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Top economic adviser to leave White House.

Summers to leave his post as director of the National Economic Council.



Just In


http://www.msnbc.msn.com/id/39295371/ns/business-us_business/



WASHINGTON — President Barack Obama's top economic adviser, Lawrence Summers, plans to leave the White House at the end of the year, a move that comes as the administration struggles to show an anxious public it's making progress on the economy.



While administration officials Tuesday quickly sought to paint the announcement as an expected development, Summers' departure shakes up an economic team that has been under fire for its handling of the recovery.

It's also a team already in transition following the recent departures of other high-profile Obama advisers.





In a statement, the president said he is grateful for Summers' service during a time of "great peril for our country."

"While we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry's wise counsel," Obama said.





Summers will return to Harvard University, a move a senior administration official said was always part of Summers' long-standing plans.

The official said the president asked Summers last fall to stay through 2010 in order to see through the passage of financial regulatory legislation and the continued implementation of the economic stimulus package.

The official spoke on the condition of anonymity in order to discuss internal White House matters.






Summers is the third high-level member of Obama's economic team to leave in recent months, following the departure of budget director Peter Orszag and Christina Romer, head of the Council of Economic Advisers, both of whom left this summer.

Treasury Secretary Timothy Geithner would be the only one of Obama's top-tier economic advisers to remain with the administration should be stay through the end of the year.

Geithner said in a statement that Summers' insights were essential in helping "guide us through the worst economic crisis since the Great Depression."

With unemployment hovering near double-digits and the public growing increasingly worried about the slow pace of the recovery, Democrats fear the economy could lead to sweeping losses for the party in the midterm elections.





Last month the top House Republican, Rep. John Boehner of Ohio, called on Obama to fire Summers, Geithner and other members of the economic team.

"Never before has the need for a fresh start in Washington been more pressing," Boehner said during a speech in Cleveland.

At the time, the White House dismissed Boehner's calls as politically motivated.
But during a town hall Monday, Obama wouldn't rule out changes on the economic team, saying only that he hadn't yet made any determinations on personnel matters.




"This is tough, the work that they do," Obama said.
"They've been at it for two years, and they're going to have a whole range of decisions about family that will factor into this as well."







Republicans will interpret Summers' departure as a sign that Obama is rethinking his economic policy.

But even some Democrats might quietly rejoice.

Summers, often seen with a Diet Coke in his hand, has a reputation as a brilliant, if occasionally smug, economist.

During the debate over overhauling the nation's financial regulations, liberals bristled at Summers' rejection of proposals to place limits on the size of banks.

They held him partly responsible for the deregulation of banks that occurred in 1999 while he was treasury secretary under President Bill Clinton.





When he returns to Harvard, he will be going back to his roots.

At age 28 he became one of the youngest professors to receive tenure at Harvard.

After leaving the Clinton Cabinet in 2001, he returned to Harvard as its new president, where he had a tense relationship with the university faculty.

It erupted when he argued that gender differences explained why fewer women pursued math and science careers.

He resigned in 2006.

In a statement, Summers said he will miss working with the president and the economic team but looks forward to returning to Harvard to teach and write about the economic fundamentals of job creation.





Lawrence Summers with President Obama in January. Mr. Summers has often been at the center of heated debates over the administration’s economic policies.

 

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In a statement, Summers said he will miss working with the president and the economic team but looks forward to returning to Harvard to teach and write about the economic fundamentals of job creation.


I just threw up in my mouth a little bit....:smack
 

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Discussion Starter #4
In a statement, Summers said he will miss working with the president and the economic team but looks forward to returning to Harvard to teach and write about the economic fundamentals of job creation.


I just threw up in my mouth a little bit....:smack
:laughing: ... reminds me of when Condominiums in Iraq Rice went back to Stanford ...


Heck, even $4 Million BJ prosecution Ken Starr at Pepperdine ...
 

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In a statement, Summers said he will miss working with the president and the economic team but looks forward to returning to Harvard to teach and write about the economic fundamentals of job creation.
Those who can, do, those who can't, teach.
 

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Those who can, do, those who can't, teach.
:thumbsup: :laughing:
I wonder if he'll be using any of those new convervative textbooks from Texas...:laughing:
 

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Who Might Replace Summers ?

Smart money is on the president picking a woman, but what Obama needs most is a convincing messenger to sell his economic policies.


Newsweek ~ This Week


http://www.newsweek.com/blogs/the-gaggle/2010/09/22/a-woman-to-replace-summers.html



The news of Larry Summers's departure as director of the National Economic Council by year's end has everyone poring over the tea leaves.

Whom will President Obama appoint to replace him and what will that choice mean ?




The decision is an awkward one for the White House, which is already indicating that it doesn't want to be rushed.

The brutal truth, rammed home by this week's televised town hall, is that Obama is losing the economic--and hence the political--argument.

Unemployment remains stubbornly high at 9.6 percent.

Summers's signature initiative, the $787 billion stimulus, is widely viewed as not having done enough (Summers fought behind the scenes for a larger package).

Yet the more the administration spends, the more it stands accused of compounding the deficit without anything to show for it.

Right now, Obama is flailing with his economic message, and polls suggest that, as a result, the GOP has a good chance to retake both houses of Congress in November.




Everyone has a different idea who would make a good replacement for Summers.

With Obama off his game, he sorely needs a top-notch communicator, someone who can make the case for the administration's economic policies and sell a clear message over the din of Tea Party vitriol.

Treasury Secretary Tim Geithner has been little help on this front, and with the resignation of the down-to-earth Christine Romer as the chair of the Council of Economic Advisers, the need is acute.




Then there's ideology.

Progressives, never comfortable with Summers, fantasize about Obama turning left by picking someone in the mold of Clinton Labor Secretary Robert Reich or Nobel Prize winner Paul Krugman.

Equally, Obama faces pressure from the business community to pick a CEO with real-world experience in creating jobs.

This might temper, if only briefly, the persistent criticism that the administration is filled with ivory-tower elitists bent on an ideological jihad against Wall Street.

Such a choice would also signal a possible Obama attempt to "triangulate" to the center if, as expected, this November's election results in a more conservative Congress.

Remember, too, that the president's bipartisan debt commission is scheduled to release its recommendations shortly after the midterms.
Obama may want a more centrist, business-oriented pick to fit the new climate.



Finally, and perhaps decisively, there is the matter of gender balance.

The upper echelons of the president's economic team—with Austin Goolsbee replacing Romer and Jacob Lew replacing Peter Orszag as head of the Congressional Budget Office—are stacked with men.

So the smart money is on Obama choosing a woman.

After that, he has a stark choice: go with an economist, as more obviously befits the responsibilities of an NEC director, whose role is to interpret data and coordinate policymaking, or look seriously at candidates with a successful track record in business.





Here are some of the most likely possibilities:



Rebecca Blank

She's a widely respected economist and poverty expert from the Commerce Department, where she oversees the Census Bureau and the Bureau of Economic Analysis.

Blank formerly served on the Council of Economic Advisers under President Clinton, and she'd be another solid option if Obama is looking to replace Summers with a policymaking brain as opposed to a business-focused one.



Jared Bernstein

Obama is known to be impressed with Vice President Joe Biden’s chief economic adviser. He’s already on the team, knows where the bodies are buried, and would be better placed to grab the president’s ear than an external candidate.

But Bernstein would be a target for conservatives—along with Romer, he predicted that the original stimulus would keep unemployment below 8 percent.

So this would be a defiant pick, doubling down on the administration’s current thinking.



Diana Farrell

Farrell is Summers's deputy National Economic Council director, presumed to be in the running along with her codeputy, Jason Furman.

She would blend both public- and private-sector experience, having come to the White House from consulting firm McKinsey & Co. and, before that, Goldman Sachs.

However, Farrell is viewed with suspicion by some on the left for her fervent advocacy of overseas outsourcing, which is hardly a distraction the administration needs right now.



Ann Fudge

Another female CEO who is gaining traction as a contender, the accomplished Fudge is a former Kraft executive, CEO of Young and Rubicam Brands, and current director for GE, Unilever, and Novartis.

The Obama administration recently appointed her as one of two CEOs serving on the bipartisan debt-reduction commission, indicating that she's high on the White House's radar.

At the same time, elevating someone who sits on the board of a major pharmaceutical company may not be the best move imagewise.

She's currently a 5–2 favorite on betting Web site Paddy Power.



Ann Mulcahy

Mulcahy is the former chief executive of Xerox Corp. and currently also serves on the president's Economic Advisory Board, where she is said to have impressed White House officials.

Her chances are being talked up by conservative outlets, including today's Wall Street Journal, which picked her as a frontrunner.

She also has the endorsement of Andrew Samwick, chief economist for President George W. Bush.

Mulcahy was spotted having dinner in Washington, D.C., last Friday with senior Obama adviser Valerie Jarrett—make of that what you will.

Some suggest her management (as opposed to economic) expertise would make a better fit for a cabinet post in a department such as Commerce or Health and Human Services.




Richard Parsons

Parsons is one of a number of male CEOs whose names are being bandied about (another is Jeffrey Immelt of General Electric) for the role.

He's is the current head of Citigroup and a former head of Time Warner AOL.

The administration may be keen to counter the criticism that it’s antibusiness, but one wonders how much political mileage selecting Parsons would get the White House. In the current environment, recruiting a big banking honcho to the economic team could easily spark public outrage.



Laura Tyson

Arguably Obama's best choice if he prefers an economist.

Tyson, a veteran of the Clinton administration, is a member of the president's Economic Recovery Advisory Board, an outside panel of economic experts consulting with Obama.

She is also a professor at the University of California, Berkeley's Haas School of Business, and a strong supporter of industry and manufacturing.

Tyson's support for greater stimulus spending and other qualifications would make her appointment well-received in liberal circles.






Life on the Economic Edge

http://www.newsweek.com/photo/2010/09/13/life-on-the-edge-of-a-double-dip-recession.html



While few states have sidestepped the recession, none has gotten hit as badly as California, which faced a $19 billion (yes, billion) shortfall for its fiscal-year 2011 budget.

To close the hole, Gov. Arnold Schwarzenegger and legislators made cuts, including drastic reductions in social services, that at other times would have been unthinkable.

In this photo, senior citizens in San José protest the impending cuts in May 2010, including the closure of two popular senior centers that provided free meals.


 

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Id jump ship now too if I were him. He's not totally naive, he sees what's coming. The experiment failed and he wants see that the ship is sinking and wants off before it goes down.
 

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:rolling:


Yea … It’s easy to be a Bad Ass in the Back Woods of Florida. :rolleyes:

I’d be really impressed if he burned some Koran’s in the Middle East :laughing:
 
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