Several weeks ago, the NYT editorial board wrote a scathing piece on Larry Summers, arguing he was not fit to be the Fed Chair.
This was weird, since one doesn’t typically expect to see campaign like endorsements for this kind of position, but then this year’s Fed jockeying has been unusual on multiple levels.
Anyway, the NYT is back at it, with a new, tough piece saying Summers is the wrong man, and that to thwart him now, Senators ought to come out and say now they won’t support him.
Mr. Summers has also shown an indifference to the effects of economic decisions on ordinary people — the opposite of what is needed in a Fed leader at a time of high unemployment. He advised the president to support a stimulus that other economists correctly warned was too small. He resisted bankruptcy relief for underwater homeowners that would have forced banks into mortgage modifications — even as the administration spared no expense to bail out the banks.
Senators who have endorsed Ms. Yellen would do well to let Mr. Obama know, either publicly or through back channels, that their endorsement translates into a no vote for Mr. Summers.
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