Oh, dear gods. This is just a head’s up. It's the summary from a piece by Nouriel. Whatever you may think of him (I love him and enjoy our times together, as he is huge fun), he is pretty wired in “those” circles. And if he thinks Larry Summers is a strong possibility, then we must too.

This is most distressing. On the one hand we have the most uber-dovish candidate ever in the form of Janet Yellen, with no real-world experience and likely to continue QE at the sight of her own shadow, which as I noted yesterday in the letter is a real problem, OR

We get a man from whose vocabulary the terms collegiality and consensus are somehow missing. He is possibly less dovish (maybe a good thing, but who knows what he would really do, as he is not going to tell us  until after he is confirmed), and he will continue to be Larry Summers, which is to say divisive. I have talked to some of his colleagues at Harvard. You get mostly nuanced statements with a lot of clear body language that says “I am glad he’s gone.”