YEAH !!!!!

Larry Summers has asked President Obama to withdraw his name from consideration for Chairman of the Federal Reserve, saying that a confirmation process would be too acrimonious and not serve the interests of the Fed, the Administration, or the ultimate national recovery.

This is very good news.  Larry Summers is a brilliant man with multiple disqulaifying detractions that for some reason don't seem to bother the president.  These include much too cozy ties to Wall Street, prior promotion of deregulation, and the personality of a misogynistic, arrogant bully that has repeatedly gotten him in trouble, most notably when he was president of Harvard and the faculty slapped him with a "no confidence" vote.

I was hoping that President Obama would nominate the highly qualified Janet Yellen -- who has no such baggage or interpersonal problems -- with Summers still in the running.   Now it will probably look like she was second choice.  I wanted him to decide on her as his first choice, but it's pretty clear that he really wanted Summers.

But better to have her as second choice than not at all.

Ralph