Former Obama economic advisor and Clinton treasury secretary Larry Summers, rumored to be the president's preferred candidate for the chairmanship of the Federal Reserve, has withdrawn his name from consideration for that post. Politico: Larry Summers on Sunday withdrew his name from consideration as chairman of the Federal Reserve, a defeat for President Barack Obama -- who could not convince members of his own party to shelve their opposition to his former top economic adviser. Summers, who previously served as Treasury secretary in the Clinton administration, director of the National Economic Council and president of Harvard, notified President Barack Obama of his decision with a phone call Sunday morning. "Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we...(Read Full Post)