Larry Summers, the former Harvard President, Treasury Secretary for awhile under Bill Clinton, and economic adviser to Barack Obama, has withdrawn his candidacy for Federal Reserve Board Chairman to replace Ben Bernanke.
This is a major victory for America, and for fiscal sanity, and it now seems that Janey Yellen, Vice Chair of the Federal Reserve, will become the most powerful woman in American history, as Barack Obama moves away from what would have been a disastrous choice of Summers.
Summers is very bright and intelligent, no doubt about that, and one can be sure that he tells people of those traits on a regular basis!
Summers is a pompous windbag, who was arrogant as Harvard President, including saying women did not have the right stuff to be in the field of science; showed arrogance in his dealings with students and faculty; and as Treasury Secretary, and later, gave bad advice that helped to cause the Great Recession of 2008 to the present.
What drove Barack Obama to want him is beyond understanding, but thankfully, four members of the Senate Banking Committee, all Democrats, made clear of their dissatisfaction with Summers.
These four courageous Senators are Sherrod Brown of Ohio, Jeff Merkley of Oregon, Elizabeth Warren of Massachusetts, and Jon Tester of Montana, and we all owe a debt of gratitude to them for helping to prevent the nomination of Summers.
The nation will be well served by Janet Yellen as Federal Reserve Board Chairman!