Monday, September 16, 2013
So, on paper, Summers is a superb candidate to succeed Bernanke in a post that the brilliant 58-year-old Harvard professor has pined for since his earliest days in Washington, according to longtime associates. Obama is reportedly fond enough of Summers that he may name him in the next few weeks, passing on a chance to appoint Janet Yellen, the widely admired current vice chairwoman, who is said to be the other major contender, as the first female Fed chief in history.
And yet Summers is a very risky choice for chairman—far riskier than Yellen, who would undoubtedly win overwhelming confirmation and was recently rated the Fed's most accurate forecaster since 2009 on issues from growth to jobs to inflation.
They're yellin' for Yellin! I think she would be good for me since inflation might trigger house value increases out in East County, along with a gigantic earthquake, enough to sink all the houses in La Jolla. But I guess that's not a good enough reason.