Choosing Ben S. Bernanke’s successor as chairman of the Federal Reserve is one of President Barack Obama’s most important remaining jobs. Nobody questions what’s at stake. Even so, the recent quarrel about the presumed front-runners, Lawrence Summers and Janet Yellen, verges on the ridiculous.
This is partly because both are exceptionally impressive candidates. But it’s frustrating for another reason, too. There’s more to setting the post-Bernanke Fed on the right course than choosing the best person for the top job. The fuss over Summers and Yellen is helping people to ignore this.