirit of the playground, is Bloomberg Businessweeks unscientific take on the politickingroll over the circles to see who sits where. (Update: Key influencers who havent gone on the record arent included.)
INTERACTIVE SEE-SAW AT LINK (DOESN'T HAVE ROBERT RUBIN OR HIS CULT ON IT, THOUGH)
Edit history
Please sign in to view edit histories.
46 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations