Summers was assured Fed job, Axelrod says
Larry Summers was assured in the early days of the Obama government that he would do well Ben Bernanke as chairman of the Federal Reserve, following to a new book by White House insider David Axelrod.
Summers had been lobbying to be Treasury Secretary but at the time President Barack Obama knocked Tim Geithner for the job, White House chief of staff Rahm Emanuel had to employ the promise of the Fed post to tempt Summers to accept a minor White House post, according to an account in Alexrod’s book, “Believer, My Forty Years in Politics” in the Huffington Post.
“Despite his yeoman service and Obama’s deep respect,” Axelrod wrote, Summers was twice passed over for the Fed chairmanship he had been agreed.
Earlier in the spring of 2009, Obama yielded to Geithner’s proposal he reappoint Bernanke to tranquil financial markets. After four years, liberal Senate Democrats including Sen. Elizabeth Warren of Massachusetts, sorrow plans to assign Summers when told the White House they would not support his nomination. Permitting Summers to the Fed post would have been “too heavy a lift, jeopardizing other precedence” Axelrod said.
Following the book, Summers became the leading voice on economics at the White House, saying authorized that, absent aggressive action there was “a one-in-three chance of a second Great Depression.”