Red Eye.

words. 

"The next chair of the Federal Reserve will have to guide the institution and the country through treacherous terrain. He or she will have to gain a consensus among governors on whether, when and how to “taper” down the extraordinary measures the Fed has undertaken to keep the economy from sinking. He or she will have to continue the effort to bring order back to the financial markets, curb the banks too big to fail and too big to manage, and strengthen the necessary regulations to make banking boring again.

The opposition to Larry Summers isn’t simply an objection to the old boys club. It represents an incipient but growing reaction against the old ways of doing business. Over the last 40 years, Democratic and Republican administrations have helped to build an economy that works remarkably well for the wealthiest Americanswhile the middle class sinks. Global banks and corporations have thrived while U.S. manufacturing has been devastated. Corporate and bank profits are at record levels while workers’ income share of the economy is at record lows. Big banks have been deemed too big to fail and too big to jail. Trillions have been spent to save them, while the middle class struggles to stay afloat. Increasingly the cloistered club and the revolving door seem in service less of the public than of the few. The pushback against the Summers nomination may be an inside-the-beltway scuffle, but it hints at a much more potent backlash."

THE WASHINGTON POST: Fed up with Wall Street’s revolving door

SEE ALSO:

THE NEW YORK TIMES: Choosing the Next Fed Leader