How Do You Feel About Larry Summers as Fed Chair?

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July 12 (Bloomberg) -- Former U.S. Treasury Secretary Lawrence Summers is indicating to President Barack Obama’s Wall Street supporters that he wants to become Federal Reserve chairman, according to people familiar with the matter, as he keeps in touch with senators who would vote on the nomination. Hans Nichols reports on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

Never ends.

There is a job opening coming at the fed.

According to people familiar, former treasury secretary larry summers is signaling to president obama's wall street supporters that he is the man for the job.

Hans nichols wrote that story for us and joins us from the white house.

What can you tell us?

We know that larry summers has expressed interest to some of the top donors on wall street.

We do not know whether or not he is lobbying.

It could be a possibility.

All we know is he clearly indicated his interest in the job.

At the same time, the white house is beginning this process of finding a replacement for ben bernanke.

They are undertaking the process with the idea that ben bernanke will not be renominated.

He cannot be convinced to do it again.

When you look at how the president has made some of these past decisions, he obviously has a relationship with larry summers.

He was his first nec director and was treasury secretary under clinton.

We have janet yellin, roger ferguson as other names out there.

When you get to the crucial question of what influences president obama when he is making personnel decisions, one of them is proximity.

He tends to go with the person he knows best.

He knows larry summers.

He knows his strengths and weaknesses.

Glaxo want to jump in because i am curious, god only knows what the process is like these days in washington.

What do you make of what is happening?

Two categories.

The first category is the official white house process.

That is sort of who would be the best fed chairman.

We are in the beginning of the process.

There is a second political calculation going on.

That is, who can be confirmed?

Senate republicans have indicated that they are going to litigate, then they're going to fight this notion of what the fed's role is.

They are going to use the bernanke replacement as an opportunity to have a big fight.

Larry summers does resent senate republicans with an opportunity to have a fight about inflation and presiden barack obama's economic policy.

It will be a battle.

The question is, does that come before or after the debt ceiling debate or at the same time?

We get of a very ugly, messy november and december.

We look forward to that.

Thank you for bringing us a messy winter.

Thank you to hans nichols.

Coming up some a got to get a dell?

Carl icahn think so.

The latest when we come back.

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


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