It's not just us hippie progressives that are opposed to Larry Summers for chair of the Fed.
Wall Street overwhelmingly believes President Obama will and should pick Janet Yellen to be the next chairman of the Federal Reserve, according to a survey.It seems that they think that the Fed chair ought to know something about monetary policy. Obama's previous appointments to financial and economic positions have generally shown concern to keep Wall St. happy. Jack Lew the new treasury secty fits like a glove. He now is confronted with one special bright and shining moment. His base and the people who pull the purse strings want the same person. What will the great eleven dimensional chess player do?
Preliminary results of the CNBC Fed Survey for July show 70 percent of the 40 participants who responded believe Obama will pick Yellen, currently, the Fed's vice chair, to replace current Chairman Ben Bernanke, whose term is up in January.
Just 25 percent believe it will be the former Treasury Secretary Larry Summers.