I was certainly hoping this would happen.
I have not been a supporter of nominating Larry Summers for Fed Chairman, which I wrote about on several separate occasions. The links are below:
Every once in a while an event in politics actually goes in a good direction. I had mentioned that the Ben Bernanke – Jack Lew financial team in Washington is amazingly devoid of Wall Street ties. A Summers appointment as next Fed Chairman would be a step in the opposite direction, putting an “investment bank guy” back in the drivers seat.
Whatever happened behind the scenes, whatever the motivations were, Summers has publicly withdrawn as a potential choice for Chairman of the Fed. This is great news – and I don’t mean just for the far left progressives. This is also great news for the Jeffersonian Libertarian “Ron Paul” types who can’t stand the idea of investment bankers running the show in Washington.
Most of the time political decisions are a complete let down. This is one of those rare occasions when something good actually happened.