Obama Floats Larry Summers to Head World Bank ;o)
Ya just can’t make this sh*t up, seriously. ;o) Ya may have surprised us today, Prez, but ya won’t too often. At least this is more familiar territory to us; thanks for that.
From Bloomberg News:
“President Barack Obama is considering nominating Lawrence Summers, his former National Economic Council director, to lead the World Bank when Robert Zoellick’s term expires later this year, according to two people familiar with the matter.
Summers has expressed interest in the job to White House officials and has backers inside the administration, including Treasury Secretary Timothy Geithner and current NEC Director Gene Sperling, said one of the people. Secretary of State Hillary Clinton is also being considered, along with other candidates, said the other person. Both spoke on condition of anonymity to discuss internal White House deliberations.” [snip]
By tradition, the U.S. president chooses the leader of the World Bank while the head of the International Monetary Fund is selected by European leaders. The nomination is subject to approval by the World Bank’s executive board.
Co-chair of the Catfood Commission Erskine Bowles acknowledged that Summers will be a controversial appointment, but says, in the end that ‘he performed well in some in some difficult markets’, and will do a good job.
“Global’ Experience: (Yessir.)
Summers’ ascension to the World Bank presidency would be cheered by Wall Street, said Ralph Schlosstein, chief executive officer at Evercore Partners Inc.
“He has a very strong set of global experiences, which are fundamental to being a great head of the World Bank,” Schlosstein said. “I think he has an open-mindedness and creativity that will probably be a tremendous asset in the challenging world we face over the next decade.” [snip]
The next World Bank president may yet face another increase in loan demand. Yesterday, the bank cut its global growth forecast by the most in three years and told developing countries to “prepare for the worst,” saying that Europe’s debt crisis still has the potential to trigger another global financial crisis.”
You will no doubt be thinking: Lawrence Summers. Neoliberal Chicago School of Economics. Austerity measure demands by the IMF and World Bank.
Call the White House to express your support. /s We of the 99% all owe Larry a debt of gratitude.
BONUS UPDATE: From one of my favorite economists, Joseph Stiglitz, The Perils of 2012;
“2011 will be known as the year many ever-optimistic Americans began to give up hope. it will be much worse in 2012, unless…(then he describes the most dubious scenarios now imaginable…)
Frontline’s The Warning can tell you his story a li’l bit better than I can. Enjoy: