What a great way to celebrate the five-year anniversary of the great financial crisis than by seeing one of its authors, Larry Summers, withdraw from consideration as chair of the Federal Reserve.
I’m tempted to trumpet this as another sign of the powerful influence of Elizabeth Warren, but there’s no need to diminish the efforts of others – especially the other three Democrats on the Banking Committee who, along with Warren, promised to oppose Summers’ nomination – who have had the guts to dissent from their party’s leadership.
Everyone describes Summers as the smartest guy in the room – and that’s certainly how Summers sees himself. But he’s also a Wall Street insider, a revolving door traveler, a what’s good for big corporations is good for America guy who doesn’t play well with others. The Fed is better off without him as chair.