"On the face of it, this is a good deal all around. Obama gets all of Summers’s strengths without some of the liabilities–the impression that the Clinton team is moving back into the White House and the dislocation going from Paulson to a new team. The promise of the Fed job is, of course, highly contingent. No one knows what world we’ll be living in two years from now. But shaking up the Fed might not be a bad thing either. Looking back, we were fools to allow Greenspan to serve so long. The Fed chairman who defied the first Bush presidency–under extreme pressure to reduce interest rates–became the power-loving egotist who would do anything to maintain his image as the Maestro."

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