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April 17, 2014 / 17 Nisan, 5774
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Larry Summers Withdraws From Consideration to Head Fed

Summers removed his name from consideration, but the new chair of the Federal Reserve may still incite anti-Semites to scream about Jews controlling America's finances.
Larry Summers has removed himself from consideration to become the next chairman of the Federal Reserve

Larry Summers has removed himself from consideration to become the next chairman of the Federal Reserve

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Was it all the negative articles in which the other front-runner for Federal Reserve Chair, Janet L. Yellen, was compared to Lawrence Summers and Summers was found wanting?  Was it that, plus the snarky articles pointing out that despite what some saw as Yellen’s superior credentials, that Obama was intent on naming Summers to replace Ben Bernanke as the head of the Federal Reserve?  Was it the remaining residue of sexism that plagued Summers when he was the president of Harvard University that finally caught up with the politically correct police guarding the gates in Washington?

According to the letter Summers released following his telephone call to the White House to inform the president of his decision, he wanted the job but recognized the deleterious sideshow that would ensue were the president to name the prickly former secretary of the treasury.

But timing was probably the decisive factor in Summers’ withdrawal.  Had the president not just gone through a bruising clash with the left wing of his party over the potential use of military force in Syria, which followed on the revelations of this administration’s sanctioned government snooping by the National Security Agency, the president might have pushed hard for his choice, and Summers might have been willing to take on whatever criticism would come his way in a confirmation hearing.  But this summer’s one-two NSA-Syria punch sucked out all the air from Summers’ sails.

“I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation’s ongoing economic recovery,” was what the 58-year old Summers wrote, according to an article posted to the Wall Street Journal website late Sunday afternoon.

The Federal Reserve system, which sets monetary policy for the country, is the central banking system of the United States.  The chairmanship of the Fed will be open after January 31, when the second term of the current occupant, Ben Bernanke, concludes.  Bernanke did not wish to continue for a third term.

Mr. Obama accepted Summers’ withdrawal, although it was widely believed that the former secretary of the treasury and president of Harvard University was the president’s first choice.

Obama described Summers as “a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today.”

While Summers was the first Jewish president of Harvard University, he would hardly have been the first Jewish chairman of the Federal Reserve.

In fact, while the chairman of the Fed has been a Jew for more than the past 25 years, with Alan Greenspan at the helm from 1987 – 2006, and then Bernanke in the seat from 2006 until his term ends in early 2014, there have been at least three other chairmen who have been Jewish.  However, there has never been a woman chair, and the likely choice now for President Obama is Janet Yellen.

Yellen, 67 years old, is currently the vice-chair of the Fed.  She is also Jewish.

Is it likely the old anti-Semitic canards about Jews running the global financial market will start up again if Yellen is named?  No, because they never stopped. Enter the words “Jew” and “Federal Reserve” in a search engine and be prepared to see lots of hysterical rants from Jew-haters.

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About the Author: Lori Lowenthal Marcus is the US correspondent for The Jewish Press. She is a recovered lawyer who previously practiced First Amendment law and taught in Philadelphia-area graduate and law schools.


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13 Responses to “Larry Summers Withdraws From Consideration to Head Fed”

  1. Allen Piercy says:

    Boo hoo…You don't like it then leave.

  2. Matt McLaughlin says:

    No need to lie…your stat is enough. Now look up how jewish hollywood is.

  3. DawnWave says:

    You don’t hate a murderer, a liar, or a thieve because of their religious background.  You hate them because they murder, lie, or steal!!!

  4. Danny Jones says:

    Anti-semetic card, well played lori.

  5. perhaps the jew haters' heads will explode. i would pay to see that happen. and, say yay!

  6. V.P. Joe Biden, soon after assuming his post, said publicly: "I am a Zionist" Good for you Joe…I publicly say, I am not ! Because…

    I know too much history of the Zionists. Few research the subject, but should.

  7. Anonymous says:

    It's not that people hate jews so much as people hate what jews do. Any criticism of the disgusting behaviour of jews cops the "anti-semitic" canard. Well – if there were no semites and no semitic activity, there would be no anti-semitism.

  8. Anonymous says:

    I would like to know why the Federal Reserve is run by mostly Jews.

  9. Bull Winkle says:

    Canard? Let's see Greenspan, Bernanke, Yellen… Summers was going for it. As for World Bank & IMF, we've had Wolfowitz, Wolfensohn, Straus-Kahn. How can we continue to call this pattern a canard? They're only 2% of the population.

  10. Bull Winkle says:

    Of course she calls it a canard. Her name is Lowenthal

  11. Pan Mckracken says:

    …and the IRS and The treasury Dept. and the SEC? …Oh no but we are all anti-Semites….how convenient.

  12. Monty Ehrich says:

    Come on, my fellow Gentiles. Banking is too bloody boring for our lot.

  13. Jennifer Thomas says:

    Enter the words "Tony Romo" and "Dallas Cowboys" in a search engine and be prepared to see lots of hysterical rants from Cowboys haters!

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