Larry Summers Train Just Wrecks. Full Stop.

So I’m left wondering if it was pantomime or for real?

  • I am encouraged that someone out there had the sense to call the whole thing off.
  • And hoping that Obama was canny enough to play this game to the point where Larry had to take his own name off the list in penance for the trail of bruised egos he’s left behind in his career.  Not that I should be the first one to throw stones in that regard… (grin)
  • But worried that it was Obama reacting to events rather than shaping them.  Sigh…

The good news is that we get Yellen in at the Fed.  She seems like a steady hand at the wheel, collaborative, well liked, and perceptive.  I also think the nation is in the sort of place where a female Fed Chair could be a particularly good thing.  Sort’ve like the first time you sat on a plane and heard a woman’s voice coming over the intercom doing the “we’ll be cruising at 30.000 feet” announcement.  Just a nice reminder to everyone involved that this gender equality thing is for real.

And a good change from the days of “the Maestro” Greenspan.  It takes further along the path of the Fed being just one actor on the stage versus the fan-boyism that took root over the past 10-20 years.  I could even dare to hope that one day other branches of Government (Congress for example) might be held responsible for economic stewardship vs the un-elected (and country-clubby) Fed System.

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