Does Larry Summers Have Inside Track as Fed Head?

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July 29 (Bloomberg) -- Bloomberg's Hans Nichols examines the relationship between President Barack Obama and Lawrence Summers and the influence that has on Obama's choice to replace Ben Bernanke as Federal Reserve Chairman. He speaks on Bloomberg Television's "Market Makers."

Going into the decision.

What do you know about the gossip on the relationship with larry summers?

It is a remarkable relationship between president obama and larry summers.

There was a going away party for larry summers here in the west wing.

He gave him a pair of this -- of suspenders.

It's an inside joke that larry has a hard time putting himself together every morning.

His pants are sagging, food might be troubling outside of is now.

It gets to the intent of the fact that he kind of irritated, but he has an endearing qualities.

Summers called rahm emanuel on his vacation in 2009. we know we talked to place between larry summers and rahm emanuel.

He asked for a number of things.

He asked for a seat at the cabinet table.

Golf with president obama.

He wanted the president's personal e-mail address.

And he wanted an invitation to the staff meeting first thing in the morning and a chauffeured car and personal protection.

Here is what he ended up getting.

He does end up playing golf with the president, he's in the cabinet.

He does have the ability to email president obama and he gets invited to the 7:30 a.m. meetings, but rarely makes it on time.

He does not get a chauffeured car or secret service protection.

That is the determination that a secret service makes.

We're going to let you come to our fourth 30 a.m. bloomberg surveillance meeting.

It -- it is a funny joke that he never made it to the 7:30 a.m. meetings.

The president joked about it at his going away party saying that he called it the 8:15 a.m. meeting.

How big is this lobby effort?

The more important question is, when you enter it plain, you turn right or left?

There are a great deal of people inside the white house that have a lot of affection for larry summers.

But there were many cannonade st., vote for janet yellen.

And then you have people like house speaker nancy pelosi talking about how great it would be.

Inside the white house, they're all larry proteges.

Gene sperling, rind ease, to some extent, tim geithner.

They're all very close to larry and they understand lares faults, like the president.

There is so much appreciation for what larry summers did during the economic crisis.

2009, the u.s., and 2010 in europe, the the support for what he did.

The crux -- there are certainly people making the argument that there needs to be someone new in there.

There have to be other people besides these two.

Correct they expect a third name to emerge sometime this summer.

I do not know where we will hear of that name, but they will start to come down on this and say that the president will not make a decision until september or october.

They are buying time to give a third candidate plenty of time.

Hans nichols, thank you very much.

This text has been automatically generated. It may not be 100% accurate.

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