Democrats reject President Obama's pick for Fed Chairman: Larry Summers quits

Barack Obama is being challenged by Democrats now.  How lame duck is that?  Of course the liberal Democrats want someone more liberal than Summers and less tied to the Clintons...so the presumption that the Fed nominee will end up being Janet Yellen.  Yellen is a favorite of Elizabeth Warren, who doesn't particularly give me a lot of optimism on what this portends for the U.S. economy going forward.  Still this is an interesting insight of Democrat politics and in-fighting.

Larry Summers out as candidate for Fed Chair

Oh well, the President still has John Boehner backing him.  If only Republicans would take advantage of these opportunities.

Update:
Stocks soar on news Summers is out...
Is the Fed going to continue with quantitative easing?

h/t: Wombat