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Wednesday, July 31, 2013

Neither Anthony Weiner nor Larry Summers 'Have Their Best Day'

      Anthony Weiner's aide gives us a classic understatement by declaring that today  was 'not my best today.' Uh, yes, when the headlines go from her boss' falling poll numbers in the face of new revelations of him tweeting pictures well after his 2011 resignation to his fumbling attempts to contain her 'slut-bag' comment -he does plan to stick with her- yes, ma'am it was not your best day.

     http://livewire.talkingpointsmemo.com/entry/weiner-aide-pokes-fun-at-slutbag

     http://livewire.talkingpointsmemo.com/entry/weiner-sticking-with-aide-after-slutbag-rant?ref=fpb

      Much as I want to believe otherwise, the campaign is simply imploding. While words like 'slutbag' are never appropriate it is ironic that the woman who made public the latest Tweeter pictures last week was acting aggrieved by Weiner 'lying to the public'-she certainly wasn't being harassed by Weiner and sent back her own pics in a deep state of undress.

       http://diaryofarepublicanhater.blogspot.com/2013/07/the-weiner-confessions-it-continued.html

       Don't get me wrong, I'm not judging her-but she sounds rather judgmental herself-of Weiner. I seem to be one of the few who still understands that no actual sex has ever occurred in Weiner's escapades. Still, the fact is that he has less 'gravitas' than other Dems who have survived such embarrassment-President Clinton, former NY Governor Elliot Spitzer-who still looks like a good bet to win the race for Comptroller.

      http://politicker.com/2013/07/two-polls-find-eliot-spitzer-ahead-in-comptrollers-race/

      I admit there is something to the point that Weiner suffers from having a shorter resume of accomplishments to fall back on than either Spitzer or Clinton-though in my mind, the fact that he drove Republicans in Congress crazy already makes him highly qualified. Yes, he only had one bill passed in 11 years-but then Paul Ryan has only had 2 bills passed in 15 and he was the GOP Vice Presidential nominee, and Michelle Bachman had nothing passed. Indeed, what you learn is that many of the people who the media treat as important in Congress never actually pass anything in their own name-you can add Obama to that list. 

      http://diaryofarepublicanhater.blogspot.com/2013/07/is-there-difference-between-bill.html

      Oh well. Let's face it, Weiner is in trouble now-no doubt, I'm understating this because I wish it wasn't so. It's hard to see him coming back though I hate to say it. At the end of the day though I would have loved for him to do it-until the new 2012 pics came out he had a shot-what matters to me is that the Dems get back in the Mayor's Office after 20 years in the wilderness. At this point Weiner's campaign is becoming such a clown show that maybe he's the one Democrat who could blow this.

     Speaking of gravitas, however, Larry Summers keeps taking more heat. Again, Krugman called this right weeks ago.

      "So what we have here are two highly qualified candidates, head and shoulders above anyone else I’ve heard mentioned and inconceivably better than the men who might have been in contention if that guy who ran with Paul Ryan had won. But if the final choice isn’t Janet Yellen, I think the president is going to have to offer a very good explanation of why not, or face a lot of grief from people who want to think the best of his administration."

      http://diaryofarepublicanhater.blogspot.com/2013/07/why-everyone-doesnt-love-larry-for-fed.html

      This is under the assumption that Summers is as qualified as Yellen. I came in thinking this is right, though when you think about it in what area is he ahead of her? She wins on Fed experience and certainly the ability to build a consensus within the instutition. Where does he win exactly? Some point to his work in the late 90s-the Asian Crisis, Russia, etc-but it's debatalbe how much he was involved in that and at best his role dthe late 90s is a double-edged sword as it reminds many that he's a Rubin protegee. Indeed, some wonder if he is actually a hawk-Scott Sumner argues he may have been less dovish than Berannke.

     A piece showed up in the Wall Street Journal to demonstrate that he's a dove, though this still leaves some ambiguity:

     "Jon Hilsenrath at WSJ has a new report that clearly comes from Team Summers.
A close reading of Mr. Summers's columns and speeches, as well as conversations with people familiar with his thinking and a June interview with him, show that Mr. Summers has been skeptical about the benefits of the Fed's huge bond-buying programs, known as "quantitative easing," but that he also has said he sees few harmful side effects stemming from them.


       Read more: http://www.businessinsider.com/larry-summers-responds-via-wsj-to-concerns-about-where-he-stands-on-monetary-policy-2013-7#ixzz2af5ou97e


       It doesn't really clear everything up. Still even if he is a dove-and I'm not entirely sure this puts it to bed, it certainly doesn't give us any reason to think he'd be more dovish than Yellen. We can point to her many advantages over him-there is not really one area where he unambiguously leads her on-again, his experience is a double edged sword where some will actually see it as a point against him rather than for. Nobody can deny that Yellen has more Fed experience, was right in 2006 that a crisis was coming-while he had no time for such talk back then-and that everything we know about the two of them makes us think she'd be better at collaboration and consensus building. 

      Meanwhile, the one thing that he clearly has is the President's goodwill. Obama was out speaking up for him today-though insisting this is no endorsement and that he's 'nowhere near making his decision.'

      "President Barack Obama delivered a full-throated defense of former Treasury Secretary Larry Summers at a meeting with House Democrats, although he cautioned that he has not decided who he will choose to lead the Federal Reserve."

      "Obama was asked whether he has made a decision about who he will name to be the next head of the Fed. He launched into a defense of Summers, saying the ex-senior White House aide worked to keep the nation’s economy afloat when it was on the brink, according to attendees at the closed-door meeting."

      "The topic was raised by Rep. Ed Perlmutter (D-Colo.), who urged the president not to choose Summers, according to a source in the roomAfter delivering his defense, Obama sought to ease the tension in the room."

      “The good news is I would defend all of you,” Obama told Democrats, according to an attendee. The Democrats in the meeting laughed.

       Read more: http://www.politico.com/story/2013/07/obama-hill-democrats-meeting-94971.html#ixzz2af7DSGYA      

       More good news, is the meeting wasn't only about Summers. He promises that he's not going to cave on Democratic principles-in lieu of his latest offer to the GOP to cut corporate rates to 28% in exchange for  infrastructure. What a shock the GOP said 'Nuh uh!' followed with 'My way or the highway.'

       http://www.reuters.com/article/2013/07/30/usa-obama-idUSL1N0G00VB20130730

       I'm all for offering a deal-where the GOP can show it's intransigence like Dan Quayle wore scorn-'like a badge of honor.' Still, their  intransigence is also really stupid. They got permanently lower corporate rates in exchange for some temporary infrastructure and they won't even think about it? As usual, they hold out for everything-again, they''ll probably get nothing. 

       As to the Fed Chairman nomination, you know me. You'll never find a more unapologetic and resolute Obama partisan than the writer of this blog. Still I think Krugman framed it right: he and his Administration have to explain it if they choose Summers. He is a better choice in not one area, and a worse choice in many. Again, the comments about women's abilities may not be the main point. Yet, they offer another very good reason to go with Yellen.  Here is the latest blowback. 

      http://www.huffingtonpost.com/2013/07/31/house-democrats-janet-yellen_n_3683929.html


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