Jonathan B. Wight
The campaign for next Fed chair is on. In this corner is Larry Summers, wonder boy, consummate insider and policy wonk. In that corner is Janet Yellen, academic star, long time Fed official (various capacities) and now the vice-chair.
The choice should not be even close. Larry Summers doesn’t work nice with other people. While President of Harvard he swept under the rug a huge ethics scandal involving his protégé, Andre Schleifer. He is unfit for office by that measure alone; that is the subtext for why he was forced out of that job. As an economic insider he has constantly sided with Wall Street over Main Street (strike two).
UPDATE: It now appears that Yellen’s gender will be held against her. She is not masculine enough, it is alleged, to work well within the male-dominated financial world. Tell that to Maggie Thatcher, Indira Gandhi, and Golda Meir.