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.

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Fri, 11/30/2012 - 12:20 | 3023821 Flakmeister
Flakmeister's picture

Any who'-who of the guilty must include Phil Gramm....

Fri, 11/30/2012 - 12:23 | 3023833 Zer0head
Zer0head's picture

in 2014 O will once again have control of House and Senate and he will appoint whomever the fcku he wants

Fri, 11/30/2012 - 12:25 | 3023850 SheepDog-One
SheepDog-One's picture

'In 2014'...LOL good one.

Fri, 11/30/2012 - 12:38 | 3023928 101 years and c...
101 years and counting's picture

i'd like to nominate myself.  i am a very good liar and i know ctrl-P.  i've also taken chopper flying classes, so i would be able to fly my own chopper as i drop 100's on lower manhattan.

Fri, 11/30/2012 - 12:46 | 3023948 francis_sawyer
francis_sawyer's picture

I nominate Larry Summers for dog catchEE...

Fri, 11/30/2012 - 12:56 | 3023993 Ghordius
Ghordius's picture

I nominate Corzine for FED chairman. but please first take him out of prison

Fri, 11/30/2012 - 14:25 | 3024065 Jay Gould Esq.
Jay Gould Esq.'s picture

"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...' "

Mark Carney -- Goldman's top Customer's Man in the London office -- an "outsider" to the "establishment ?" This statement elicited as much laughter as Mitch McConnell's guffaw, upon receiving Geithner with the Administration's "fiscal cliff" proposal.

Disinformationary farce. Barry will likely select an Erskine Bowles -type of "outsider" insider. In sum, policy continuance. The apple cart will not be upset.

Fri, 11/30/2012 - 16:08 | 3024707 Tom Servo
Tom Servo's picture

Yellen and Summers are both jews, so they qualify...


Fri, 11/30/2012 - 13:06 | 3023996 nope-1004
nope-1004's picture

Larry Summers is a joke.... cept, I ain't laughing because he's also really really dumb!

Here is sleeping beauty:




Fri, 11/30/2012 - 13:58 | 3024182 eclectic syncretist
eclectic syncretist's picture

Him or better yet Krugman would be a perfect way to accelerate elimination/eradiction of the the Federal Reserve system of parasitic welfare banksters existing like a carbuncle on the ass of humanity.


Fri, 11/30/2012 - 13:10 | 3024035 MiltonFriedmans...
MiltonFriedmansNightmare's picture

The Fed will not exist in 2014....

Fri, 11/30/2012 - 13:44 | 3024136 earnyermoney
earnyermoney's picture

Like that matters. 


He'll appoint whom he's told to appoint, and there will be no objections.

Fri, 11/30/2012 - 12:49 | 3023966 slaughterer
Fri, 11/30/2012 - 12:52 | 3023976 GAAPpreNixon
GAAPpreNixon's picture


If you agree, please hit the green up arrrow. Important people read and respect opnions at Zero Hedge.

Fri, 11/30/2012 - 16:07 | 3024701 Westcoastliberal
Westcoastliberal's picture

Good call.  Brooksley Born would be a great choice along with Elizabeth Warren, Bill Black, or Neil Barofsky.  Each has their own attribute and each bring "real world" experience which we would all benefit from.  The Banksters, not so much.

Fri, 11/30/2012 - 23:49 | 3025870 Pinto Currency
Pinto Currency's picture


This is a debt-based fiat money system in collapse.

Select whomever you want as Fed Chair based upon who you want at the wheel when the system slams into a wall doing 150.

Rubin or Summers would be a good place to start.  Or Greenspan.

Fri, 11/30/2012 - 13:10 | 3024038 Rathmullan
Rathmullan's picture

Here's the not so short list:

Steve Liesman (he has no training in economics but he plays an economist on TV)

Andrea Mitchell (enough said)

Paul Krugman (the final frontier where keynesian abandonment of any semblance of responsibility is brought to monetarism)

Jamie Dimon (in order to eliminate overly intrusive govt regulation and bring real competition to the banking industry)

Michael Woodford (because the cutting edge of monetarism isn't about direct and tangible policy effects, it's all about getting tricking market participants to engage in self destructive behavior)

Jesse Jackson Jr. (just because he is the anti-thesis of Ron Paul and he needs a job)

Chuck Schumer (because he "gets it")

Sat, 12/01/2012 - 08:27 | 3026185 awakening
awakening's picture

Krugman for the comedy value, ZH would get a good run out of that! :D

Fri, 11/30/2012 - 12:20 | 3023822 vast-dom
vast-dom's picture

fuck them all, terminals and printers too.

Fri, 11/30/2012 - 12:33 | 3023899 HelluvaEngineer
HelluvaEngineer's picture

My vote is still for "Drinking Bird".  He can hit that print button 24/7 with no breaks or vacations.

Fri, 11/30/2012 - 12:49 | 3023967 Lord Blankcheck
Lord Blankcheck's picture

Homer almost blew up the Springfield nuclear plant using the same method.D'OH!!!

Fri, 11/30/2012 - 12:26 | 3023837 Wakanda
Wakanda's picture

"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."

Sign him up, he'll be perfect.

Fri, 11/30/2012 - 12:28 | 3023875 The Master
The Master's picture

Americans love a good comeback story!

Fri, 11/30/2012 - 13:11 | 3024027 onelight
onelight's picture

Maybe, just maybe it's time to get tough-minded, or as Rule #5 says, "harden the #%$^& up" ..

This is going around trading desks in the last week: a European cycling brotherhood with a set of Rules, including #5 with an Aussie flavor..

Fri, 11/30/2012 - 14:16 | 3024251 Bastiat
Bastiat's picture

Too many goddamn rules.

Fri, 11/30/2012 - 13:22 | 3024080 carbon
carbon's picture

FLASH NEWS! WAIT uplifing news: on CNBC Hatzius continues to expect only 2 percent economic growth next year

Fri, 11/30/2012 - 12:25 | 3023838 Cognitive Dissonance
Cognitive Dissonance's picture

Our exhaustive efforts to kick the can down the road have not been fully exhausted. Thus the piper will not be paid just yet.

<Almost time to make the donuts.>

Fri, 11/30/2012 - 12:24 | 3023840 SheepDog-One
SheepDog-One's picture

I'd love to see that ol gin blossom drunk Larry Summers in there as FED head he'd screw it up SO bad!

Fri, 11/30/2012 - 12:47 | 3023956 francis_sawyer
francis_sawyer's picture

Actually he might be the perfect guy... After all ~ We need someone ASLEEP AT THE WHEEL [& on the job] after the recent Fed activism...

Fri, 11/30/2012 - 12:24 | 3023843 pragmatic hobo
pragmatic hobo's picture

I nominate Ron Paul as the next fed-head.

Fri, 11/30/2012 - 12:53 | 3023981 XitSam
XitSam's picture

or Jim Grant

Sat, 12/01/2012 - 06:09 | 3026127 Urban Redneck
Urban Redneck's picture

The Office of the Secretary of the Treasury is the better suited to waging war against the Fed.  Also, unless you believe Ron Paul or morally or ethically compromised, then there is issue of the fiduciary obligation to Jamie, Lloyd, et al when one works inside Marriner Eccles.

Fri, 11/30/2012 - 12:24 | 3023845 oleander garch
oleander garch's picture

"The central irony of the financial crisis is that while it was caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending and more spending," Larry Summers.

Fri, 11/30/2012 - 12:28 | 3023865 Cognitive Dissonance
Cognitive Dissonance's picture

Welcome to the insane asylum. Peak insanity is insatiable.

<Feed me now for feed me even more later.>

Fri, 11/30/2012 - 12:31 | 3023889 Dagny Taggart
Dagny Taggart's picture

Peak insanity is insatiable.

... or maybe peak insatiablilty is insane.

Fri, 11/30/2012 - 12:31 | 3023883 kralizec
kralizec's picture

Yup, he their man!

Fri, 11/30/2012 - 12:27 | 3023855 Dr. Engali
Dr. Engali's picture

I nominate Britney Spears, she is probably as good a choice as any of the other idiots......How hard can it be to get up in front of congress and lie your ass off a couple times a year while keeping your finger on the print button?

Fri, 11/30/2012 - 12:36 | 3023910 Joe Davola
Joe Davola's picture

She's too busy with semiconductor physics:

Sat, 12/01/2012 - 12:36 | 3026419 DavidC
DavidC's picture



Fri, 11/30/2012 - 12:27 | 3023858 SheepDog-One
SheepDog-One's picture

OH and one more thing....anyone who believes it's Obama who decides who is head of the world central banksters is simply delusional.

Fri, 11/30/2012 - 12:35 | 3023915 GlobalCtzn
GlobalCtzn's picture


Thank you!

Fri, 11/30/2012 - 12:27 | 3023859 Darth Mul
Darth Mul's picture

I want Krugman in.


Let's just burn the whole fucker down already.

Fri, 11/30/2012 - 12:52 | 3023973 Temporalist
Temporalist's picture

He's my nomination too.  At least we'd know that only aliens would fix things then we could all move on as a species.

Fri, 11/30/2012 - 12:27 | 3023860 Vashta Nerada
Vashta Nerada's picture

Isn't Eric Holder looking for a new gig?

Fri, 11/30/2012 - 17:28 | 3025047 waterhorse
waterhorse's picture

It should be just as easy to be a place holder at the Fed Reserve, as it is at the DOJ.  Good work, if you can get it.

Fri, 11/30/2012 - 15:23 | 3023862 Bastiat
Bastiat's picture

Crisis by Design by John Truman Wolfe will tell you who calls these shots.

"In an interview on July 3, 2009, the former U.S. assistant secretary of the U.S. Treasury, Paul Craig Roberts, was asked, 'Does the U.S. Treasury secretary work for the people or does he work for the banking system on Wall Street?'  to which he replied, 'He works for Goldman Sachs.'"

 "Summers, though not a formal Goldman alum, is a fully certified Rubin deregulation clone.  He was chief economist for the World Bank in the early 90s and laer served as Rubin's deputy secretary of the Treasury." 

--from the book cited above. 

Fri, 11/30/2012 - 12:27 | 3023863 lynnybee
lynnybee's picture

when i opened up ZEROHEDGE & saw that headline i gasped.   my heart just skipped a beat & i gasped.   how can this be ?   oh, it be.   it be because a gang of criminal bankers have taken over the United States of America & are looting it's citizens.   sad part is, most don't even know it.   hell, i didn't know it until recently.   the past 100 years has been abnormal.  

Fri, 11/30/2012 - 12:28 | 3023867 LongSoupLine
LongSoupLine's picture

Larry Summers is in a tie with Corzine.

Those crooked political inside fuckheads can get there balls jammed in a paper shredder. I hope they both get a Barry bonds velocity fucking lead pipe in the fucking skull. assholes.

Fri, 11/30/2012 - 12:29 | 3023878 prains
prains's picture

What no John Coreofslime ?


Fri, 11/30/2012 - 12:30 | 3023881 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

What about George W. Bush ? He would make an excellent Fed Head.

Bring them all to justice, and so on.

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