Harvard’s Larry Summers, who the Obama administration had been reportedly ready to tab as the next Chairman of the Federal Reserve as soon as last week (after floating the rumor via Japan) has apparently gotten cold feet about
being blamed for the coming BIG ONE succeeding Shalom Bernanke, as Summers sent President Obama an official letter Sunday requesting his name be withdrawn from consideration for the next Chairman of the Federal Reserve.
SD predicts who will come out of nowhere to become the next Fed Chairman below
Dear Mr. President,
I am writing to withdraw my name for consideration to be Chairman of the Federal Reserve.
It has been a privilege to work with you since the beginning of your Administration as you led the nation through a severe recession into a sustained economic recovery built on policies to promote employment and strengthen the middle class.
This is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economic recovery.
I look forward to continuing to support your efforts to strengthen our national economy by creating a broad based prosperity and to reform our financial system so that no President ever again faces what you and your economic team faced upon taking office in 2009.
With Yellen reportedly out of the running, SD would like to suggest the next Chairman of the Federal Reserve will likely be someone SD readers can continue to love to hate as much or more as Bernanke…..