Obama’s National Economic Council Head to Step Down (Updated)
- Posted on September 21, 2010 at 5:22pm by
Meredith Jessup
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According to internal sources, Bloomberg News is reporting that Lawrence Summers, director of President Obama’s National Economic Council, has plans to step down following the November midterm elections:
His departure would leave Treasury Secretary Timothy Geithner as the only member of President Barack Obama’s original top-tier economic team. Summers, 55, and the president have discussed his future plans, according to one person.
Administration officials are weighing whether to put a prominent corporate executive in the NEC director’s job to counter criticism that the administration is anti-business, one person familiar with White House discussions said. White House aides are also eager to name a woman to serve in a high-level position, two people said. They also are concerned about finding someone with Summers’ experience and stature, one person said.
The people familiar with White House discussions spoke on condition of anonymity because no decisions have been made.
Update: Summers will reportedly be leaving his post at the White House “at the end of the year.” The White House announced this afternoon that Mr. Summers will return to his post at Harvard. In a statement released this afternoon, President Obama had the following to say about Summers’ upcoming exit:
I will always be grateful that at a time of great peril for our country, a man of Larry’s brilliance, experience and judgment was willing to answer the call and lead our economic team. Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth. And while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry’s wise counsel. We will miss him here at the White House, but I look forward to soliciting his continued advice and his counsel on an informal basis, and appreciate that he has agreed to serve as a member of the President’s Economic Advisory Board.
Summers is the third key member of Obama’s economic team to announce their departure, including Christina Romer, chair of the president’s council of economic advisors, and Peter Orzag, former White House budget director.
In return, Summer had the following statement:
I will miss working with the President and his team on the daily challenges of economic policy making. I’m looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system.
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Comments (110)
quicker
Posted on September 21, 2010 at 6:27pmthey all need balls and chains yea let us bring back the chain gang for this gang of crooks
Report Post »Randyrocker
Posted on September 21, 2010 at 6:25pmAfter4 screwing up the economy of the United States of America, this fool gets to go back to Harvard only to screw up the minds of the Universities economic students. Oh how the elite like to protect their own, but don’t mind screwing around with the minds of the establishments young minds. This SOB deserves a prison sentence rather than a post teaching economics to students. With him teaching them the economy, the future for America will look bleak indeed.
Report Post »guardianforce
Posted on September 21, 2010 at 6:41pmGood call, RANDYROCKER…………….
Report Post »DRAIN_THE_CESSPOOL
Posted on September 21, 2010 at 6:24pmSome other deadbeat will join the team, most likely a socialist.
Report Post »LasVegas Lady
Posted on September 21, 2010 at 10:28pmYep!
Report Post »FaithHopeCharity45
Posted on September 21, 2010 at 6:21pmNow he can go back to Harvard and fall asleep in front of his students.
Report Post »rocktruth
Posted on September 21, 2010 at 6:17pmIt’s all part of the plan. It’s time to bring in staff 2.0.
Report Post »Yell0wsh0e
Posted on September 21, 2010 at 6:16pmor even better – Andrew Cuomo , the New White House economic advisor , America can’t lose , lol !
Report Post »jncarlos
Posted on September 21, 2010 at 6:12pmI love it. Think of this. What does this say about progressives? These are their priorities, in order of importance:
1. A corporate stooge, so they don’t look anti-business
2. A woman, so they look fair and tolerant to those groups who “need their help”
3. “They also are concerned about finding someone with Summers’ experience”
That is AWESOME. Says it all…
Report Post »cheezwhiz
Posted on September 21, 2010 at 6:29pmKrugman ?
Report Post »In drag ?
NoName22
Posted on September 21, 2010 at 6:32pmAnd he’s on his way back to Harvard where:
The President graduated.
His nominated, anti-gun Justice taught.
HOW can anyone expect to take lessons from this guy at one of the oldest and most prestigous universities, when obviously, his applied theories do not work.
Report Post »Yell0wsh0e
Posted on September 21, 2010 at 6:08pmHey they should replace him with Frank Rich !
Report Post »cheezwhiz
Posted on September 21, 2010 at 6:03pmWhat happened Larry ? Couldn’t do math ?
Report Post »bhow1062
Posted on September 21, 2010 at 6:01pmHow’s that hope and change working out for you? or should we call it “Smoke and Chains”
Report Post »Bob_O
Posted on September 21, 2010 at 5:47pmYahoo! One down; dozens to go. All the Czars, cabinet, advisors etc.
Report Post »Goldenyears22
Posted on September 22, 2010 at 12:48amGet out and vote out the ones we can. You know it has to be a sad thing for Obama that he never
Report Post »wanted what the American people wanted. The first black president failed us all. How in the world did he think he could come in and take from us what was precious to us. Our history, our constitution and make us into a country like the ones we fought to keep our freedom. How could he? He was not raised in the lower 49, he does not see us as we are. So the sooner they all go the better for our nation.
LBreath
Posted on September 21, 2010 at 5:43pmAnother one bites the dust…da da dum dum dum….another one bites the dust
Report Post »NoName22
Posted on September 21, 2010 at 6:30pmduh dum dum duh dum dum
Report Post »Rita
Posted on September 21, 2010 at 5:41pmI’m sure the next crony he hires will probably be worse than Summers. Maybe Summers knows something’s going down and wants to jump ship before it sinks.
Report Post »Marylou7
Posted on September 21, 2010 at 6:01pmNot really Rita, he’s the sacrificial lamb.
Report Post »detroitblues
Posted on September 21, 2010 at 5:37pmWish Obama would step down;-)
Report Post »ladytxpatriot01
Posted on September 22, 2010 at 7:56amHe already has..rumors fly they have to force him to spend at least an hour a day in the Oval office …thinks it’s guilt, knowong he doesn’t belong there, or maybe ghosts of the REAL past president haunt him
Report Post »BigPaulie
Posted on September 21, 2010 at 5:36pmRats fleeing a sinking ship.
Report Post »EqualJustice
Posted on September 21, 2010 at 5:36pmGreat, who do leave in charge? Tax cheat Timothy Geithner, who can’t even enforce Capitol Hill Employees, who Owe $9.3 Million in Overdue Taxes!
Report Post »Marylou7
Posted on September 21, 2010 at 5:36pmIt doesn’t matter who he appoints, their thinking will be the same ….. destroy America. The next person could and probably will be even worse.
Report Post »Goldenyears22
Posted on September 22, 2010 at 12:44amMy thinking. I do not believe Obama has given up on his life-long training of socialism and Marxism. He will put in someone who thinks like he does. Being wrong does not sit well with him.
Report Post »poverty.sucks
Posted on September 21, 2010 at 5:34pmMr Summers: “Daddy-O, I’ve been a good boy, I‘ve done everything you’ve ask, please tell my future!”
Report Post »broker0101
Posted on September 21, 2010 at 5:31pmDo you suppose any of these former, high-level advisers will write tell-all books about the inner workings and dirt of the administration? Or will they all somehow be “inspired” or, at least “motivated” to remain silent?
Report Post »wingedwolf
Posted on September 21, 2010 at 5:41pmone can only hope, Broker! I’d be interested in reading them! I think we all know what’s going on, but it would be great to have details.
Report Post »poverty.sucks
Posted on September 21, 2010 at 5:44pmRemain silent due to the extent of Obama’s Secret Police.
Report Post »Freelancer
Posted on September 21, 2010 at 6:02pmI’m thinking that these people that are leaving will meet unfortunate and questionable deaths. Remember how many people mysteriously died after crossing Clinton?
Report Post »Goldenyears22
Posted on September 22, 2010 at 12:41amSomewhere at sometime someone will write a tell all. But not right away, not until Obama is finished in 2012.
Report Post »letonagasi
Posted on September 21, 2010 at 5:30pmSee ya buddy
Report Post »DagneyT
Posted on September 21, 2010 at 5:29pmHmmmm….rats bailing from a sinking ship?
Report Post »redneckphilosopher
Posted on September 21, 2010 at 5:28pmWhy start looking for people with experience now. You were batting a 1000 before.
Report Post »ladytxpatriot01
Posted on September 22, 2010 at 7:53ambecause he can’t advertise in print “must have communist leanings or party affiliations)
Report Post »M31Sailor
Posted on September 21, 2010 at 5:27pmHow about Aunt Petuti ??
she needs a job
sailor
Report Post »Rev. WC
Posted on September 21, 2010 at 6:16pmNice……..
Report Post »Rev. WC
Posted on September 21, 2010 at 6:18pmDid she go to Harvard? On your dime of course………
Report Post »admojo
Posted on September 21, 2010 at 5:26pmIt’s about time.
Report Post »bulldawg
Posted on September 21, 2010 at 7:44pmTake Obama with you and I’ll buy you a beer
Report Post »PoorRichard2
Posted on September 22, 2010 at 11:41amIs the USA the “Rising” or “Developing” type of country that Larry intends to incorporate into the Global scheme?
Report Post »JPinGA
Posted on September 21, 2010 at 5:25pmTime for baby Timmy to go too!!
Report Post »AnnMarie
Posted on September 21, 2010 at 5:45pmCan he take his Boss and a couple of the other Czars with him???
Report Post »OneIfByLand
Posted on September 21, 2010 at 5:52pmCould it be that he wasn’t a good socialist?
Report Post »thunder4570
Posted on September 21, 2010 at 6:27pmrats are leaving the sinking ship.
Report Post »Conservativeman
Posted on September 21, 2010 at 6:35pmThose who can…do
Report Post »Those who can’t…teach
Sickofit
Posted on September 21, 2010 at 7:30pmThank the Lord and pass the biscuts! Hope he takes some other ones with him.
Report Post »Beckofile
Posted on September 21, 2010 at 7:39pmKeynes was dead wrong and so was little Larry who followed him. Larry got used by politicians who just needed an idiot who followed the Keynes theory that says a country can spend themselves into prosperity. Now that that has not worked out he got his walking papers but what will the bamster replace him with????? We should be worried!
Report Post »Florida Steve
Posted on September 22, 2010 at 3:38pmTimmy the Weasel is next.
Report Post »