Economists react as Summers drops out of Fed chair raceSeptember 15, 2013: 10:40 PM ET
Move over football tweets. When the news broke Sunday afternoon that Larry Summers had withdrawn his name from the Fed chair race, economists were quick to react on Twitter.
Robert Reich, former Secretary of Labor under President Clinton, spoke highly of Federal Reserve Vice Chair Janet Yellen, who is considered the frontrunner for the position now that Summers dropped out.
Janet Yellen understands that good jobs at good wages are good for the economy, and an omnipotent Wall Street isn't.—
Robert Reich (@RBReich) September 15, 2013
Jeff Sachs, director of the Earth Institute at Columbia University, also voiced his support for Yellen.
Great news that Janet Yellen will almost surely be new Fed Chair. She's fantastic: brilliant, experienced, complete integrity.—
Jeffrey D. Sachs (@JeffDSachs) September 15, 2013
Meanwhile, University of California, Berkeley economist Brad DeLong continued to defend Summers' reputation.
Justin Wolfers, economist and senior fellow at the Brookings Institution, ranks Yellen as the frontrunner by a long shot, with U.C. Berkeley economist Christina Romer a distant second.
My guess as to #FedChairOdds
Justin Wolfers (@justinwolfers) September 15, 2013
Nouriel "Dr. Doom" Roubini considers former Treasury Secretary Tim Geithner a dark-horse candidate for the position, even though Geithner has told friends he is not interested in the job.
As Summers is out of Fed race it is again advantage Yellen. Other names, Blinder, Kohn, Ferguson, are unlikely. Main dark horse is Geithner—
Nouriel Roubini (@Nouriel) September 16, 2013