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View Diary: CNBC Calling Summers as Obama's Pick for Fed Chair (83 comments)

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  •  Summers clearing path for Geithner? Fischer? (1+ / 0-)
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    wu ming

    Now that Summers has served as a lightning rod for criticism, and Summers' defenders have criticized Yellen,

    Obama can more easily obtain confirmation for Geithner, whose name is now again being discussed as potential Fed Chief nominee.

    Dean Black, in this recent posting, highlights many of Geithner’s (along with Summers’) defects, which reinforce my impression that Geithner might be the third worst (non-Paulite, non-Tea Party and non-Republican) appointment that Obama could make (Summers being worst and Robert Rubin second).

    If any “compromise” (non-Summers, non-Yellen) candidate is nominated, tough scrutiny seems to me less likely because so much effort has been expended to oppose Summers. So, who is the sucker in this game?

    WaPo is promoting Stanley Fischer, whose age (70) makes it likely that he would only serve (at most) one term.

    Fischer’s decisions when at the IMF have been criticized harshly by Joseph Stiglitz (with results interestingly explained by Brad Delong here). Fischer’s most recent performance heading the Israeli central bank is criticized here.

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