Summary: US President Barack Obama is in his second term in office. And because he cannot run for office again, his decision-making is bound to be different this term than it was in the first term. We are now seeing that in Syria, regarding the NSA scandal and also on the Fed nomination. Below are some thoughts on the implications for policy and markets.
Last night, Larry Summers finally bowed out of contention for the role as nominee for Chair of the Federal Reserve. My sources tell me that as early as May, Larry Summers himself was telling people that he wanted Ben Bernanke's job. At that time, Janet Yellen's name was already being bandied about as the next Fed chair. So apparently Summers needed to take action. While he did not openly campaign for the position initial...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.