I was certainly hoping this would happen.
I have not been a supporter of nominating Larry Summers for Fed Chairman, which I wrote about on several separate occasions. The links are below:
To give the United States a big kick in the rear.
China announced plans to land a probe on the moon. Granted, this is an unmanned probe and not landing a person, but the Chinese may continue to push forward toward a manned landing. I suspect they will.
Is this at all unnerving to a US Citizen? Well, there are a couple of things to consider.
Please be another ...More →
More information has come out indicating Larry Summers may be Obama’s choice for the Chairman of the Federal Reserve.
Sometimes this sort of leaked information is just plain wrong. Every once in a while that happens. Let’s hope this is one of those times.
It isn’t that summers it the devil. There is nothing that “awful” about him. The worst part about a Summers appointment is that it ...More →
Apparently JP Morgan is coming under investigation for hiring the children of a Chinese official, which may have led to business in China.
My initial reaction to this….yeah, so?
Not that it is “ok” for JP Morgan to be doing something like this, but this sort of thing happens all the time – so much so that it is basically standard operating procedure for the investment banks.
Much worse, I think, than trading favors by hiring children, is the revolving ...More →
The decision on who will be Fed Chairman goes deeper than simply Yellen vs. Summers and their personal qualifications.
The debate in public sentiment continues, and you can hear there is some anger at the possibility of Summers. This is my fourth post on the topic. Why is this so important to so many people?
First, the Fed Chairman is an important job that effects a lot of lives.
But to me, and I think to a lot of people, ...More →
It can be complicated to understand exactly why Larry Summers would not be a good choice for Fed Chairman. In this post, Paul Krugman does a good job of explaining it.
Aren’t they all Democrats?
Obama is a Democrat, Summers is a Democrat, and Summers worked under Bill Clinton. Since Summers’ name came out in the press there has been strong resistance from the public, and also from within the Democratic Party. If ...More →
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 ...More →
Obviously I’ve never met either one of them, but I sincerely, sincerely doubt it.
I don’t think Obama has anything against Larry Summers personally. It probably is true that they have a friendly relationship. But does Obama want him as Fed Chair…? Highly unlikely.
Then what is all this press about Summers?
The investment banks have a powerful lobby – far too powerful – and they are just as entrenched with the Democrats as they are with the Republicans. ...More →
It is one of the most absurd political bargaining chips ever used. But it is a chip nonetheless, so Congress can’t help latching onto it.
Are you worried about the debt ceiling? Everyone seems to be. The problem is, they have this whole equation backwards. The cause and effect isn’t what it seems to be.
The general narrative
You’ve heard this before. Government spending is completely out of control so it ...More →
Big news this morning is that Goldman Sachs beat earnings forecasts by a large margin.
Earnings weren’t just “up,” they were way above what analysts were “expecting.”
Wish you bought the stock yesterday before the announcement? Well, as of right now the stock is down -1.75%.
It may seem odd, but I’ve seen this so many times that it doesn’t surprise me anymore. Bad earnings – stock is up. Good earnings – stock is down. ...More →