Larry Summers For Fed Head? 17% - Yes, 49% - Hell No

Tyler Durden's picture

Judging by how the SkyNet formerly known as "the market" has been trading in the past three weeks (and years), one may get the impression the "smart money", hiding behind Bloomberg terminals for 9 hours each day, has gone full lunatic retard. Yet not even said Bloomberg terminals users are completely insane, as confirmed by a just released poll of Bloomberg Professional users, who were asked on their opinion for the two next probably Bernanke replacements: one Larry Summers, best known, together with Robert Rubin, Alan Greenspan and everyone in Congress and Senate over the past 30 years, for destroying the US economy, as well as one Janet Yellen, currently vice chair of the Fed, and almost certain replacement for the Chairsatan once his term expires in early 2014. The verdict: nay to both, but a resounding hell no to the man who destroyed the US banking system, then crushed the Harvard endowment, and finally brought the US consumer and economy to a state of complete ruin.

From Bloomberg:

Almost half of global investors say President Barack Obama shouldn’t select former Treasury Secretary Lawrence Summers as the next chairman of Federal Reserve Board, according to the latest Bloomberg Global Poll of investors.

 

Only 17 percent of the 862 surveyed say it would be a good idea to appoint Summers, 57, to replace current Fed Chairman Ben S. Bernanke, 58, whose term expires in January 2014. Thirty-four percent didn’t have an opinion and 49 percent said it was a bad idea.

 

The Nov. 27 poll of Bloomberg customers who are investors, traders or analysts was conducted by Selzer & Co., a Des Moines, Iowa-based company. It has a margin of error of plus or minus 3.3 percentage points.

 

“Although Lawrence Summers is an exceptionally talented man, the Fed chair is in need of a man with less connections and entanglements to the establishment,” Fredrik Fyring, a derivatives trader at Skandinaviska Enskilda Banken in Stockholm, said in an e-mail. The recent choice of Mark Carney to head the Bank of England shows that an “outsider to the current establishment can be a good choice,” he said.

At least we now know that there are at most 17% of Bloomberg terminal users who are making money in the current centrally planned banana republic. We can only hope the balance wants some return to normalcy and would much more rather see a Ron Paul or even a thousand monkeys running the Fed than any more distinguished Econ Ph.Ds.

As for Yellen:

The Bloomberg poll showed that investors have mixed views on whether Obama should elevate Janet Yellen, the Fed’s vice- chairman, to head the central bank. Thirty percent of respondents say Yellen would be a good choice as chairman, 32 percent say it would be a bad idea and 38 percent say they’ve no opinion.

Yellen, 66, has joined three other Fed officials in support of a policy to tie zero interest rates with progress on fighting unemployment as a way to provide more clarity on the central bank’s outlook for monetary policy.

And back to Summers:

Summers didn’t respond to an e-mailed request for comment.

That's ok he was probably napping. But as long as it is not while sitting on the CTRL-P keys, at least he is not causing more untold destruction.