Larry Summers, a former top economic adviser to President Obama, is
speaking, writing, consulting, advising, teaching and still in frequent
contact with the president, and some of his friends say he is more than a
little interested in the Fed job, reports WSJ.
WSJ continues:
Of note, in the WSJ article, Jonathan Gruber, an economics professor at MIT, is quoted as saying:
Iris Mack, then working for Harvard Management, which managed the endowment, warned Summers about the position in an email. He refused to lower the risk and Mack was fired. The derivatives eventually resulted in major losses just has Mack had warned. Not too smart and not too caring on Summers part. Summers is an establishment crony who will just keep the Fed printing scam going on.
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WSJ continues:
Messrs. Obama and Summers explicitly discussed the possibility he could become Fed chairman in a private conversation at the end of 2010, as Mr. Summers was leaving his post as the director of the White House's National Economic Council, according to a person familiar with the matter.[...]A number of Mr. Summers's associates and current and former colleagues offered different takes on his current interest in the job. Some described him as hellbent on becoming Fed chairman, while others said he was apathetic, having moved on after being passed over before. Another group described him as somewhere in between.
Of note, in the WSJ article, Jonathan Gruber, an economics professor at MIT, is quoted as saying:
He's just an incredible combination of smart and caring.…I just think the world of someone who really really wants to get it done right and figures out how to do so.But WSJ fails to point out that Summers may in reality not be that smart or caring. The Harvard endowment, when Summers was president of Harvard, lost substantial sums because of risky derivative positions that blew up on them.
Iris Mack, then working for Harvard Management, which managed the endowment, warned Summers about the position in an email. He refused to lower the risk and Mack was fired. The derivatives eventually resulted in major losses just has Mack had warned. Not too smart and not too caring on Summers part. Summers is an establishment crony who will just keep the Fed printing scam going on.
Read Full Article