(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.
Good. Obama needs to find some real economists for his team, not a bunch of Wall St. guys who are just going to look out for themselves and their rich buddies. I'm assuming this genius talked Obama into passing a stimulus that was too small and now we are suffering the consequences.
So.... cnn.com is the "recession" still over?
Is he an Economic Adviser or is he an Economic Advisor?
Needs renew the economic team because they did nothing for economic......................
Good news to hear indeed!!! This guy obviously was not up to the job as evident by his results.....
Well I don't believe that he stepped down. I believe that he was asked to leave because Pres. Obama is now ready to give the American people the change they asked for. This move will help Obama to implement the ideas and values that he ran on. A thriving middle class that will benefit the top two percent much better than a tax cut. Hey President Obama, hire me because I could give you better advice than Larry Summers.
So he is going to go back to Harvard to teach economics? I guess Harvard is soon going to be churning out backwards thinking, idiotic economists again. Just learn to incorporate "unexpectedly" into your vocabulary and you're a full-fledged economists, class dismissed.
So, js007, Do you know anything about Larry Summers? Who do you want as an economic adviser? A Lawyer? A college professor with no real life experience? Don't you want an economic adviser that holds some type of position in the economic industry? Do you even think before you type?
He is correct....Is that so hard to de
This is very good news for the Democrats and America. A little too late for both of us, but good news anyway.
Can we all agree now that massive government spending does not revive a down economy? You on board with that too, Prof. Romer?
Well, he had direction from the top.
gorilla0 The best adviser should be from proletariat.Like in the USSR.The results will be coming slow but predictable.
about time that the academics return to their Ivory Towers where they can play their "what if games" – they live in a fantasy world where their actions have no consequences
we need real business people – who understand things like making payroll and living with a budget and who understand accountability
The Anointed One surrounded himself with academics who fed his ego and are as clueless as he is
as with Obama none of his economic brain trust has ever had to produce anything – except ideas that other people pay for
my greatest disappointment is t hat The Anointed One is not going with him
Whoa! jps, did you just suggest we should be more like the USSR? Are you serious? That is scary!!
All you Obama supporters, look into Larry Summers history, you may want to be critical of Obama's judgment. I know that is hard for you all, but remember, he is just a man, and makes mistakes.
I am wondering why American expext this prsident to solve their old aged problems within a minit? I see the Prisedant working hard and he likes this country too much but some arrogant Americans just heat him because hi black.
I would like to see a few more peple leave the Administration – Geitner tops the list - Burnakee to follow - Emmanuel for sure needs to go - Clinton is too mamby pamby and weak – she is just enjoying the traveling and should step down. Gibbs has lost all credibility and needs to retire.
We need someone really want job and not someone walk and talk.
THANK YOU............Summers was a leftover from the Bush Regime. Good riddance!
Hopefully, Summers will take Timothy Geithner and Rahm Emanuel with him when he leaves.
Though some say it is late but you had to try and it takes time to analyze situation in a troubled economy.
I think it is timely and I am sure you will be able to help our country recover from the damages done by bad regime then a good one came and recovered it and the bad came again to bring us back.
I am sure you can do it. Whole world knows it.
His theories’ didn't work in the real world so let’s send him back to school so he can spread more bad economics to our kids.
At least now we know the identitity of Obama's scape goat.
Summers apparently feels that there is not too much more damage he can do to the US economy and wants to finish wrecking Harvard.
Good ridence!! That larry summers is a joke that sides with big banks and was the reason on getting rid of the glass-stegal act that gave us the economy we have today.
So they tell us the recession ended in June of 2009 and Obama said we had to pass a stimulus for the sake of the country in Feb of 2009. I guess no body told him.
Larry Summers better run back to Harvard academia where he can milk the cow a little longer and allow those that can to and those that can't serve a term in the Obama Administration of FAILURE...His economic policies followed theory like heavily investing pensions into hedge funds and other high risk investments. Guess he knew Obama would fund a massive stimu-LESS for bailing out the government and Union pensioners while the rest of us eat crap!