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Nobama choosing Larry Summers will be a Terrible, Horrible mistake.

Bad Idea ~ Obama May Consider Summers as Bernanke Successor

Bernanke was cleaning up Greenspan/Clinton/Bush/Paulson mess.

Bernanke is the right Chairman for long time.

Any new Chairman would make the similar decision given the situation in which he was brought in. As we know, we have strong Political force manipulating different positions in our political system.

Bernanke is taking the blame for excellent job which he did -- given the extremely bad situation which he was brought in. Bernanke did what he could do and what he had to do under the given circumstances which he brought into. Larry Summers is worse.

Choosing Larry Summers will be a terrible, horrible mistake.


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Reuters
| 21 Nov 2008 | 06:06 PM ET

U.S. President-elect Barack Obama may consider Lawrence Summers as a successor to Federal Reserve Chairman Ben Bernanke, whose term expires in January 2010, a Democratic source told Reuters on Friday.

The New York Times reported that Summers, a former treasury secretary, is likely to be named as an economic adviser to Obama with the expectation that he will eventually be tapped for the Federal Reserve Board.

(See the accompanying video for more on the Summers reports coming from the Obama camp.)

Citing two sources familiar with the Obama transition, the newspaper also said Summers could perhaps succeed Bernanke.
Copyright 2008 Reuters. Click for restrictions.

URL: http://www.cnbc.com/id/27846482/