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okaycuckoo

Summers Is Out

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Former US Treasury Secretary Larry Summers has withdrawn his candidacy to succeed Ben Bernanke as head of the US central bank, the Federal Reserve.

http://www.bbc.co.uk...siness-24103970

I guess Yellen is a shoe-in, although Bernanke may be asked to stay on. The White House seems to be having a crisis of authority.

Summers would have curtailed QE, as far as I can tell. His withdrawal is probably very significant for financial asset values.

Edited by okaycuckoo

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The markets like it, I've read.

I thought Summers was like Krugman etc. - and so would have been even more in favour of loose money etc?

It's a weird world when the markets are afraid that someone like him would have actually done the right thing and taken away their freebies.

Edited by oldsport

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And .... it's gone!

The US Federal Reserve sprung a surprise on markets by keeping its asset purchases steady at $85bn a month as it cut growth forecasts for 2013. Investors reacted by pushing stocks to a record, while gold and oil prices shot higher as bond yields and the dollar dropped.

http://www.ft.com/cms/s/0/3de1c03a-208b-11e3-9a9a-00144feab7de.html

Mirrors on the ceiling, pink champagne on ice ...

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The markets like it, I've read.

I thought Summers was like Krugman etc. - and so would have been even more in favour of loose money etc?

It's a weird world when the markets are afraid that someone like him would have actually done the right thing and taken away their freebies.

again the out of touch political class hit wide of the mark.

not happenin!!

"austrian school" in session after next year.

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And .... it's gone!

http://www.ft.com/cms/s/0/3de1c03a-208b-11e3-9a9a-00144feab7de.html

Mirrors on the ceiling, pink champagne on ice ...

its not the value of the assets have gone up...its the value of your earnings..savings..life...have gone down...great if you hold all the assets...who has most assets?

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