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With just nine months to go in the Beard Era, the time has come for the press to start casting about for a successor. There’s the obvious one: Janet Yellen, Fed vice chairwoman, who has friends and foes, according to the Gray Lady. Apparently, though, she may be a little too worried about getting people jobs, and not worried enough about whipping inflation now.
That leaves open the tantalizing possibility that Ben’s retirement may usher in the second (or third or fourth) comings of Tim Geither or Larry Summers.
Mr. Geithner, 51, who holds a master’s degree in international economics from Johns Hopkins University, lacks the academic credentials of recent chairmen. He has also disavowed interest in the job.
And like Mr. Ferguson, he was among the officials responsible for the Fed’s regulatory failures. But Mr. Geithner’s candidacy is difficult to dismiss because of his close relationship with Mr. Obama, who will pick the nominee, and because he is known and respected by investors….
Mr. Summers, 58, has never worked for a central bank, although he has written extensively about macroeconomic policy. He has also been passed over once, having sought to replace Mr. Bernanke in 2010. And he has a mixed record in leadership roles, including his stormy five years as Harvard’s president, which ended in his resignation.