Larry Summers Said To Leave White House In Two Months

Tyler Durden's picture

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.

From Bloomberg:

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.”

Since the end of July, Peter Orszag, director of the Office
of Management and Budget, and Christina Romer, the head of the
Council of Economic Advisers, left the administration.

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.


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VK's picture

Fuck Summers! That douchebag is destroying America. In another place and time, his actions would have counted as treason. Thanks for repealing Glass-Steagal yo! I did enjoy his Harvard stint though, if he'd stayed longer, they'd have gone bankrupt and been shut down, a guy can dream can't he?

Tom Servo's picture

Don't let the door hit you in the vagina on the way out :)


MarketTruth's picture

Suggested music:


Bum, bum, bum.

Another one bites the dust

Bum, bum, bum.

Another one bites the dust

And another one gone

And another one gone

Another one bites the dust

Hey, I'm gonna get you too

Another one bites the dust

dlmaniac's picture

Summers was the one executing Rubin's "strong Dollar" gold dumping scheme.

Spalding_Smailes's picture


"Larry Summers is to modesty what Madonna is to Chastity."

--Paul Gigot, 1995

DarkMath's picture


Come on everybody sing with me:

Ding Dong! The Witch is dead. Which old Witch? The Wicked Witch!
Ding Dong! The Wicked Witch is dead.
Wake up - sleepy head, rub your eyes, get out of bed.
Wake up, the Wicked Witch is dead. She's gone where the goblins go,
Below - below - below. Yo-ho, let's open up and sing and ring the bells out.
  Ding Dong' the merry-oh, sing it high, sing it low.
Let them know The Wicked Witch is dead!

As Mayor of the Munchkin City, In the County of the Land of Oz, I welcome you most regally.

But we've got to verify it legally, to see

To see?

If she

If she?

Is morally, ethic'lly

Spiritually, physically

Positively, absolutely

Undeniably and reliably Dead

As Coroner I must aver, I thoroughly examined her.
And she's not only merely dead, she's really most sincerely dead.

Then this is a day of Independence For all the Munchkins and their descendants

If any.

Yes, let the joyous news be spread The wicked Old Witch at last id dead!

Pez's picture

Weird, when I heard this news, that's the song that went through my head! The question is who will wear his ruby red slippers ( or should I say crimson?) Please keep your Harvahd Business School nominees back in the Ivory(Ivy) Tower.

sgt_doom's picture

Ha, ha!  Thanks Tom, but we all doubt if that douchebag Summers could even find his own vagina, or realized he'd been smashed there.

nmewn's picture

Larry leaving?!?...LOL.

Rats...listing ships...etc.

Somewhere in America a university president's pucker factor just redlined.

StychoKiller's picture

His departure would leave Treasury Secretary Timothy Geithner as the only member of President Barack Obama’s original top-tier economic team.

If this is the "Top-Tier", heaven save us from the replacements!

Cognitive Dissonance's picture

Friends help you move.

Real friends help you move Larry Summers body out of the White House. :>)

Joking folks, just joking.

etrader's picture

Speaking of House's...

It gives more credence to the mortgage Refi rumor coming down the pipe with  larry  out of the way.

ZackLo's picture

Yeah Larry's dipping before the fireworks start in december.Lets just say it's probably going to be a red christmas...Those houses are going to have to be appraised sometime.....

VK's picture

Mission Accomplished: Recession is over.

Reality: Collapse has just begun.

Reality: Summers will get paid millions by his buddies on Wall Street while living in Argentina a few years from now.

Bam_Man's picture

Argentina wouldn't allow scum like him in.

He'll wind up in Paraguay or Nigeria.

AccreditedEYE's picture

Let's also not forget his great love of Elizabeth Warren... after the thought of having to bump into her on occasion in the White House may have been the cherry on top. LOL

Kaiser Sousa's picture

assemble the hit team...

he should not be allowed to walk the streets...

not kidding....

Haywood Yablomi's picture

You say that as if he's even capable of walking in the first place.  I doubt it.

RockyRacoon's picture

Throw in some chewing gum and it's a no-go.

Sudden Debt's picture

you do realize you're IP adress has been traced and as we speak a white van is parking before your driveway do you?

Cognitive Dissonance's picture

Yes I do realize. And I don't have a driveway so you must be speaking to someone else.

Do you realize that you're no safer in Belgium?

Hephasteus's picture

Hey now he may have a waffle iron if he's in belgium.

Kaiser Sousa's picture

u do realize that i dont give a fuck...

this is class warfare...when fear exits one becomes free...

fuck a banker....

nmewn's picture

My frightened little euro-peon friend...we're all uncouth rednecks now ;-)

knukles's picture

Nah, he was pushed out the door, the PTB having learned from the Vince Foster resignation.

NOTW777's picture

time for cnbc to have a panel discussion with all the rocket scientists from the WH

Battleaxe's picture

More rats jumping ship.

Henry Chinaski's picture


and there will be more...

Gates is gone too.  Has anyone else noticed that the Generals are pretty much in open rebellion these days? Maybe the Marines will convoy up from Quantico and clean house. 

Battleaxe's picture

I think he wants to go start spending some of the cash he funneled to himself before it isn't worth anything.

knukles's picture

Come to think of it........

Whatever did happen to that $8 Billion of Palatized Federal Reserve Notes that was allegedly flown out of Iraq on US Military transport planes?

Mad Max's picture

Well, Dubya Bush has a nice new ranch in Paraguay, and I don't think it was free.

StychoKiller's picture

Is that a different $8Billion from the batch missing in Afghanistan?

doolittlegeorge's picture

i'll take the other side of that trade.

Mongo's picture

Good riddance... then again maybe it's mission complete for him so it's time to cash in!

Confused's picture

funny thing is, you may be right

Dagny Taggart's picture

The rats fleeing the sinking ship. Maybe Mr. Banzai7 can update his dooshbag survivor pic?

SheepDog-One's picture

Must keep.....DOW....GREEEN!! Must pump....for...all is home ABC news....broadcast.....tell sheeple.....all is well...nothing to see here... buy stocks..

tip e. canoe's picture

"according to three people familiar with the matter."

1 silver maple says it's a ruse to soften the libs.

tip e. canoe's picture

someone should have taken the other side.  unlike Larry, i would have paid up.

Internet Tough Guy's picture

First he blew up Harvard, then the USA. Who will he work for next, Ming the Merciless?

Cognitive Dissonance's picture

Actually you're close. I'm hoping he goes to work for the Chinese and shows them how to bust a bubble American style.

svendthrift's picture

He also assisted the looting of post-USSR Russia (the economy ended up in the hands of his friends). He and Tim G were knee deep in Mexico during their crisis too. Larry Summers is the real-world equivalent of a Sith.

Mad Max's picture

That explains why he looks like a chubby, bloated Palpatine...

Ned Zeppelin's picture

With vaginal throat folds.

Hansel's picture

I wonder which bank hired him.

etrader's picture

BIS or Carlyle Group will no doubt be pitching.

If all else fails Soc-Gen are always on the look out for Phd's ;>