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Megan McArdle

The False Furor Over Larry Summers

The differences between a Fed run by Larry Summers or Janet Yellen were important but not spectacular, given the new constraints on whomever ends up taking the job.

So who had "Larry Summers voluntarily withdrawshis name from consideration" in the office Fed Chairman Replacement Pool? Yeah, me neither.

This is obviously something of a coup for the progressive headhunters who were determined to bring down his nomination. Undoubtedly, Summers counted heads in the Senate and found they didn't add up to his appointment as the chairman of the Federal Reserve. Along the way, he would have been an even bigger target for complaints about sexism -- even more unfair than the ridiculous brouhaha at Harvard, given that Summers is not the person selecting nominees, and can hardly be blamed for either being male or wanting a prestigious position at the helm of financial markets regulation.