Obama defends Larry Summers: "Don't believe everything in the Huffington Post"

[Enrique]

But the president also conveyed the message that Summers, who's on the short list of candidates, has been mistreated by some liberals and media outlets. The New York Times, for instance, gave Yellen a strong endorsement in a recent editorial.

"He gave a full-throated defense of Larry Summers and his record in helping to save the economy in the dark days of '09," Rep. Gerry Connolly (D-Va.) said after the meeting. Obama, Connolly added, "felt that Larry had been badly treated by some on the left and in the press."

Rep. Brad Sherman (D-Calif.) said Obama told the Democrats "not to believe everything you read in the Huffington Post" – a reference to the liberal web site that's been critical of Summers' record.

Read more: http://thehill.com/blogs/on-the-money/banking-financial-institutions/314693-obama-defends-summers-record-amid-liberal-criticism#ixzz2adrpOYlB

[Safetykitten]

1. And so it begins...TOLD YOU SO.

[MindPilot]

31. Begins? Don't you mean continues?

But Snowden! Or something.

[Tansy_Gold]

32. Would you like to borrow this?

[NuclearDem]

2. Who needs Republicans to support conservatives when a Democrat will do it for them?

[LWolf]

3. Uh huh. nt

[geek tragedy]

4. Oh Jesus, sometimes he does really stupid shit.

Aides take political heat to protect the president, not the other way around.

Ugh.

[hatrack]

5. "Badly treated" by those evil, evil (and oh-so powerful) liberals

Not as badly as his piss-poor decisions treated hundreds of millions of people around the world, but in his shoes, I'm sure I'd be shocked, shocked too.

Whatver . . . .

[sabrina 1]

16. It's always the Liberals' fault, with their nasty, 'retarded ideas'! H/t to Rahm Emmuel who is

currently putting his own BRILLIANT ideas into practice destroying the Public Schools and privatizing those Education Dollars.

[usGovOwesUs3Trillion]

6. Don't believe everything the banksters are telling you!

[mick063]

7. More obstructionism

By the President.

[Hell Hath No Fury]

8. Sorry, O -

[fredamae]

9. Well, lol, one doesn't actually

need the HuffPo stories--The memories of Summers damages are still fresh and raw...

[markpkessinger]

19. +1 Indeed they are! n/t

[leftstreet]

34. +1 They treat us like we're idiots

[PoliticAverse]

10. Perhaps Obama is confusing Summers' efforts to save the 1% with the economy as a whole. n/t

[JHB]

11. Tell you what, Mr. President: Nominate someone else and ...

...we'll but Larry a really big bouquet of posies as an apology for all the hard feelings.

[GeorgeGist]

12. I think he'll pick Summers just to piss off the left.

At one point in the meeting, Obama noted that 2012 was his last campaign, lending him the advantage of not having to win another reelection.

Read more: http://thehill.com/blogs/on-the-money/banking-financial-institutions/314693-obama-defends-summers-record-amid-liberal-criticism#ixzz2adxrcfof

[Safetykitten]

13. No, his bigger concern is Wall Street, Larry will get it because they want it.

[truebluegreen]

15. Actually, Wall St. doesn't want Larry...

he's not nice enough.

[forestpath]

14. I hope the Huffington Post doubles down on the repulsive Summers.

That Obama is so enamored of him says it all about Obama.

And Connolly is my rep, I'll be contacting his office.

[PoliticAverse]

17. Reid called Summers a personal friend and "a very competent man"

http://www.cbsnews.com/8301-250_162-57596357/obama-promises-democrats-no-debt-limit-fight/

Reid similarly said, "Whoever this president selects, this caucus will be for that person, no matter who it is." Reid called Summers a personal friend and "a very competent man" while acknowledging that some Senate Democrats have publicly raised objections to his potential nomination.

[QC]

18. Damn libruls! They're such meanies! n/t

[markpkessinger]

20. And to think, just a week ago when I posted about this, I was accused of "making shit up" . . .

I posted a thread about this exactly a week ago. And since the nomination hadn't officially been made, I was accused of "making shit up."

[Hydra]

22. Get used to it

The Ministry of Truth Firefighters are more obvious these days, but they've been here as long as I have.

[geek tragedy]

26. The nomination hasn't been made, has it?

Obama's comments are troubling, but just as his comments re: XL aren't a guarantee he'll reject it, these comments don't prove anything about his intent.

It could be that Obama is really being a stubborn idiot and has decided he wants Larry Sumnmers's sexist ass in the Fed Reserve chair. Or he could just be sticking up for someone who was on his team.

[xiamiam]

21. who is surprised by anything obama does?

I hold larry summers personally responsible for destroying any hope of financial security in my life...as well as millions upon millions of americans. Geithner runs a close second as he was the one who was adamant about saving the banks by not allowing principal reductions on underwater homes. That is Geitners legacy, destroying the lives of millions of us. They give me the creeps as the worst of the worst..and yet, Obama ... loves these guys. Disgusting. I voted for helping main st. ..hasn't happened yet, I'm still waiting.

[quinnox]

23. I get the feeling Mr. Obama isn't a fan

No wonder so many hard core Obama supporters are always slamming the Huffington post. (among many other liberal-slanted news sites)

[LondonReign2]

28. and slamming "the left"

Otherwise known as Democrats. As opposed to whatever this adminstration has become.

[steve2470]

24. I'd like to hear exactly what is incorrect in the HuffPost

I won't hold my breath.

[JVS]

25. I've been reading bad things about Summers since before I even heard about Obama.

Obama can do all the vouching for this guy he wants, I don't care.

[AnotherMcIntosh]

27. Am I wrong in wondering whether he is working on his retirment plan?

[phantom power]

29. Damn firebaggers, rocking the boat again

[MineralMan]

30. Always good advice!

[Benton D Struckcheon]

33. Since I only post here about a tenth as the rest,

I figure I can afford to take some heat.
Summers is a standard-issue old-fashioned Keynesian. Market folks shivered a bit because he expressed some cynical skepticism re QE. That skepticism was based on the standard Keynesian argument, long lost now, but one that Galbraith the Elder was intimately familiar with and a very bold proponent of, that fiscal policy works, while monetary policy just plain doesn't work.
The Fed traffics in hocus-pocus. Summers realizes this. Yellen, being a bit too close to the institution, probably doesn't realize she's in an institution that has, throughout its history, demonstrated a very large ability to do harm, and only a very small ability to do good. Summers knows this, though. So, from a strictly economic POV, Summers is the better choice. I know why he's hated by you guys, and it would be doubly bad politically for Obama to pick Summers from the POV of women's rights. That being the case, I think he should pick Yellen, precisely because the Fed, in the end, only matters to Wall Street, not Main Street. It's economically irrelevant except in times of crisis, when its potential for screwing up is limited only by the prudence and common sense of its leaders, all of whom have demonstrated a conspicuous lack of both.
I'm not sure Obama knows enough to understand that if the Fed is irrelevant in normal times, which we're in, there's no crisis going on now after all, Yellen is the better choice for precisely that reason. We'll see.

[JoePhilly]

35. No mention of the other members of congress quoted in the Huffpo story??

None of the outraged folks responding to this thread are aware that the original story includes quotes from multiple congress members?

Big surprise there.

The actual article in Huffpo includes quotes from other members of congress who were in the room during this exchange.

After Wednesday's meeting, Rep. Gerry Connolly (D-Va.) told reporters that Obama said he felt Summers has been treated unfairly.

"He gave a full-throated defense of Larry Summers and his record in helping to save the economy from the dark days of '09,” he said. "I mean, Larry Summers is a very capable person. I think the president showed real moxy in rising to his defense."

Connolly said that Obama emphasized he’s “not even close” to deciding whom he’ll tap for the Fed post, but said he "didn't like the disparagement" toward Summers.

Rep. John Larson (D-Conn.) disagreed with his colleagues on their characterization of Obama's remarks.

"I don't think he made a defense of Larry Summers," Larson said. "I think he just said, 'Listen, I want to state a few facts about his service.'"

Rep. Tammy Duckworth (D-Ill.) said she didn't interpret Obama's comments as an endorsement.

"He was just talking about how he's interviewed quite a number of candidates and will make up his mind when he does," she told HuffPost.

But why include all of the quotes from the original article when the first quote is the most useful in creating some outrage.

[Enrique]

41. those quotes might have been added

it says the story was updated since I posted it here. I don't remember seeing those quotes, but I might have missed them.

[JoePhilly]

44. You reference the Hill, they reference Huffpo ... the quotes ...

... I provided are in the original Huffpo article. Found here.

http://www.huffingtonpost.com/2013/07/31/larry-summers-obama_n_3682908.html

Naturally, Huffpo uses the one quote to make the title "sizzle" as much as possible, and then they pay very little attention to the other quotes, but at least they include them.

Maybe the Hill took its cue from Huffpo, spread the outrage, while ignoring the other quotes completely. The Hill still does not seem to mention them (at least when I looked while writing this).

[leftstreet]

36. Don't believe everything in Obama's Campaign Speeches either

[BlueCheese]

37. What Summers said about women in science and academia...

... speaks loudly enough without having to read the Huffington Post.

There are surely other people who are at least as qualified as Summers to be Federal Reserve chair who aren't saddled with the baggage of sexism.

[City Lights]

38. Those mean liberals!

[Rex]

39. Seriously, we WANT to love you...why do you hate us so much?

Larry Summers is a failed BUM...is it really that hard to look in the recent past, Mr. President, to see that he will fuck up the economy? There MUST be someone else on that short list that doesn't already have a huge resume of FAILURE!

Sheesh...why is it always a liberals fault when they tell the truth? Obama seems to believe we should be stupid and shortsighted so as to forget the failures of the past.

Sorry, not going to just "move on" from this issue. Larry Summers a horrible pick.

[ChangeUp106]

40. Because sadly the truth is that Obama doesn't see Summers like that

And he never will. He thinks guys like Summers are experienced pros who know what they are doing.

[Rex]

42. Yes and that has caused a lot of damage.

I kinda knew that when I saw him letting GFS and Citibank decide on who would fill his cabinet. It is one thing to be pro-business, it is another to stick your head in the sand while Wall Street runs roughshod over the working poor.

His blaming of the liberals for telling the truth, is getting old with some of us liberals.

[Catherina]

43. Like the time Summers was passed over 4 Fed chair & then demanded chauffeured car, Secret Svc

Like the time Summers was passed over 4 Fed chair in 2009 and then demanded a chauffeured car and Secret Service protection right?

http://www.bloomberg.com/news/2013-07-29/obama-bonding-with-summers-over-tennis-no-ace-in-decision-at-fed.html