Summers to Leave White House

The release, moments after Bloomberg moved the story:

THE WHITE HOUSE
Office of the Press Secretary
_________________________________________________________________
For Immediate Release                                              September 21, 2010


Dr. Lawrence H. Summers, Director of the National Economic Council, to Return to Harvard University at the End of the Year


WASHINGTON – Dr. Lawrence H. Summers, Director of the National Economic Council and Assistant to the President for Economic Policy, announced his plans to return to his position as University Professor at Harvard University at the end of the year.

Dr. Summers is the chief White House advisor to the President on the development and implementation of economic policy.  He also leads the President’s daily economic briefing.

“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.”

Dr. Summers said “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.”

Dr. Summers overseas the coordination of economic policy making across the Administration, leads the President’s daily economic briefing and has been a frequent public spokesman for the Administration’s policies.

Under Dr. Summers’s leadership, the National Economic Council has been at the center of economic policy making in the Obama Administration.  He served as an architect of the Recovery Act and other job creation measures and the Financial Stability Program.  As co-chair of the President Auto Task Force, he led the restructuring of the U.S. automobile industry.  He has also played a leading role in managing our international economic relationships including China, developing the President’s health care plan, opening the broadband spectrum, and in international climate negotiations.


###



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  • nflfoghorn

    Ding Dong the Grinch is dead!

  • nflfoghorn

    But why leave now? His advice was no better now than it was, say, six months ago.

  • apr2563

    Why oh why can’t Obama announe he is departing right away? And, who will replace him, another Wall Street tool?

  • maverick2k9

    One down, one more (Geithner) to go.

  • formerlyjames

    Will there be jobs for everyone now?

  • formerlyjames

    I worry for the mansions and yachts on Wall Street. Will they now have to downsize from 120 ft. to 90 ft.? Horrors. Have only 5 international mansions rather than 10? Gracious me.

  • maverick2k9

    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
    -
    Larry, I dont think Harvard is looking forward to your return. They are still paying off (for another 30 years more) the billion dollar losses made because of your interest rate swap derievative gambling.
    -
    This guy should be lined up and shot instead.

  • kevin

    Don’t let the door hit you where the Good Lord split you.

  • apr2563

    A number of years ago I worked for Progressive Ins. The owner and CEO of was Peter B. Lewis. He is actually a friend of George Soros and supports many socially liberal causes.
    Yet, because a law was enacted in CA, supported by his classmate Ralph Nadir, that he felt would hurt his bottom line, he decided to pull out of CA. He laid off over a 1000 workers.
    .
    He came out to speak to us in his newly purchased 727 from one of his homes, the mansion in Cleveland, the penthouse in NYC, or his home in Italy. Or it might have been from his yacht.
    .
    He met with us in small groups and video taped the meetings. I asked him why, if it was necessary to downsize to such an extreme he found he needed a personal jet and would he be downsizing his home ownership and selling his yacht. He was not happy with my question. He said, after all, he was a busy guy and needed time to relax with his girlfriend and have some places to do it. Well, that made me feel better.
    I bumped into him in the hallway after the meeting and he continued his justification but to no avail.
    .
    That video made its way all through the company.

  • kevin

    Harvard’s really gotten a raw deal from this administration — it took Elena Kagan away from them and now it’s giving Larry Summers back.

  • apr2563

    Lewis also owns one of the largest private collections of modern art. Our buildings were filled with it.
    He commissioned Frank Gehry to build a new home for him in Cleveland, he of the famous Bilbao, Spain museum. When the plans went over $100 million dollars he decided to not go forward. This was after spending millions on the Gehry commission.
    I really have no patience for the rich.
    When they let people go in CA, it took 3 years to get it done. It was painful to watch. I was offered a job in Cleveland and demurred.

  • formerlyjames

    apr, I only hope you took a shower with Lysol after bumping into him.

  • apr2563

    Well, years later there was a little karma. He took his yacht to Australia and was busted for possession of pot. Now I am for legalization of pot, but I couldn’t help being amused.

  • Art Pepper

    I’m looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation

    Those who can’t do, teach?

  • formerlyjames

    That’s the cherry on top of the cake.

  • afguy

    No, two. He needs to find a spot for Rahm somewhere at Harvard, too.
    .
    Or Yale.
    .
    Or the University of Tel Aviv.
    .
    Anywhere but in the WH. He’s done enough damage already with his “advice”.

  • newfreedomblog

    “Dr. Summers said “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.”

    .
    One progressive dirt-bag gone, now we can continue to rid our government of the rest of the globalists.
    .
    “Workers of the world UNITE”. Don’t your retards on here get what is going on?
    .
    Power and money for the elitists and you dimwits are being played like a pack of cards. Obama, Gore, the Clintons and all the rest of your powerful progressives in the Democrat side could give a big fat rat’s a$$ about you. They want to destroy this country to make some big “global system” to become even more powerful and richer than they already are.
    .
    Ask one question to you all. How much money have the Clintons donated from their massive fortunes made so far since leaving the White House have they given to charities? How about global warming FAT Al Gore? How much has he given?
    .
    Wake up. Clinton, Obama, Gore and all the rest of your libtards are all about how much money they can redistribute out of your pocket into either their pockets or to prop up some 3rd world country. The creation of the one big global government.
    .
    Same goes for you Union workers. These big union bosses are not working for you anymore. How many union jobs have been shipped overseas? Was it a Republican that shipped jobs out of your factory overseas? Hell no, it was baby-blue Bill Clinton. He was the one to start the devastation of our industrial mega-network of companies and shipped great paying jobs overseas. All in the name of progress.
    .
    Idiots.

  • destor23

    I’m definitely persuaded that the centrist, DLC, corporate Democrats are not so interested in looking out for the likes of me.

    But the Republicans serve the same masters and the Tea Party gets funding from the Koch brothers, Steve Forbes and Dick Armey, among others not exactly out for the little guy.

    This is the problem and a place where direct dialogue between average working folk on the right and left could make a difference. So long as we work through sellouts, we’re going to get sold out.

  • kevin

    Rusty actually believes that the people who tell him what to do and what to think — the Koch brothers who finance the Tea Party as another of their international businesses, or the Australian business tycoon and the Saudi prince who own Fox News — aren’t involved in globalism?
    .
    Hilarious. Every day he seems dumber and dumber.

  • maverick2k9

    Oh well, More like – one down, and one more comes in:
    -
    http://krugman.blogs.nytimes.com/2010/09/21/the-anti-dog-whistler/
    -
    http://www.huffingtonpost.com/2010/09/21/obama-nominee-jacob-lew-f_n_732594.html
    -
    A former top executive at Citigroup who participated in the deregulation of Wall Street during the Clinton administration and recently was tapped by President Barack Obama for a top White House post told a Senate panel last week that deregulation didn’t lead to the recent financial crisis.
    -
    There seems to be no shortage of former bankers who drove the economy into the ground.

  • shepherdwong

    Good lord, that was a remarkably incomprehensible rant, even for the new free dumb blog. Progressives, globalists, centrists, union workers and finally capitalists who ship jobs overseas. I expect he’ll disappear soon we’ll find him in some park ranting at the pigeons and squirrels in someone else’s ragged wool coat. Sad.

  • liberalmeltdown

    I am surprised that you don’t like the progressive Larry Summers. He’s one of you. He was one of the architects of the meltdown.

    He was picked by Mr Open Transparency himself. How’s that go again? Change you can believe in?

    http://blog.rebeltraders.net/2009/04/03/larry-summers-got-millions-banks/

    Larry Summers, the former Treasury Secretary who in 1999 was in favor of taking the leash off the banks and financial institutions that has now cost the American tax payer Trillions of dollars to clean up the mess, and has been receiving money from hedge funds and financial institutions in the past year is the top adviser to the Obama administration?

  • 3xfire3

    Sarah Palin’s Approval Rating Exceeds That of Obama for the First Time.
    .
    52% of Voters Say Their Views Are More Like Palin’s Than Obama’s
    .
    According to the latest Rasmussen Poll Fifty-two percent (52%) of Likely U.S. Voters say their own views are closer to Sarah Palin’s than they are to President Obama’s, according to a new Rasmussen Reports national telephone survey of expected voters.
    .
    Just 40% say their views are closer to the president’s than to those of the former Alaska governor and Republican vice presidential candidate.
    .
    Eighty-four percent (84%) of Republicans and 59% of voters not affiliated with either major party say their views are more like Palin’s. Eighty-one percent (81%) of Democrats say they think more like the president.
    .
    Interesting that both Independent and Republican voters feel Palin’s political views are closer to their own than Obama.

  • maverick2k9

    I am surprised that you don’t like the progressive Larry Summers.
    -
    Surprised that we on the left dont march in lockstep unlike the teabagging lemmings on the right?
    -
    And If Larry Summers is a progressive, then I am the Anti-Christ.

  • maverick2k9

    Old man is all excited about Lady Sarah. Try Viagra next time.

  • kevin

    Another day, another shiny object for conservatives from Rasmussen. Keep believing in the crap he’s selling you if it makes you happy.

  • kevin

    Here’s the interesting part that Rasmussen buried in his article and 3xfire whistled past:

    Sixteen percent (16%) of voters say they are more likely to vote for a candidate who is endorsed by Palin, but 27% say they are less likely to do so. Fifty-five percent (55%) say a Palin endorsement makes no difference to how they will vote.
    .
    Thirty-four percent (34%) of GOP voters say Palin’s endorsement makes them more likely to vote for a candidate. A plurality (47%) of Democrats are less likely to vote for a candidate endorsed by Palin. Among unaffiliateds, 12% are more likely and 23% less likely.

    Sarah Palin: Albatross of the Republican Party. She gets the rank-and-file idiots in the Republican Party excited, but she turns off independents by a 2-to-1 margin.
    .
    Please, please, please keep rallying around Caribou Barbie. She’ll lead you to a wonderful, politically pure, patriotically correct, ethnically cleansed conservative movement of a dozen or so mouthbreathers.

  • kevin

    Actually, reading that piece — and you should read it, I’ll put the link below that 3xfire was too scared to share — it’s striking to see how much Rasmussen has adopted not just the worldview but the writing style of the right.
    .
    He even writes (and capitalizes) “the Political Class” and “Mainstream voters” like one of the dimmer bulbs on the right here. He’s become a caricature.
    .
    http://www.rasmussenreports.com/public_content/politics/general_politics/september_2010/52_of_voters_say_their_views_are_more_like_palin_s_than_obama_s

  • Cliff

    Don’t your retards on here get what is going on?
    .
    I’m afraid my retards don’t get what is going on, sorry.
    .
    But, and this is slightly more serious, do your retards understand that globalization and free trade are closely related, even inseparable?
    (Because capitalists and Republicans love free trade.)

  • Cliff

    Larry Summers, the former Treasury Secretary who in 1999 was in favor of taking the leash off the banks and financial institutions that has now cost the American tax payer Trillions of dollars to clean up the mess
    .
    Do you mean, like, deregulating the banks and financial institutions?
    .
    Because I thought conservatives hated regulating industry. And I thought deregulating things was a conservative thing to do.
    .
    So if Larry Summers was in favor of deregulating industry that’s a conservative stance to take.
    .
    Unless I’m wrong, and all you conservatives actually follow Marx?

  • newfreedomblog

    Well isn’t it amazing that the libtards on here focus on me, call me a lunatic and crazy, but yet cannot defend the position of their party or their former President or the current one for that matter who have shipped good paying jobs overseas.
    .
    Nothing short of amazing.
    .
    But, go ahead and attack me boys and girls. One day you will regret supporting the Democrats who have sold you down that river of life called politics.

  • pneogy

    “He came out to speak to us in his newly purchased 727 from one of his homes, the mansion in Cleveland, the penthouse in NYC, or his home in Italy. Or it might have been from his yacht.”
    .

    If we are ever able to agree that this sort of ostentatious consumption is always distasteful, not merely during the Great Recession, then there would be some hope for us.

  • Cliff

    The Clinton family has given $7.2 million to charity since 2000:
    http://www.taxfoundation.org/blog/show/23097.html
    .
    And NAFTA has been a clusterf—k.
    .
    Now, do you actually know that globalization and free trade are closely related?

  • afguy

    This guy should be lined up and shot instead.
    .
    Pretty much what the KGB would have done to those considered traitors or profiteers in the old Soviet Union.
    .
    As much as some complain about being in a totalitarian regime under Obama, they must know (and should be eternally grateful) that we aren’t.
    .
    Some of the statements made over the past few years would have been dealt with swiftly, in the dead of night, and with no trace left of the speaker. Or, alternately, the punishment would have been applied publicly, with everyone made to watch, as a lesson to others who might do the same.
    .
    Unfortunately, I think the CIA and FBI learned the wrong lessons from the old Soviet security apparatus. They don’t object to the tactics themselves; they just think they were misapplied. They DO admire the results, though.

  • liberalmeltdown

    Larry Summers, Treasury Secratary under Clinton and key Obama advisor. Worked for the two most progressive Presidents in the last 30 years.

    That’s right your guy Obama was gonna fix this “mess.” He must have had Larry onboard to break up Citigroup…didn’t happen. Citigroup got 300 billion from Obama; first thing he did.

  • liberalmeltdown

    Well, someone here is the Anti-Christ. Cause Hereeeeeee’s Larry:

    Read More: Eclectic Keynesian, George h. w. Bush, Harvard University, Howard Dean, Illinois, Kuala Lumpur, Lawrence Summers, Leveraged Liberalism, Michael Dukakis, Off-Balance Sheet Financing,

    p3s: Privatization Progressivism, Public Works, Public-Private Partnerships, Stephen-Goldsmith, Business News

    http://www.huffingtonpost.com/michael-likosky/p3s-larry-summers-progres_b_218260.html

    A couple days ago, I posted something here on the Howard Dean/Stephen Goldsmith joint effort to promote excellent P3s. I received many follow-ups off-line wondering whether, given the deservedly controversial character of P3s, they were a good idea for America.

    Where did P3s come from? Are they just Reaganomics painted with the warm bipartisan glow of accountability and grassroots activism? Can P3s be progressive?

    In 1988, Lawrence Summers, then a 34 year-old Harvard University Professor, was an adviser of Governor Michael Dukakis in his run for president against Vice President George H. W. Bush. Summers, described himself as an “eclectic Keynesian.” P3s were at the heart of this approach.

    In an interview with Financial World in 1988, Summers stated his convictions: “I believe in ‘leveraged liberalism.’” He went on to explain how, in an era of budget constraints, we could “achieve social objectives with minimal government spending.: This wasn’t however just any privatization.

  • maverick2k9

    liberalmeltdown, actions speak louder than words.
    -
    Summers can proclaim himself to be the Pope for all I care.
    -
    Obama himself isnt as liberal as people expected him to be, but that does not mean we are ready to hand the keys back to the Palinised idiotic Right.

  • 3xfire3

    Poor Little Kevie Can’t Keep His Fact Straite,
    .
    “Sarah Palin: Albatross of the Republican Party. She gets the rank-and-file idiots in the Republican Party excited, but she turns off independents by a 2-to-1 margin.”
    .
    Eighty-four percent (84%) of Republicans and 59% of voters not affiliated with either major party [that means Independents Kevie] say their views are more like Palin’s. Eighty-one percent (81%) of Democrats say they think more like the president.
    .
    I don’t think 59% for is 2 to 1 against.
    .
    I do feel sorry for all you Liberals who keep shooting the messengers and making all kinds of excuses for Obama’s problems with the American people.
    .
    When you’re a partisan-Ideologue it’s difficult to see your distorted world coming down around you.
    .
    Mainstream America just doesn’t buy into your Liberal/Progressive agenda.
    .
    If you think you feel bad what about poor old George Soros. He’s spent hundreds of millions of dollars trying to move the USA to a Progressive World Government and just when he thought he was almost there, the Tea Party and Mainstream Americans saw what was happening and totally rejected Progressivism.

  • kevin

    No one tries to reason with you anymore Rusty because (1) you can’t be reasoned with, (2) your “facts” are almost always bullsh!t, and (3) it’s more fun to watch you blow a gasket.

  • kevin

    I don’t think 59% for is 2 to 1 against.
    .
    No, but the poll data immediately preceding that comment — that 12% of independents would be positively affected by a Palin endorsement, and 23% would be negatively affected by it — is, in fact, 2 to 1 against.
    .
    I’m not sure how a fact can be “straite,” Dan Quayle, but that is what I was referring to, and if you had the reading comprehension skills and math abilities of a small child, you might have been able to grasp that.
    .
    Palin is the kiss of death. As a liberal, I’m thrilled you lemmings are rushing off the cliff after her.

  • kevin

    Oh, and spelling too. You spel yer wurds rel gud.

  • liberalmeltdown

    actions speak louder than words.

    How about causing a global economic crisis. That enough action for you?

  • shepherdwong

    Worked for the two most progressive Presidents in the last 30 years.
    .
    And, oh lookie, under those guys we made it all the way to NAFTA, DADT, DOMA, repeal of Glass-Steagel, FISA, the taxpayer bailout of Wall Street, the mandatory, for profit, health insurance customer and doubling of the troops in Afghanistan in the ninth year of the unwinnable war there. It has truly been a golden age of progressivism.

  • maverick2k9

    How about causing a global economic crisis. That enough action for you?
    -
    Ohhh.. What else happened under 2 progressive President’s watch?
    -
    Didnt you leave out the devastating terrorist attacks on the homeland, two unpaid wars (one of choice) by 2 draft dodging neo-colonial chickenhawks, the patriot act, TARP bailout with the Treasury Secy. getting down on his knees and begging the House speaker to bail out his former employers?
    -
    Yeah, Are the progressives to blame for that too?
    -
    You know what? I wish Obama lost and we had President McCain and WeePee Palin. That is how frustrated I am of the brain dead teabaggers like you. At least that way, it would have been the last we saw of the wingnuts in power for the next 100 years.

  • Cliff

    No one tries to reason with you anymore Rusty
    .
    For some reason I’ve lost my damn mind tonight.
    .
    I guess every so often I just need to see if Rusty can answer a simple question. An insanity check, if you will.

  • liberalmeltdown

    Nah, McCain is more progressive than Obama. He wanted amnesty. He’s the one that ran back to Washington to make sure the first bailout went trough. At least Obama likes money, and is too stupid to figure out how to really manipulate. In some ways he really IS transparent. He lies constantly. If he mixed it up more…

    Don’t cry just because you’re wrong.

    George Bush was a borderline progressive. The only thing that made him much different was 9/11. He wanted amnesty. Pretty much spent like a liberal. Never really vetoed anything. Remember he was a uniter not a divider. Your guys found that they could make more hay demonizing Bush. Heck, 2 years ago, no wait 2 months ago, everything was Bush’s fault.

    Give me a break with the neo-colonial BS. I don’t see ships loaded with oil coming here from Iraq.

    You want to see neo colonialism. Wait a few years until China stops financing our debt and decides to start buying our assets with all those dollars.

  • herby002

    “Give me a break with the neo-colonial BS. I don’t see ships loaded with oil coming here from Iraq.”

    There you go again. Been reading your rightist webrags, haven’t you?
    Please give us some quotes from your American Spectator gospels about President Obama and his supposed anti-American thoughts/philosophy/education/heritage/muslimage, why don’t you?
    Suplement them with Dinesh D’Souza’s recent gibberish in Forbes.com.
    Throw in any FOX spewings that you feel will justify your NO.
    (I’m sorry. I tried to come up with a descriptive term for your politics/philosophy/attitude/tactics/strategy/whatever, but the best I could find is: NO.)
    ~
    Why don’t you see ships loaded with oil coming from Iraq? Wasn’t that what we & the Iraquis were promised?

    http://www.americanprogress.org/issues/2004/03/b38989.html

    http://www.sourcewatch.org/index.php?title=Oil_and_War_in_Iraq

    http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article3419840.ece

    http://www.defense.gov/news/newsarticle.aspx?id=28388

    Yes, we were. No, they aren’t.
    ~
    Should China start cashing in the US bonds they hold, they would be shooting themselves in their (collective) foot. They would be driving into the cellar the economy of their best customers. They won’t do that.

  • kevin

    Happens to the best of us — you assume Rusty is an actual person, and not a drone in the conservative propaganda machine.

  • 3xfire3

    Maverick,
    .
    “Old man is all excited about Lady Sarah. Try Viagra next time.”
    .
    I guess you can’t read very well. It’s 52% of likely voters that say they share Palins views. Only 40% share Obama’s views.
    .
    I know that’s hard for your closed mind to process but 52 % is larger then 40% by 12%.
    .
    As I’ve been telling you, Mainstream Americans don’t buy into Obama’s or your Progressive views. Their way too smart for that.

  • 3xfire3

    Kevie,
    .
    Poor little Kevie. You remind me of the little boy in a barn digging through a large pile of Horse Sh*t.
    .
    He keeps saying to himself. With all this Horse Sh*t their got to be a pony in here somewhere.
    .
    Keep digging Kevie. Dig deeper. You can keep trying to find a pony but it looks like it may be already dead.
    .
    No matter how hard to try to twist the facts Liberals and Democrats are losing big time. The fat lady is ready to sing.
    .

  • liberalmeltdown

    Progressive economics is working so well. You can describe me as Hell NO! Take you failed ideas and go back to your Woodrow Wilson, racist roots.

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