Monday, September 16, 2013
Disappearing Act
When principal publics are against you, there isn't much you can do except disappear. That is what happened to the supposed front-running candidate for the chair of the Federal Reserve. Liberal senators were opposed to Larry Summers and Wall Street wasn't enthusiastic.
Liberals held him in contempt for remarks about women made at Harvard. Wall Street wants continuation of easy money policies. So their choice for the job is a woman, Janet Yellen, who is the vice chair of the Federal Reserve. Summers did the right thing by withdrawing and avoiding a fight. The President doesn't need another headache. He has too many as it is with Syria, immigration reform, the looming debt crisis and continued opposition to his health care program. Summers went voluntarily or was quietly pushed. Either way, he handled the situation well by formally withdrawing from consideration. He understands that public and political relations is a long game. If not this time, maybe in the future. If not this job, maybe another. Burning bridges serves no one, least of all the one who set the fire.
Liberals held him in contempt for remarks about women made at Harvard. Wall Street wants continuation of easy money policies. So their choice for the job is a woman, Janet Yellen, who is the vice chair of the Federal Reserve. Summers did the right thing by withdrawing and avoiding a fight. The President doesn't need another headache. He has too many as it is with Syria, immigration reform, the looming debt crisis and continued opposition to his health care program. Summers went voluntarily or was quietly pushed. Either way, he handled the situation well by formally withdrawing from consideration. He understands that public and political relations is a long game. If not this time, maybe in the future. If not this job, maybe another. Burning bridges serves no one, least of all the one who set the fire.
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