Facing opposition from both sides of the aisle, Larry Summers pulling out of the race for fed chairman. The onetime Clinton Administration secretary called the president to notify him. In a letter following the call, he wrote, i have reluctantly concluded that any possible confirmation for me would be acrimonious and would not serve the interest of the federal reserve, the administration or ultimately the interests of the nations john gog economic recovery. Janet yellen seen as a leading candidate, seen by the markets as less likely to scale back the Stimulus Program as aggressively as summers would have had he become fed chairman. Is this all about summers or Something Else . Summers is a patriot. He knew this was going to tear the country up. I know he wanted the jobs. It is kind of a big thing for him to do. He did not press it. I dont know why the president would pick yellen, because she is everything he doesnt seem to want. Total dark horse, probably doesnt get it. Stanley fisher,
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