Who will succeed Ben Bernanke as Chairman of the Federal Reserve? It’s come down to two people as far as anyone can tell, Larry Summers and Janet Yellen. Or, sometimes more accurately, Larry Summers and not Larry Summers. This is a terrible shame because no person has done more to earn the post than Yellen.
Yet Summers seems to remain Obama’s choice for the job despite growing opposition. On the other side, support is growing in the popular press for Yellen as an opportunity to break the glass ceiling for women. It’s heating up as a battle that Obama may avoid by picking a third candidate that no one is concentrating on now, but the loss would be terrible if Yellen doesn’t get the nod. Here’s why.