Wednesday, July 23, 2014
Inquirer Daily News

With Summers out, will Obama tap Yellen to head Fed? (Update)

Main Line economist tells Obama not to bother

With Summers out, will Obama tap Yellen to head Fed? (Update)

UPDATE: Fed vice chair Janet Yellen, who's considered more an advocate of using the Fed's interest rate influence to stimulate the slow-growing U.S. economy, is President Obama's most likely candidate to replace Ben Bernanke as Federal Reserve chairman, now that Larry Summers has dropped out, says Bloomberg here. Other possibilities: Fed veteran Donald Kohn, ex-Treasury secretary (and Summers protege) Timothy Geithner.

YESTERDAY: Larry Summers, the best-known scion of a family of Main Line economists and other scholarly professionals, has sent President Obama a letter withdrawing his name from consideration as Federal Reserve chair, citing the "acrimonious" fight the former Clinton/Rubin aide, Harvard president and pro-deregulation economist would have to wage to get through the Senate as Ben Bernanke's successor: Read it here.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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