That’s not to say Summers is anywhere near a sure thing. His confirmation would be far tougher than Yellen’s, as Republicans will make him answer for the stimulus and the bailouts, and progressive Democrats have a list of grievances going back to financial deregulation in the Clinton-era. There’s also the simple fact that appointing Yellen would break a significant glass ceiling — and do so in an administration that hasn’t always been great about appointing women to top economic positions. And Summers continues to be a polarizing figure: Those who like him love him, but those who don’t like him really don’t like him.

GT2211 wrote:

That’s not to say Summers is anywhere near a sure thing. His confirmation would be far tougher than Yellen’s, as Republicans will make him answer for the stimulus and the bailouts, and progressive Democrats have a list of grievances going back to financial deregulation in the Clinton-era. There’s also the simple fact that appointing Yellen would break a significant glass ceiling — and do so in an administration that hasn’t always been great about appointing women to top economic positions. And Summers continues to be a polarizing figure: Those who like him love him, but those who don’t like him really don’t like him.

I'm not sure that Summers is a better candidate than Yellen. It's also hard for me to believe she would get passed over for the job based on her qualifications and potential as the first woman....

With that said....Summers in front of Congress will be a treat.

http://washingtonpost.com/blogs/wonkblo ... fed-chair/

More Than 350 Economists Call On Obama To Pick Yellen For Fed Chair

AP | By JIM KUHNHENN
Posted: 09/11/2013 1:59 pm EDT
http://www.huffingtonpost.com/2013/09/1 ... 08221.html

WASHINGTON -- More than 350 economists have a signed a letter to President Barack Obama calling on him to nominate Federal Reserve Vice Chair Janet Yellen to be the Fed's next chairman. The letter is designed to draw attention to Yellen amid signs that Obama is leaning toward nominating his former economic adviser Larry Summers.

The letter, whose signers include economists with past ties to Obama, says Yellen understands the relationship between monetary policy and economic growth. It says she possesses a "nuanced understanding" of labor markets and that she has demonstrated an ability to hear all points of view.

Obama is expected to announce his nomination as early as this month. Fed Chairman Ben Bernanke's term ends Jan. 31, 2014.

The White House declined to comment on the letter.

Larry Summers Withdraws His Name From Fed Chair Job

The Huffington Post | By Ashley Alman
Posted: 09/15/2013 4:33 pm EDT | Updated: 09/15/2013 6:26 pm EDT

Former U.S. Treasury Secretary Larry Summers has removed his name from consideration for Federal Reserve chair, the Wall Street Journal reported on Sunday.

Summers notified President Barack Obama on Sunday via phone call, and sent a letter shortly after.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Summers said in the letter.

Obama accepted the withdrawal from Summers in a statement from the White House, calling the former secretary "a critical member" of his team:

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. I will always be grateful to Larry for his tireless work and service on behalf of his country, and I look forward to continuing to seek his guidance and counsel in the future.

continues ...

GT2211 wrote:I think I would've preferred Summers to Yellen. Though that might reflect in part that I feel a bit more familiar with his views than hers on a range of issues.

Anyway Yellen cancelled a speech she was prepared to deliver last minute which probably indicates Monday or early next week she will be announced as the next candidate. Curious to see how the GOP responds.

FACT-MAN-2 wrote:

GT2211 wrote:I think I would've preferred Summers to Yellen. Though that might reflect in part that I feel a bit more familiar with his views than hers on a range of issues.

Anyway Yellen cancelled a speech she was prepared to deliver last minute which probably indicates Monday or early next week she will be announced as the next candidate. Curious to see how the GOP responds.

Many GOPers have announced they will support her.

Council of Economic Advisers Chairman Jason Furman in an interview with the Wall Street Journal said he wouldn’t expect the Fed announcement this week.

Mr. Furman declined to say if Mr. Obama had made up his mind on whom to nominate. Other senior White House officials have said Fed Vice Chairwoman Janet Yellen is the front runner.

GT2211 wrote:

FACT-MAN-2 wrote:

GT2211 wrote:I think I would've preferred Summers to Yellen. Though that might reflect in part that I feel a bit more familiar with his views than hers on a range of issues.

Anyway Yellen cancelled a speech she was prepared to deliver last minute which probably indicates Monday or early next week she will be announced as the next candidate. Curious to see how the GOP responds.

Many GOPers have announced they will support her.

From the WSJ:

Council of Economic Advisers Chairman Jason Furman in an interview with the Wall Street Journal said he wouldn’t expect the Fed announcement this week.

Mr. Furman declined to say if Mr. Obama had made up his mind on whom to nominate. Other senior White House officials have said Fed Vice Chairwoman Janet Yellen is the front runner.

It seems they are waiting out this shutdown/debt ceiling negotiations before nominating her as they don't want the GOP trying to use her confirmation as part of these negotiations. I could be wrong of course. But everyone seems to know the pick and they seemed ready to announce it not too long ago.
http://blogs.wsj.com/economics/2013/10/ ... more-days/