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(After 10) Obama favourite Summers says no to Fed chair
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(After 10) Obama favourite Summers says no to Fed chair

Sep 16 2013, 12:06am CDT | by IANS

Washington, Sep 16 (IANS) In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Washington, Sep 16 — In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from...

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45 weeks ago

(After 10) Obama favourite Summers says no to Fed chair

Sep 16 2013, 12:06am CDT | by IANS

Washington, Sep 16 (IANS) In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Washington, Sep 16 — In the face of growing opposition from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.

Summers, whom Obama credited with "playing no small part" in dealing with the 2008 economic crisis as head of his National Economic Council during his first term, was reported to be hot favourite as the president's pick as the

next chairman of the Federal Reserve, America's top economic policy regulator.

Obama said he spoke with Summers, who served as treasury secretary during the presidency of Bill Clinton, earlier Sunday and accepted his decision to be withdrawn from consideration to replace current Fed Chairman Ben Bernanke

whose term ends January 31.

"Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today," he said in a statement.

Summers, who earned his reputation as a deregulator during the Clinton administration acknowledged that his confirmation hearings before the Senate could have been contentious.

In his letter to Obama announcing his withdrawal, Summers wrote that he "reluctantly concluded" that the confirmation process would be "acrimonious and not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation's ongoing economic recovery."

"Our nation badly needs a chairman with a solid record as a bank regulator," wrote Summers who has also served as President of Harvard.

In July, a group of Democratic Senators sent a letter to Obama urging him to choose top contender Janet Yellen, whom Obama nominated as vice chair at the Fed in 2010, due to her monetary policy experience.

Meanwhile, more than 350 economists, including Nobel Prize winner Joseph Stiglitz, and Alan Blinder, a former economic adviser to Bill Clinton and former Fed vice chair himself, have sent a letter to Obama calling on him to nominate Yellen to be the Fed's next chairman.

The letter credits Yellen for prescience in warning in 2005 about an impending real estate meltdown, for her consensus style of leadership and for her commitment to job growth.

IANS

Source: IANS

 
Update
5

3 days ago

The Fed suckered IBM into a failing cloud strategy?

Jul 25 2014 8:38am CDT | Source: BetaNews

CORRECTION-CYCLING-BEL-SUPERPRESTIGE
Economist David Stockman, who is probably best known for being President Reagan’s budget director back in the era of voodoo economics, has been particularly outspoken about IBM as a poster child for bad policy on the part of the US Federal Reserve. How this would be isn’t immediately obvious but I think is worth exploring because IBM is far from the only company so afflicted. There’s an important effect here to be understood about corporate motivations and their consequen ...
Source: BetaNews   Full article at: BetaNews
 

 
Update
4

1 week ago

Chairwoman Janet Yellen to deliver Federal Reserve report on monetary policy to Congress

Jul 15 2014 2:23am CDT | Source: Canadian Business Online

Ben Bernanke Participates In IMF Research Conference
WASHINGTON – Federal Reserve Chairwoman Janet Yellen will have some good news to tell Congress this week about the health of the labour market. But lawmakers will likely press her to provide more information on just how the central bank intends to react to the good news. Yellen is scheduled to deliver the Fed’s twice-a-year report to Congress on interest-rate policy and the economy. She testifies before the Senate Banking Committee on Tuesday and will follow that with ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
3

5 weeks ago

Letter: Need a New Way to Teach Economics

Jun 19 2014 12:10am CDT | Source: The Huntington News

Guinness Book of World Records Holder John Cassidy Performs at White House
Remember the walkout of students from their Principles of Economics class at Harvard a couple of years ago in solidarity with the “Occupy” movement? They thought that the economics they were being taught was doctrinaire, failed to provide a balanced perspective on the real existing economy and did not show sufficient empathy for the 45 million people living in poverty. No wonder – the economics being taught on blackboards in almost all classrooms makes it appear ...
Source: The Huntington News   Full article at: The Huntington News
 

 
Update
2

5 weeks ago

Despite uptick in inflation, Fed likely to remain in wait-and-see mode at this week’s meeting

Jun 17 2014 1:00pm CDT | Source: Canadian Business Online

A
WASHINGTON – The Federal Reserve received some further cause for discussion at its policy meeting this week with a report Tuesday of a surprising jump in consumer inflation. Yet most economists aren’t altering their view that the Fed’s first interest rate increase is at least a year away. Analysts cautioned that that time frame could change if inflation were to accelerate. The consumer price index rose 0.4 per cent in May, ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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