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Three Reasons Summers Didn’t Get the Job


There are three sides to Larry Summers’ failed bid to succeed Ben Bernanke as chairman of the Federal Reserve: politics, policy and personality. Given the hurdles Summers faced in all three areas, it’s a testament to his intelligence and the esteem in which President Obama holds him that Summers got as close as he did to achieving his life-long goal before withdrawing from contention Sunday afternoon.

The politics were always bad for Summers. The architect of Obama’s 2009 crisis management as the President’s first director of the National Economic Council, Summers’ nomination to head the Fed would have been a referendum on the sufficiency of the country’s economic recovery.

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