And then there was one, even if it was a TurboTax One. Bloomberg headlines flashing that Larry Summers is dunzo in November. He follows such other economic failures as Romer and Orszag, both of whom left the economy in a far more horrendous state than they found it. We wish godspeed to Larry, and hope he managed to get thick windows in the limo that will take him to his next private sector job, presumably somewhere above the 40th floor in 200 West.
White House officials expect
Lawrence Summers to leave his job as the president’s National
Economic Council director after November’s congressional
elections, according to three people familiar with the matter.
His departure would leave Treasury Secretary Timothy Geithner as the only member of President Barack Obama’s original
top-tier economic team. Summers, 55, and the president have
discussed his future plans, according to one person.
Administration officials are weighing whether to put a
prominent corporate executive in the NEC director’s job to
counter criticism that the administration is anti-business, one
person familiar with White House discussions said. White House
aides are also eager to name a woman to serve in a high-level
position, two people said. They also are concerned finding
someone with Summers’ experience and stature, one person said.
The people familiar with White House discussions spoke on
condition of anonymity because no decisions have been made.
White House officials declined to comment directly on
Summers’ plans. Robert Gibbs, Obama’s chief spokesman, said
today it “is not a surprise, that there will be people who have
worked enormously hard over the past few years to make decisions
to go back to doing” what they did before joining the
The second half of a president’s term typically is a time
of turnover in staff and advisers, many of whom also had roles
in the presidential campaign. Obama yesterday indicated he
realized that some members of his White House economic team may
“This is tough, the work that they do,” he said in an
hour-long town hall discussion on the economy broadcast on CNBC.
“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.”
Obama said yesterday he has “not made any determination
about personnel.” He praised Summers and Geithner, as well as
the rest of his economic advisers, saying that they “have done
an outstanding job.”
Yup. Whoever said destroying the economy is an easy job has obviously never tried it.