Clinton did not name anyone in particular when he made this comment, and he may have been thinking about more than one person. When I first read this quote, Larry Summers sprang to mind instantly, given his track record.
My hope is that the recent chatter about Summers as a replacement for Bernanke is merely a trial balloon (launched by whom? Summers himself?), one that deserves to be shot down.
Since a primary purpose of the Fed is to regulate (some people have forgotten that), perhaps it is time to put a regulator in charge. After all, deregulation – which Summers championed – didn’t work out too well.
Perhaps someone in Washington will put two and two together about that one.