Many, like Paul Krugman, are pointing to this flurry of press surrounding Larry Summers as a huge fumble on the part of the Obama administration.
The general idea — Obama probably doesn’t want Summers, so leaking him as a possibility for Fed Chair was a huge error.
Oddly, with the same breath these people contend that, if the administration does want Summers, they have seriously mishandled the situation. It seems like he is now dead in the water. There has been a huge public backlash against him.
Do you really think the Obama administration made a huge error here?
Leaking Larry Summers’ name like this, without any time to craft a public relations plan to accompany it, is the perfect way to torpedo Larry Summers, and for that matter any other tool of the investment banking lobby.
Of course, maybe it was some mistaken fumble of information. But the fact remains — if the administration doesn’t want Summers, events are transpiring just the way they would want.
I happen to think Obama and most of his administration are quite smart. I certainly don’t always agree with them, but they are clever.
Photo by Official US Navy Page