Larry Summers withdrew his name from consideration for the post of Fed chair last night, after "reluctantly conclud[ing]" that his confirmation process would be "acrimonious." No shit. So where does that leave us? Oh, yeah. With a candidate who's been called, repeatedly, the most qualified person for the job. Yet Janet Yellen has suffered some serious bullshit over this months-long decision process—apparently she lacks, um, "gravitas." (Gravitas is code for "a penis.")
There are two reasons Yellen might not be named to the Federal Reserve. One is that President Obama or his key advisers think she would do a bad job. The other is that the White House feels that nominating her would be a dangerous capitulation—it would show they could be pushed around by liberal Democrats.
But the line from the White House has never been that Yellen is bad choice. In fact, they've been at pains to say she's absolutely terrific—an incredible candidate who they'd be thrilled to name if there wasn't, remarkably, an even more incredible candidate in Summers.
Now that the even more incredible Summers is out of the running, Klein goes on to elaborate on the five reasons Obama should just go ahead and nominate Yellen already.