![]() ![]() ![]() The Fed chairman is often said to be the most powerful official the president appoints because that person directly affects each and every pocketbook in America. Sheryl Sandberg of Facebook, who served as Summers’ chief of staff when he was Treasury Secretary, and Ed Luce of the Financial Times, who used to write speeches for him and now writes pro-Summers columns in the FT are among those carrying the Summers banner. Over the last few weeks, Americans have been bombarded by a Summers-Summers-Summers drumbeat coming from the Obama administration, much of the mainstream media, and various Summers protégés. Larry Summers, the former Treasury Secretary under Clinton, and Janet Yellen, currently serving as vice chairwoman of the Fed, are the names most often mentioned for the job. Fed chair Ben Bernanke is expected to step down in January when his term ends, and the search for his successor has lately heated up. On Sunday, New York Times readers were greeted with the image of Larry Summers splashed across the front page, looking like a visionary statesman gazing thoughtfully into the distance, as if ready to seize the reins at the Federal Reserve and guide the country’s economic destiny. ![]()
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