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Stocks rebound after Larry Summers takes himself out of Federal Reserve running

US stocks mostly gained on Monday helped by news that Larry Summers, perceived as in favor of tighter monetary policy, pulled out of the race to lead the Federal Reserve. The Dow Jones Industrial Average and the S&P 500 both gained, but large drops by Nasdaq giants Apple (-3.2 percent)…

U.S. stocks rally after Larry Summers’s withdrawal of Federal Reserve candidacy

US stocks Monday followed global markets higher, rallying on Larry Summers’s withdrawal as a candidate to lead the US Federal Reserve. Five minutes into trade, the Dow Jones Industrial Average jumped 148.37 (0.96 percent) to 15,524.43 The broad-based S&P 500 shot up 15.68 (0.93 percent) to 1,703.67, while the tech-rich…

Obama in crossfire as battle for control of the Fed heats up

Chairing the US Federal Reserve is one of the world’s most important policymaking roles, but Obama’s apparent favorite, Larry Summers, is reviled for his role in the financial crisis, prompting Democrats to campaign for rival Janet Yellen The fight of the summer in the US is stretching into August, even…

Larry Summers would likely raise interest rates faster than Janet Yellen

By Alister Bull WASHINGTON (Reuters) – Barring another financial crisis or slide back into recession, the next head of the Federal Reserve is likely to oversee a gradual normalization of monetary policy. But that pace, including the first interest rate hike, might be somewhat quicker under former Treasury Secretary Lawrence…

Consistently wrong: Larry Summers’ record should rule him out of the Fed chairmanship

As a general rule in life – and certainly, in applying for a job – your record counts. If you’ve had a history of alienating people, being consistently wrong on the biggest issues in your field and screwing up – say, by helping set the stage (pdf) for the worst…

Obama delivers ‘full-throated defense’ of Larry Summers to House Democrats

President Barack Obama defended Larry Summers’ credentials during a meeting with House Democrats on Wednesday. Rep. Gerry Connolly (D-VA) told The Hill that Obama had given a “full-throated defense” of Summers during the meet at the Capitol. Obama is rumored to be considering nominating Summers to replace Ben Bernanke as…

Senators urge Obama to pick nation’s first female Federal Reserve chair

A group of U.S. Ssnators have sent a letter urging President Barack Obama to appoint Federal Reserve vice-chair Janet Yellen as the nation’s first female chair of the Federal Reserve bank, according to The Wall St. Journal. While the letter does not mention economist and former Treasury Secretary Larry Summers,…

The economist who resembled a bad penny

So, Larry Summers got into a job as an economic advisor to Obama, which is sort of a backdoor entrance, considering the progressive wing of the party protested the very idea of Summers as the Secretary of the Treasury. I’ve felt wishy-washy about him having a role in the Obama…

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