The Straight Story
Summers Withdraws Name for Fed Chairmanship
WASHINGTON— Lawrence Summers, a former U.S. Treasury secretary, called President Barack Obama Sunday to say he is pulling out of the contest to succeed Ben Bernanke as chairman of the Federal Reserve.
"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery," Mr. Summers said in a letter to the president that followed the telephone call.
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3672728
I bring this over only because the topic of who the next Fed Chairman is going to be has been a topic of much anguish among the primitives, and I have yet to see a reason from them about "why" that makes any sense. They somehow have this notion that if some liberal/progressive gets the chair, it will "benefit the 99% over the 1%." Of course, we're all aware of their simplemindedness regarding that topic.
The purpose of the Fed Chair is to see to it that the slow, steady growth of money over time continues. They don't care about the top 1% or the bottom 1%, they are there to see the objective of slow, steady growth over time continues. That's it. They start pushing liberal/progressive monetary policies and they're out on their ear.
Chances are the primitives don't know this, so they dream up all these possibilities that just aren't going to happen. But that's a side issue.
We have what I would say to be around 20 consistent posters at this site. Pretty good participation rate for a smaller site like this.
DU has around 2,000 to 3,000 daily posters, but there's maybe around 200 who are consistently posting there day after day after day.
I guarantee you if you were to take the combined value of the stock portfolios of the 20 consistent posters here and compare them to the combined value of the 200 consistent posters at DU, our combined value would be equal to, if not higher, than theirs. Yet they're all hot and bothered about the next Fed Chair while not really having any skin in the game.
Maybe it's just me, but I find it funny they were all concerned about Summers getting the position, but the consequences of him getting it compared to someone else would have a negligible effect on them financially, and most certainly not be a plus or minus towards the very people they claim they care about (the poor, etc...).
Whoever gets the nod, the primitives will soon learn their dreams will be shattered.
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