The Patriot Post® · The Next Fed Chairman

Citing certainty of an “acrimonious” confirmation process, Lawrence Summers withdrew his name from consideration to be Barack Obama’s Federal Reserve Chairman, leaving leftists one fewer of their own on the list of contenders. Ironically, much of the opposition to Summers’ appointment came from his own camp, with liberals accusing him of supporting financial deregulation during his tenure as Bill Clinton’s Treasury Secretary in the 1990s.

Just because one leftist is out of the running, though, doesn’t make the Fed Chairmanship any safer. And with current Fed Vice Chair Janet Yellen now a leading contender for the top job, this may be a classic case of jumping out of the frying pan and into the fire. Many Senate Democrats are lining up behind Yellen, even signing a letter to Obama urging her appointment. And Sen. Elizabeth Warren (D-MA) praised Yellen’s “great experience” and “great judgment” and said she would make a “terrific” chair. But then, that’s hardly a reassuring endorsement given the source. Indeed, while Summers’ withdrawal is good news, it doesn’t portend better. After all, truth be told, our financial system in the hands of any Obama nominee is a frightening thought.