QOTD: Larry Summers

QOTD: Larry Summers

by digby

A big relief:

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

One hopes that the President doesn't decide to punish Janet Yellen and the liberals who supported her by appointing someone else.

In case you are feeling sorry for Summers, don't. He is going to make a boatload of money now. They always do.

A big thanks to the Democratic members of the banking committee, Elizabeth Warren, Sherrod Brown, Jeff Merkley and Jon Tester, for stepping up and making it known that they would not support Summers. The president knows better than to count on Republicans to help him so this shows that when Democrats use their clout they can get the job done.