Post your preemptive Summers defense here.

[Benton D Struckcheon]

56. Sorry, but I have a real hard time getting worked up about this

The Fed is basically irrelevant, except in times of crisis. You'd never know it from the breathless coverage it gets and the way the markets gyrate on every utterance of some obscure Fed governor from somewhere in flyover country, but really, it's been irrelevant ever since FDR invented the FDIC. The FDIC does the job the Fed had been originally intended for: it backs up, via its insurance fund, the solvency of the banking system. The Fed was supposed to do that by being the "Federal reserve": the reserve banks could go to to get cash in the event of a run. Didn't work out so hot in the Depression, so basically FDR canned the whole idea.
Read Money: Whence it Came, Where it Went, by Galbraith. It has a highly entertaining and very informative short history of the Fed. After it raised interest rates and shitcanned the economy again in the late thirties, their independence was taken away and they couldn't do a thing without the permission of the Treasury. Eisenhower restored their independence, since rightwingers actually think monetary policy does something. It doesn't. Real Keynesians know this.
Summers, believe it or not, knows all of this, and has said that fiscal policy is effective and monetary policy isn't. He's right. He may be a dick, he's certainly guilty of all the accusations that get thrown at him, but parking him at the Fed would just render him mostly harmless.