We don't know who the next Fed Chair will be, but we know who it won't. It won't be Obama favorite -- and liberal bête noire -- Larry Summers, who officially withdrew his name from consideration on Sunday. It's just the latest plot twist in what has to be the nerdiest, and certainly most consequential, reality show ever: America's Next Top Central Banker.
So how did we get here, and where are we headed now?
The Summers quasi-candidacy was a bit strange from the beginning.
And then the politics happened. Now, it's no secret that liberal Democrats don't like Summers. But neither do some not-so-liberal Democrats. Take your pick why. He was a gung-ho deregulator during the 1990s, consulted for Citigroup and hedge funds during the 2000s, and made some, at best impolitic, remarks about women and science during his Harvard presidency.