(CNN) - The Obama administration's top economic adviser, Larry Summers, will be stepping down from his post at the end of 2010, the White House announced Tuesday.
Summers, the director of the National Economic Council, will return to Harvard University, the White House said. His departure comes as the administration is struggling with poor reviews of its stewardship of the economy after a deep recession that has unemployment at nearly 10 percent.
"I will always be grateful that at a time of great peril for our country, a man of Larry's brilliance, experience and judgment was willing to answer the call and lead our economic team," President Barack Obama said in a statement on Summers' departure.
Updated 5:40 p.m.
This is no surprise-you didn't expect Obama to admit the failure of his economic polices were his own fault, did you?
Good. Now dump Geitner and hire Paul Krugman!
the rats are leaving the sinking wefare obama ship before it plunges any farther in the hole, by slobama and his spendy welfare wife. living on my money, you are the worst yet.
Good riddance. Not sure why he was even selected since he clearly was complicit with the deregulation of Wall Street which began under Clinton's watch. He is even quoted as saying how great it was. Turned out that the regulations that were in place since the Great Depression were a lot better than he thought.
Plus Larry is just a typical Big $ Corporate Democrat from the old school and typical Clinton Democrat.
Yes please Obama don't pick another Wall Street country club guy that only cares about what's good for the Big $ elitists.
We're waiting for his boss to step down.