Summers and Obama Accept the Inevitable

The news that Larry Summers has from consideration to be the next chairman of the Federal Reserve shouldn’t have come as a surprise. It’s been clear for months that nominating him to replace Ben Bernanke would cause the White House a lot of political trouble with some key elements of its base, especially women’s groups and economic progressives. For that very reason, I suggested back in July that the former Treasury Secretary’s chances were fast diminishing.

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