Summers as Fed chief would create 180-degree switch
Complete opposite of Fed Chairman Bernanke
Rumors that Larry Summers is the favored candidate to take over as the next Federal Reserve chairman have resurfaced, but not everyone agrees. Industry watchdogs bash the nominee, labeling a potential Summers appointment as a black swan event. The existing concerns are described by CNBC in elaborate detail:
"There is a lot to be said that the next Fed chair is going to be picking up a surgery in the middle of surgery, think of it that way - that's very difficult to do," CEO of Bull and Bear Partners Jack Bouroudjian told CNBC, referring to the difference between Summers and Bernanke policies.
Summers is seen as a greater hawk between the two, which analysts say could mean the rapid unwinding of the massive U.S. monetary stimulus that has supported the economy.
"That could be the black swan that people aren't expecting," Bouroudjian said.