English: President Barack Obama confers with Federal Reserve Chairman Ben Bernanke following their meeting at the White House. (Photo credit: Wikipedia)

This is an excellent MUST READ article by Thomas Palley, published in the Social Journal Europe . Check it out!

via The Next Federal Reserve Chairperson – Thomas Palley – Social Journal Europe.

This article filled in a lot of gaps for me in why White House favorite, Larry Summers, is probably not right candidate for the post. Summers comes across to me as arrogant. I respect his academic credentials but as a seasoned policy-maker, he has made some serious mistakes.  The role of chairperson requires diplomacy, tact and consensus building, all qualities where Summers record is not perfect.

I can still see the financial markets reacting negatively to any uncertainty over this appointment, especially if President Obama takes too long to make the announcement; or imagine if the Republicans reject or push back on the decision.

Any thoughts?

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