As promised, another edition of good news, leaving me free to let negativity pull me through for the rest of the week. This week we really do have good news:
This should go a long way toward dissuading White House advisers that President Obama should nominate Larry Summers to be the next chairman of the Federal Reserve Board.
“Given the level of opposition to Larry Summers within our caucus, confirming him would be a huge challenge and probably a pretty ugly process,” a Senate Democratic leadership aide tells TPM.
For the past week or so, news reports have caused Fed watchers and progressives to conclude that Summers had become the leading contender to replace Ben Bernanke, surpassing Fed vice chair Janet Yellen, who had been the odds-on favorite for months.
This concern was bolstered by a public relations push by Summers allies, though the White House’s official position is that Obama has made no decision, a decision was never imminent, and won’t be coming until the fall.
Not only is it good news that Summers may never be nominated, it is great news that for once Senate Democrats are doing the right thing.
If you have any questions about this being good news, do a bit of poking around on progressive economics blogs. You can start here.