Will Summers or Yellen be next Federal Reserve chairman?
Summers has as much chance of being confirmed to head Fed by the Senate as a snow ball in hell. Conservatives will not support him because he is a Keynesian from Harvard. Liberals will not support him because of politically incorrect statements.
A separate Wall Street Journal report said a number of Democratic senators were circulating a letter petitioning Obama to instead choose Fed Vice Chair Janet Yellen to replace incumbent Ben Bernanke, who is widely expected to step down when his term expires at the end of January.
As the President of Harvard University he told Cornel West, a black studies professor, that he needed to spend less time making rap records, less involvement in politics, and more time in academics. He lost $1.8 billion speculating on leveraged derivatives with the Harvard endowment funds. He is on record as writing papers stating global warming is not a major world problem, and unemployment insurance encourages people not to work. Labor unions have taken exception to some of his comments. Summers stated a shortage of women in certain disciplines, such as science, could be explained by innate differences in mathematical ability – a comment that infuriated women’
“People dismissed Summers’
However, one-third of the 54-member Senate Democratic caucus signed a letter, which praises Yellen and encourages the president to nominate her, according to three Senate aides who asked not to be identified discussing internal matters. The letter campaign, led by Senator Sherrod Brown of Ohio, demonstrates the support that Yellen is gaining for the nomination and the uphill struggle that Summers may face in winning Senate confirmation, if nominated.
Senators Jeff Merkley of Oregon and Tom Harkin of Iowa are among the senators who have signed the letter. Sen. Dianne Feinstein (D., Calif.) said she had signed the letter, as did Sen. Angus King, an Independent from Maine, who described Ms. Yellen as an "excellent candidate'' with "a strong track record.'' Sen. Dick Durbin (D., Ill.), the assistant majority leader, also confirmed the existence of the letter and said he also had signed it. Senator Barbara Boxer and Congresswoman Nancy Pelosi, called Yellen “outstanding.”
President Obama is not expected to name chairman Ben Bernanke’
For more information on the Federal Reserve and the culture war see: