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SLIDESHOW: Larry Summers’ Greatest Showdowns

Wed, 22 Sep 2010 16:13:21 -0400

Larry Summers is brilliant, brash, and influential. He's held numerous top White House economics posts spanning multiple administrations. Following news of his departure, The Observer took the opportunity to look back at some of the top squabbles Summers has found himself in over the years.

To see Larry's intellectual sparring partners, take a look at LARRY SUMMERS' FEUDS OVER THE YEARS.

Good Morning, Larry Summers!

Wed, 22 Sep 2010 11:50:16 -0400

Hiya Larry!

Summer is drawing to a close, and with the turning of the seasons comes the end of the Larry Summers era at the White House. Now you can say goodbye to all the hassles and headaches of public service. A straight talker who doesn't suffer fools lightly, you never were an easy fit for the political life. Good riddance, we say.

You're in good company among the 2010 departures from President Obama's economic team. Christina Romer left her spot as chair of the Council of Economic Advisors earlier this month. Now she's back teaching at Berkeley, and may be in line for the presidency -- of the Federal Reserve Bank of San Francisco. Similarly, White House budget director Peter Orszag left, and now he's writing columns for one of the few national newspapers left standing!

And now you, Larry, are heading to Harvard, the place that made you, where you've already served as president. And you're packing a huge resume. You worked on the stimulus package, one of the biggest federal expenditures ever. You were chief economist at the World Bank, and did a two-year stint as Treasury Secretary under Clinton. Surely, the recruiters will be banging at your door.

Plus, Obama's made it clear that you'll be able to bend his ear as a member of the Economic Recovery Advisory Board. Seeing how the economy still has plenty of recovering to do, we're confident you'll get plenty of face time.

Enjoy your last couple days as director of the National Economic Council, Larry. Only good things lie ahead.

The Observer

Update: Larry Summers to Leave White House

Mike Taylor — Tue, 21 Sep 2010 21:30:57 -0400

Update: The White House has now officially announced that Larry Summers is leaving his position as Director of the National Economic Council and will be returning to Harvard at the end of the year. Here's a part of President Obama's statement:

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.

Larry Summers is expected to depart his role as director of the National Economic Council, Bloomberg reports.

Citing three sources, Bloomberg says that the former Treasury Secretary under Clinton, former World Bank chief economist and former Harvard president will be stepping down. The White House is now looking for a corporate executive in hopes of shedding President Obama's purported anti-corporate image. Bloomberg also reports that the administration would like to fill the role with a woman, in addition to desiring someone with the Summers' depth of experience.

Summers' departure would follow that of two other key figures from the Obama economic team. In July, Peter Orzag resigned as White House Budget Chief, and his replacement, Jacob Lew, currently awaits Senate confirmation. Christina Romer left her position as chair of the Council of Economic Advisors on Sept. 1. Austan Goolsbee replaced her a week and a half later.