Rising Left in the Democratic Party Killed Larry Summer’s Fed Chair Chances

[ProSense]

2. Beinhart is selling

a bag of goods.

Ironically, Warren may be the political loser in Summers’s decision to drop out. Had he come before her banking committee, their duel would have dominated cable news. And he would have served as the perfect foil for her populist challenge to the Wall Street branch of her party. Hillary Clinton, by contrast, would have had to explain on the stump whether she supported confirming as Fed chairman the man her husband had picked to run the Treasury Department.


The Democratic rebellion against Summers, like the Democratic rebellion against military action in Syria, bespeaks a deep frustration that party elites still share the economic and foreign policy assumptions that helped cause the disasters of the last decade. The next battle may be the Obama administration’s desire for “fast track” authority to help push through giant new trans-Atlantic and trans-Pacific free trade deals. If I were Hillary Clinton, I’d come out against it now.