Fed Chairman - Asking the Wrong Questions, Again

Larry Summers may be very smart, but does he possess good judgment?  It isn't enough to have intellectual power, though there is no doubt that the Fed Chairman job requires brains.  There must be a hefty dose of wisdom, since judgment calls are the day-to-day challenge facing a Fed Chairman.

Big Ben faced a number of challenges that were novel or at least highly unusual, and the risks of being wrong were grave.  He combined his own study of the Great Depression and his highly tuned intellect with excellent judgment.  There was no play book - he had to make tough, world-shaking calls many times.  And, the consensus is he did very well.

And just note how he handled his interactions with Congress.  Temperate, informative and resistant to the occasional politically charged jibes flung at him.  We should hope that any future Fed Chairman, even if it is a woman, should do as well.

So, how has Mr. Summers handled judgment calls?  Perhaps many that were sound, but he botched the big one that is most relevant to his candidacy for the Chair.  He was wrong, wrong, wrong about banking deregulation, and participated in the intimidation of Brooksley Born whose insights might have informed the larger debate.

As for Mr. Summers' arrogance, that is beside the point, unless it interferes with judgment calls that require the advice and counsel of others not quite so smart.  But, in dealing with Congress, I would counsel good judgment and evenhanded interaction.  It would be entertaining to see exchanges between Trent Franks or Ted Cruz and Mr. Summers.  Maybe he can get through to some of our Congressional dimwits on matters of national and international policy.

So lets pick one of the many available very smart folks to lead the Fed, but let's make sure - as best we can - that a large dose of wisdom informs the many judgment calls the nominee has made.  Especially on the big issues.  We are not out of the woods yet.  We need a guide whose compass is set properly.