Surveys: Janet Yellen Clear Favorite Over Summers for Fed
Federal Reserve Vice Chair Janet Yellen has a commanding lead among economists polled by both Reuters and Bloomberg, a marked discrepancy between those polled by the media and odds given to possible candidates on the website Paddy Power. Paddy Power takes is an online bookmaker currently taking odds on the Fed chairmanship, and Lawrence summers is currently the front runner, given a 48 percent chance of taking the position after Bernanke’s term expires.
The Fed race is turning a bit contentious among President Obama’s own party, with many Democrats preferring that the president cast a more favorable glance on Yellen, despite how close the commander-in-chief is to the former Harvard president. Summers is seen by many among Democrats as being too sympathetic towards financial deregulation, a proponent of amending Glass-Stegall during the Clinton era which allowed commercial and investment banks to merge.
However, there are those who would defend Summers’ candidacy, including David Brooks, who told NPR that the potential Fed chairman has ‘metacognition‘ skills, or the “ability to know what he doesn’t know.”