Obama Knew He Had A Fed Chair Nominee Around Him Summers...

Larry Summers, former Treasury secretary and Obama's presumptive favorite for the position of chair of the Federal Reserve, withdrew his name from consideration today. Summers was a highly divisive choice even among Obama's supporters; some even say Summers was the person most responsible for the international financial crisis and thus for the five years (so far) of the Great Recession and painfully slow recovery that followed it. I tend to think of Summers as a banker's banker who has done little for ordinary individuals in financial trouble and far more for banks seeking bailouts, but YMMV.