360° Coverage : (After 10) Obama favourite Summers says no to Fed chair

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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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from...

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1 year 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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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from liberal Democrats and women's groups, Larry Summers, a former key economic adviser of President Barack Obama, has withdrawn his name from consideration to head America's central bank.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who served as treasury secretary during the presidency of Bill Clinton, earlier Sunday and accepted his decision to be withdrawn from consideration to replace current Fed Chairman Ben Bernanke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

 
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8

1 week ago

Geithner defends terms of AIG bailout, citing risky conduct; interest rate said ‘crazily high’

Oct 8 2014 2:42pm CDT | Source: Canadian Business Online

WASHINGTON – Former top regulator Timothy Geithner defended terms of the U.S. government’s bailout of American International Group Inc., saying Wednesday that the insurance giant’s exceptionally risky behaviour had caused losses that called for strict treatment. The terms included a huge government stake in the company and an interest rate called “crazily high” by a government official. Geithner headed the New York Federal Reserve when it extended an $85 bil ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
7

4 weeks ago

Wall Street Has A New Worry Now That The Economy Is Recovering

Sep 22 2014 10:13am CDT | Source: Business Insider

Business Insider is at the annual Bloomberg Markets Most Influential Summit on Monday, and this year  guest after guest has talked about the same worry. It's not entirely new, but we've never heard it repeated so much before.   Everyone on stage is worried about America's savers in our current low interest rate environment. Early in the conference Carlyle CEO William Conway, hedge fund legend Julian Robertson, and William Dudley CEO of the Federal Reserve Bank of New York all voic ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
6

4 weeks ago

BofA: The 'Great Rotation' Is Going To Make A Big Comeback (DIA, SPY, QQQ, TLT, IWM)

Sep 18 2014 11:29am CDT | Source: Business Insider

The "Great Rotation" is going to make a comeback.  Specifically, Bank of America's Chief Equity Strategist Michael Hartnett sees money rotating out of bonds and into stocks. Following Wednesday's latest monetary policy announcement from the Federal Reserve, Hartnett identified a few themes coming back to the market. With the Fed no longer injecting liquidity into the market with a quantitative easing ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
5

4 weeks ago

CNBC Anchor Calls Out Fed-Hater Bill Fleckenstein In Startling On-Air Shouting Match (DIA, SPY, QQQ, TLT)

Sep 17 2014 10:52am CDT | Source: Business Insider

Bill Fleckenstein of Fleckenstein Capital appeared on CNBC's Futures Now program on Tuesday. It was kind of a strange segment. Futures Now host Jackie DeAngelis came out swinging, asking Fleckenstein right at the top if he was willing to admit that he has misunderstood monetary policy. Sounding taken aback, Fleckenstein answered saying, "I don't misunderstand monetary policy. I closed my short fund in 2009 because I knew the Fed would p ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

4 weeks ago

Financial markets watching for 2 words as clues to Fed’s intentions on rates

Sep 16 2014 11:35pm CDT | Source: Canadian Business Online

WASHINGTON – Financial markets are awaiting the end of a Federal Reserve meeting Wednesday to see whether the Fed sends any clearer signal about the timing of an interest rate increase. The phrase that investors will be alert for is “considerable time.” The presence or absence of those two words is viewed as key to the Fed’s timetable for a change in its key short-term rate. The Fed has kept that rate at a record low since December 2008. Since March, the Fed has said it expects to ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

5 weeks ago

As Fed meets, speculation swirls over possible change in Fed language on timing of rate hike

Sep 15 2014 11:59am CDT | Source: Canadian Business Online

WASHINGTON – When the Federal Reserve issues a policy statement after it meets this week, the financial world will be on high alert for two words: “Considerable time.” The presence or absence of that phrase will trigger a rush to assess the likely timing of the Fed’s first increase in interest rates since it cut them to record lows in 2008. The Fed’s recent statements have said it expects to keep its key short-term rate near zero for a “cons ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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1

8 weeks ago

Traders cautious ahead of Yellen Jackson Hole speech

Aug 25 2014 3:12am CDT | Source: Forex News

It appears that US indices are once again lacking any kind of momentum at the record high levels they find themselves back at. The S&P broke to new highs on Thursday for the first time in almost a month, following a brief correction that many feared was the beginning of the broader sell-off that so many have predicted this year. The lack of momentum at this level may not necessarily be investors getting a cold feet though. F ...
Source: Forex News   Full article at: Forex News
 

 

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