Larry Summers

One of the few potential justifications for President Obama picking Larry Summers to head the Federal Reserve, despite the strong opposition to him from many liberals, was that Wall Street preferred him. According to a CNBC poll, though, this is not the case. Summers is even less popular with Wall Street than he is with liberal bloggers and Democratic senators. From CNBC:

Yellen also beats Summers when CNBC asks participants who the president should nominate, with 50 percent choosing Yellen and 12.5 percent saying he should reappoint Bernanke. Even write-in candidate John Taylor, the Stanford University economist, beats out Summers on who the president should nominate.

Summers tied for sixth place with just 2.5 percent. He was also beaten by Glenn Hubbard and Roger Ferguson.

It seems the only real qualification Summers has going for him is that Obama really likes him. He is not the most experienced, the best qualified, the most popular, the easiest to confirm or the politically smartest choice.

Photo by Canada 2020 under Creative Commons license