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Gasparino Reporting That Larry Summers May Soon Be Out
Charlie Gasparino has just broken the story that Larry Summers may leave the Obama administration, presumably after the elections, based on the former DE Shaw man's disclosures to various Wall Street execs. This is not a very surprising move for Obama, who has bet his entire mid-term election campaign on his counter-Wall Street rhetoric, if not actions. Too bad that by this point, due to over a year of purposeful inactivity, the TBTF are Too Infinitely Big To Fail. With Summers a horrendous legacy of the administration's extensive ties to Wall Street, it was only a matter of time before he and Obama quietly parted ways. Following this development (and not a second too soon), everyone's attention shifts to Tim Geithner who has overstayed his welcome in the "public" scene for just about his entire tenure, and is way overdue in checking in to his reserved Goldman Sachs cubicle.
Larry Summers, who heads the White House’s National Economic Council, has been described as unhappy in his job, and is suggesting in conversations that he may leave the administration by the end of the year, according to Wall Street executives who deal directly with key members of President Obama’s economic team.
White House press secretary Robert Gibbs told FBN that Summers isn’t going anywhere, at least for now.
...
It’s unclear why Summers might be looking to leave the administration — though there’s been some speculation that he wanted to be appointed Federal Reserve Chairman. President Obama recently supported Ben Bernanke’s Congressional approval for a second term as Fed chief.
Wall Street executives who deal with Summers say they believe he isn’t being forced out. Others say his fate, like that of Treasury Secretary Tim Geithner, would likely depend on the outcome of the mid-term elections, particularly if the Republicans gain seats or take control of Congress and unemployment remains high.
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I want a divorce!
"White House press secretary Robert Gibbs told FBN that Summers isn’t going anywhere, at least for now."
Sounds like a hostage situation at the White House.
It sounds like there might be some confusion as to who is actually holding whom hostage.
Gibbs means Larry's not leaving until he goes first!
Let's see, who's available? I'm sure ZHers can come up with a winner!
A: Arthur Laffer
B: Elizabeth Warren
C: Rep. Paul Ryan
I'm pretty sure Howdy Doody was a puppet. Perfect.
Rubin, Laffer, Cohn, somebody of the cloth...this I am sure of!
D: William K. Black
Bob Rubin seems the obvious choice, there is no Plan B you know
Phineas J. Whoopee, because he was the greatest
Austrian school, deficit hawk. Right?
Or maybe Venezuelan school, confiscator. Better.
Good god. Larry Summer is just about as evil as Dick Cheney.
Give the man his props! Hell!
It's Darth Cheney!
That's one down...two to go.
WHo would be your choice to give a bitch slap?
Maria, Larry, Timmy, Big Bird, Kernan, Bennie-Boy???
As an added bonus, I would like to give Melissa Francis a full wind up bitch slap.
"And then you write, ‘Oh, they're just rearranging the deck chairs on the Titanic.’ First of all, that is a terrible metaphor. This administration is not sinking. This administration is soaring. If anything, they are rearranging the deck chairs on the Hindenburg!"
- 2006 April 29, Stephen Colbert, White House Correspondents’ Association Dinner, Washington, D.C
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Slightly tangential ... was watching an old episode of The Untouchables last weekend, and it suddenly occurred to me that Terrible Timmay G over at Treasuray looks kinda like he could be a snot-nosed weaselly little bastard son of Robert Stack. Anyone esle see a resemblance there?
Think Doctor Strangelove...
Yup!
http://static.open.salon.com/files/j_geithner_ness_final1234385209.jpg
That's just boss, CD!
Well done!
Fucking Crooks
March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.
http://www.bloomberg.com/apps/news?pid=20601010&sid=anl9vTKXKYyk
"March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case."
Well, it looks like Bloomberg has gone off the deep end and is now engaging in reckless "conspiracy theory". They should be immediately attacked as crazy tin foil hat wearing Looney Tunes that don't have anything better to do that to concoct crazy stories that boggle the mind. Upstanding respectable banking institutions such as these would never ever engage in behaviour such as this. Everyone should immediately commence with various Ad hominem attacks of the most vile nature until Bloomberg stops this disgusting "reporting" and returns to upbeat and responsible repeating of company news releases.
http://en.wikipedia.org/wiki/Ad_hominem
practicing for the heist no doubt!
Pant, Pant, Pant....
Larry didn't hear the news he was napping.
Wake him up only if David Shaw calls...
Not only pathological, but narcoleptic. I have heard he falls asleep in every meeting. Must have some important things to dream about....like having Coca-"cola" and riding unicorns. Economist?!?!?! BAHAHAHAHA!!!! Dude has the Midas touch! Too bad everything he touches goes bankrupt. Larry, you FAIL!
Well when you have a dizzying intellect like Larry Summers the banality of normal life forces one to sleep to escape. Or maybe he was just up late watching tranny porn, it's a tough call.
Good f*cking riddance and may the door hit you in the @ss! F*cking moron.
worse...he's a very smart moron...maybe the smartest moron in the WH.
Smarter than women who can't do math and science stuff.
The dumb ass who junked you doesnt know Summers actually said it.
"Women can't do math and science." -LAW RENCH SUMMERS
The debate rages; what does it mean to be smart? Hawvawd degrees? Wealth and power? The ability to fall asleep at meetings, say bigoted stuff, and not get fired?
Sorry, but here I go....Larry Summers is dumb. His actions do the talking. Barry Sotero is dumb. His actions do the talking. BS Bernanke is dumb, his actions do the talking. Tiimy Geithththner is dumb, etc, etc, etc.......
I do not care if BS writes macro and micro books, because they are hogswash. Summers almost won a Nobel, well Paul Krugman is the biggest idiot I have heard! Obama...the dude walked out on the PM of Isreal?!?! You do not do that, not even if it was the PM of Turdistan!
Smart would mean making the tough choices, because they are the right choices. These men want to be popular (with each other, never mind the "status quo"). That is all.
Look, I think LS is a dumb ars as well. This is actually a big problem inside the Washington beltway. There are many "smart" people. But few with any real experience. If you review the resumes of many political/government types, they had academic success throughout their entire lives. They never got a "B" in anything. They went to the right schools and traveled in the right circles. They are lawyers who worked on the Hill, for an Administration, clerked for a federal Judge, then went to work for a law firm. They end up having the kind of resume that makes them an attractive candidate, or a political appointee or a staffer somewhere. Now we're into what many call the "revolving door," as these same people move in and out of government gaining experience and connections. BUT...they rarely if ever have held a real job. They never made a payroll. Never had to deal with the policy, regulation and legislation they drafted. Never had to deal with the other side of a case they won. Over time they begin to believe the federal government knows best...better than anyone else...better than the opposition political party...better than the voters. And the result is Hubris. Hubris is the disease that is destroying public policy, the US Dollar and our federal system. Yet we continually reward it. How do we break the cycle?
Violent uprising.
Violence solves everything
I say march on the street, but if Hulk wants to smash, I say let hulk smash!
LOL!
The marches are ignored. November midterms will be interesting, but I don't expect any meaningful change, lots of seat changes though, but our fail up system of government will continue until it can't
I most vehemently disagree! They are geniuses. Tell me have you looted, robbed, or pillaged 0.000001% as much as any of luminaries? Have you caused chaos, pain, and death and not only gotten away with it but been lauded for it? The world has spoken these men are geniuses! They pillage us to this day! They will end their days on an island in the sun free from toil while we eek out an existence in the muck, working with a gun at our back. Sounds pretty smart to me. Now totally morally bankrupt, but a psychopath can still be smart.
They live in hell, and their souls will rot in hell for eternity. In their heart of hearts, they KNOW they wronged the people. They know...
It looks like the NYT will be looking for another left wing loon to take over Paul Krugman's column.
i second that guess. Barri-O on the crossover to the "left".
Heh. Summers for Fed Chair. Now that's funny.
Summers didn't even want to walk up the Hill for Treasury Secretary again.
dang ... this means Romer will take his spot ... can Obama surround himself with worse bunch of idiots?
Romer...noooooooo!!
Someone, anyone. Please wash my eyes out with soap.
Romer gives me the creepy crawlies. UGH! When she was on Meet the Press a few months ago, before Greenspan and Cramer said "Buy Buy Buy Now Now Now" on the same show, she smiled the whole time while giving grim news (of course, she was "upbeat" or whatever). She said all of the bad news with a smile on her face the whole time. She is a witch. UGH!!!! She is so gross! So gross!
In the movies she will be played by Kathy Bates.
She's already tapped to be the next Headmistress at Hogwarts.
Hillary's campain begins.
How could I have forgotten about Hillary?
One sht down, too many crap to go...
Volcker's too old. Dimon's too Wall Street. Just for grins, I like Elizabeth Warren. Heart attacks at 85 Broad.
Warren is a bitch. She literally told Pandit that the taxpayer would
"The United States government will bear any burden and pay any price to ensure that Citigroup does not fail."
http://abcnews.go.com/Business/citigroup-ceo-vikram-pandit-expresses-gra....
I pick Paul Ryan.
I haven't gone back through your comments to verify, but I could have sworn you are not a moron. I'm serious, unless I am mistaking you for someone else, your comment took me back. Please reread the article you linked for context, because you blew chunks on this one.
Quoth Warren:
She ain't sayin' that like it's a good thing...
Making ZH what it is! Well done.
You have it totally wrong--she was saying what the Congressional Oversight Committee on TARP has realized, not what she believed. She is so not supportive of TBTF.
Where will Larry fail next? And how much of a raise will he get to do so?
Good riddance and don't let the door hit you in the ass on the way out. More cleansing of this rat's nest is sorely needed but he's a good start.
One can only guess at the amount of hardship this man has caused and will continue to cause this country as a result of his disastrous views.
Good riddance, what a failure this a**hole has been in every adminstration. Typical civil service, the more you F*ck up the more they love you, dock him a days pay for napping on the job.
Ka-Ching time, baby! He's already gotten several millions after he deliverd "deregulation" and repeal of Glass-Steagal. Now, after he and Timmy saved Wall St and Greenwich, CT collective a$$es, it's time for a REAL payoff.
Yeah, I don't often get too personal, but....
fuck off, Larry.
I heard he's leaving to go to Jenny Craig.
Poor Summers - the problem was we weren't smart enough to realize how brilliant he is.
It would be great to bring someone in who is untainted by Wall Street, who would understand that finance needs to operate as a service to industrial activity, rather than a parasite that sucks the host dry and then goes crying to the government that it needs a new host to feed upon.
If Finance is a utility, what factors determine what is productive and unproductive industrial activity?
Linear addition of value.
It's so sad. Who will represent the interests of rich people and bankers?
Others say his fate, like that of Treasury Secretary Tim Geithner, would likely depend on the outcome of the mid-term elections, particularly if the Republicans gain seats or take control of Congress and unemployment remains high.
"The government is entering upon a new program of fiscal restraint" groundwork is getting done. Bwaaahahaaa
They'll just replace him with another squid operative.
LOL - +1000000 for the photoshop of Machine Gun Timmay, CD!
Let's just hope he doesn't prove "untouchable" for his role in the NYFed/AIG conspiracy and the ongoing fraud against the U.S. taxpayers.
Should have pasted his head on a pic of Al Capone.
How about Larry and Paulson on a photo of Bonnie & Clyde?
I did not see it, so I will say it.
Rats fleeing the sinking (or is that stinking?) ship.
Obviously just a guess. Obama took alot of old clintonites, and dem favs to the party with him. He knew these were guys in the club, can't go wrong, RIGHT.
Obama has alot on his plate, yet, you can bet he's been learning alot and what he has learned is not good. I'm sure alot of it is Obama doesn't talk to the guy anymore or take any of his advice. Obama probably recognizes the problems he's got, and what can be done. Having a rat on the inside isn't helping him in the least would be my guess, ie, what they are talking about in dee ovally office has been leaking to some street people.
The rats are leaving the sinking ship...
You can say that again.
well at least the white house m&m & diet coke budget will go down now.
Maybe "Gibson's Paradox" revelation by GATA's Bill Murphy at the CFTC hearings and Larry Summers' supposed creation of the "strong dollar" policy through the manipulation of the gold market has finally caught up with Mr Summers?
Perhaps Mr. Summers got caught red handed selling a tungsten bar?
Either way, shake the rumpled POS upside down before he goes, to get our bullion out of his pockets. He knows what it's worth...
now thats rich, someone getting caught. Haha
Cumon, y'all know it will be Andy Stern. Why do you think he's always up there at the House?
I say we try an actor at this postion.It has worked so well at the presidency Lets give Hugh Laurie,House, a try and ask that he stay in character, that would be fun to watch..
He bought the corrupt industry an extra year of bonuses. They should reward him handsomely for his efforts. (But they won't because he will no longer be of any use to them - damaged goods)
GO GASPO!!! Another scoop!
CNBS site has locked up as they put finishing touches on WH response that these rumors are ridiculous.
Hey, now. That reminds me...
Bloomberg is the mayor of New York. You know, where that whole 9/11 thing went down.
While I know he is supposed to be at arm's length while he is the mayor, I just don't see any way that the words JPM and "conspiracy" were uttered in the same sentence without his blessing and approval.
Maybe Michael is willing to see where this leads? Maybe he is in cahoots and is throwing the old red herring into the mix? Either way, the simple fact that his information service sanctioned this report is definitely a step in the right direction.
Knowing personally how BB works on the inside, Mike is not Rupert Murdoch and lets his managing editors report the news.
Why wait? Let's have a 2-for-1 sale with Larry and Timmay getting shown the door. Replacements? William K. Black and Brooksley Born. We can send a couple of boxes of Depends over to 85 Broad.
Barry is going to need some depends too.
He's getting out while the money printer still works. (that is printing money, not the effects of which)
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What good thing can I say about the man. I think he makes a great deal of money speaking about economics.
As I recall Harvard put him in charge and he lost a great deal of money but it seems they still like him. How many people do you know, that might put you in charge of their money and still like you after recording an almost $1B hit...
see...
From here...
http://en.wikipedia.org/wiki/Lawrence_Summers
Losses on financial derivatives. Sorry. Looked that over and it was only $925M.
My mistake. Amazing how nice those Harvard People can be.