Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Where is all this "momentum" behind a Summers nomination coming from? It must be remembered that Obama got elected (twice) not just on the much hyped small donations, but with an awful lot of Wall Street money as well. That doesn't mean he's their creature - because ultimately  he will be judged on his economic record, and at the moment it is the Republican Congress which is the main obstacle - even if centrist Democrats could also be the obstacle if they had the swing vote.

Could Summers, ultimately, be more effective because no one would question his neo-liberal credentials, or would he try to lead Democrats down the wrong path again? The question is, is he capable of learning from his past mistakes, or will he be tempted to double down on them?

I care less about the "personality" of the Fed Chairman, and much more about what policies he will be able to implement. Obama, even if he has the right instincts, can do little. Bernanke has been relatively effective at bringing his Board with him in the teeth of rabid conservative opposition, would Yellen be able to do as much?

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Jul 28th, 2013 at 09:40:31 AM EST

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