As for the idea that it would be bad "optics" to shatter a glass ceiling and appoint the insanely qualified, widely respected, Vice Chair of the Federal Reserve--that's the kind of Washington nuttiness this White House typically prides itself in being above. To deny Yellen the post out of spite or fear would be, or at least should be, beneath them.
The case against Summers has been overblown. He's both much more concerned with the poor and middle class, and much less interested in deregulation, then his critics gave him credit for. The White House favored him, in part, because they though he'd be a more effective dove, and a stronger regulator, than Yellen.
But amidst the heated back-and-forth over Summers, the strength of the case for Yellen has been obscured. At times, she's been made out to be an anybody-but-Summers candidate. She's not. Here are five reasons why.
- She'd be the most qualified Federal Reserve chair in memory….
- She got the big calls right….
- We still need someone who cares--and cares a lot--about unemployment….
- She's a consensus pick -- at least outside the White House. This Fed process has been a debacle. The Obama White House has let Summers and Yellen twist in the wind for months now. For various reasons, the race has rattled Wall Street, alienated key parts of the monetary policy community, and infuriated many congressional Democrats--along with other key White House allies, like labor. Yellen, however, is a consensus pick….
- It's time to shatter the glass ceiling.